Merry Christmas from the team at Professionals Invercargill
As we move into the Christmas season and prepare to wrap up 2024, it’s a time to look ahead and continue building on the positive momentum in Southland’s real estate market. Here’s a look at the latest market trends from November as we finish the year on a high note and head into 2025.
Record Median Price in Southland
In November 2024, Southland’s real estate market saw the median price rise by 17.7% year-on-year to a record-high $518,000. This marks the first time the region has exceeded a $500,000 median price, reflecting strong market growth.
Invercargill Market Highlights
Invercargill’s average sale price reached $513,500, a 19.6% increase compared to last year and an 11.1% rise over the past three years. Properties in Invercargill sold in an average of 32 days, faster than the regional average, with 94 properties sold, showing steady demand.
Buyer and Seller Trends
First-home buyers and owner-occupiers are leading the market, while investor participation has slowed. Strong attendance at open homes for new listings shows high demand. The market remains positive, with declining interest rates and ample property stock creating a balanced environment for both buyers and sellers.
Listings and Inventory Growth
Southland experienced a 14.5% year-on-year increase in listings, one of the highest in the country, providing more choices for buyers. The House Price Index (HPI) for Southland reached a record-high 4,652, making it the top performer in New Zealand for November. National inventory levels increased by 21.3%, with Southland contributing significantly to the rise.
Looking Ahead: New Year, New Goals
As we approach 2025, it’s the perfect time to set new property goals. Sellers can enhance their property’s appeal by highlighting outdoor spaces, while buyers see this time as ideal for finding a home that aligns with their aspirations for the year ahead. With declining interest rates, strong stock levels, and realistic vendor expectations, Southland is well-positioned for further growth and continued market positivity in 2025.
We’re Here to Help
At Professionals Invercargill, we’re proud to support our community through this growth. Whether you’re considering your options or ready to list, our experienced team is here to help you achieve your property goals.
