The Real Estate Institute of New Zealand (REINZ) has released November’s market sales data for the Upper Clutha and it shows a strong uptick in real estate sales.

The theme for November is ‘double of everything’ compared to November 2023.

House sales doubled, section sales doubled, and apartment sales doubled.

In total there were 70 sales for the month including 40 house sales. Four of which were more than $4M.

This is a very positive indication of a change in mood by buyers as they look to make the most of lower interest rates and improving confidence. We’re really starting to see momentum build after a challenging year for real estate sales.

The medium house price remained at $1.3M, which is consistent with where it was positioned in October. If sale volumes continue at this level then we are likely to see the supply levels reduce in 2025 and this is a key pre-cursor to a potential lift in sales values.

If you're in the market to purchase a home, it is a very good time to be buying, as we expect upward pressure on prices through 2025.

Early 2025 is looking to be a key selling period with warmer summer months benefiting from market momentum.

November also saw positive signs for section sales which will be welcome news to tradies, architects and those at the front end of the construction industry. It was the first time for a while that we had meaningful movement in higher value sections from those willing to invest in larger builds.

The Ray White Wānaka team will be active during the holiday period and happy to assist with market information, appraisals, and purchasing interest. Feel free to get in touch.

Ray White Wānaka is situated at Sir Tim Wallis Drive Wānaka. Find out more here.