The New Zealand property market usually slows in December, but the latest data from realestate.co.nz reveals that December 2024 was more than just a seasonal cooldown.

New listings hit a record low for any December since their tracking began, with nine of 19 regions also reaching their lowest-ever December levels. The national average asking price was also its lowest since April 2021 at $842,476.

Vanessa Williams, spokesperson for realestate.co.nz, said: “The property market always cools in December, but the end of 2024 was record-breakingly quiet.”

New listings plunge to lowest-ever December levels

As 2024 came to a close, new listings hit a record low for any December since realestate.co.nz records began 17 years ago. Nine of 19 regions also reached their lowest-ever December levels: Northland, Auckland, Waikato, Bay of Plenty, Hawke’s Bay, Taranaki, Wellington, Central Otago/Lakes District, and Manawatu/Whanganui.

Williams noted that the seasonal slowdown continues a trend of fewer properties being listed in December.

"Over the past 17 years, we’ve observed a steady decline in the number of properties listed in December. Historically, December listings were about 30 per cent lower than November. That drop has grown to 50 per cent or more in recent years.”

In December 2024, new listings fell by almost 60 per cent month-on-month (11,129 vs. 4,767)—an even steeper drop than the 50 per cent decline between November and December 2023 (10,712 vs. 4,828).

“The market usually comes off the boil in December, but this year has been exceptionally lukewarm,” said Williams.

Even Auckland wasn’t immune to the December sluggishness. Auckland recorded an all-time low for new listings in any month over the last 17 years, including during COVID-19.

Stock was also down 13.3 per cent month-on-month during December to 29,478 properties for sale. This seasonal dip saw stock levels below 30,000 for the first time since August 2024.

Year-on-year, however, stock was up 18.5 per cent, offering buyers significantly more choice than in December 2023.

National asking price at 2021 levels, with regional highs and lows.

The national average asking price in December 2024 was $842,476, a level last seen before the market started to boom in April 2021, when it was $839,717. While the national figure reflects a return to 2021 levels, it has remained relatively stable year-on-year, with a slight decline of just 0.3 per cent compared to December 2023.

Regionally, there were significant variations between markets. 11 of 19 regions saw average asking prices decline year-on-year. The biggest drops were in Central Otago/Lakes District (17.3 per cent to $1,324,754), Nelson and Bays (13.4 per cent to $829,412), Central North Island (11.0 per cent to $708,350), and Bay of Plenty (10.9 per cent to $823,926).

In contrast, Southland bucked the trend with a 15.3 per cent year-on-year increase to $549,211 – a record-high for December. Additionally, Gisborne, Taranaki, West Coast, and Coromandel hit their highest average asking prices ever recorded for the month of December.

“We often see stark regional differences like this across the country, highlighting how critical local market knowledge is when buying or selling,” said Williams.