Residential Property Value in New Zealand Drops by $28.6 Billion in 2023

New data from realestate.co.nz has shown that the total value of residential property listed across New Zealand decreased by 22.8% in 2023, equivalent to a drop of $28.6bn compared to 2022.

The total value of residential property listed on the site came to $97bn this year, with the national average asking price decreasing by 6.6% to $895,289.

It also found that new listings fell 12.1% and all 19 regions had fewer new listings compared to 2022.

However, the West Coast, Central Otago/Lakes and Marlborough were the only three regions to see year-on-year average asking price growth.