Are Kiwis Moving More Often Than Ever?

• Auckland, where properties were sold the fastest saw a modest 12.2% increase in average asking prices.
• Conversely, West Coast, where properties were held for longer, saw an impressive 97.9% rise over the average selling period.
• Taranaki tops the list for staying power, holding onto their homes the longest— six years and five months on average.

17 October 2024 – The concept of the ‘forever home’ appears to be fading in New Zealand, with new data from realestate.co.nz revealing that Kiwis now hold onto their homes for an average of just five and a half years before selling.

The data, which looks at the amount of time that property is held onto until it is re-sold, shows, on average, people hold properties for the least time in Auckland.

The time between sales for properties in Auckland was approximately five years and three months. At the other end of the scale, Kiwis held onto their properties for the longest in Taranaki (six years and five months) and Manawatu/Whanganui (six years and four months).

"People move for many reasons—employment opportunities, the desire for more space, the need to accommodate aging parents, or even downsizing after the kids have left. This frequent movement is likely a reflection of changing lifestyle needs and opportunities across New Zealand,” says Vanessa Williams, realestate.co.nz spokesperson.

The movers: Auckland, Waikato, Nelson & Bays, and Bay of Plenty

Whether it's the pace of the city, the pull of keeping up with the Joneses, or the appeal of various lifestyle changes, Auckland has seen its properties change hands the most often.

Williams says as our most populated region, Auckland’s size is likely a factor:

"Auckland offers good employment opportunities while catering for lifestyle changes of all kinds, including for those looking for their second home or wanting to downsize into retirement. This could explain why properties are sold more often in this region."

Other regions where property moved more quickly than the national average were Waikato, Nelson and Bays, and Bay of Plenty, where the average time between sales was five years and four months.

The districts where properties were sold the most often were Selwyn in Canterbury (four years and nine months), Franklin in Auckland (four years and 10 months), the Waikato district (five years), and Papakura in Auckland (five years).

Williams notes that it’s no surprise the districts with the fastest sales are in Canterbury, Auckland, and Waikato.

"Buying a property is so often an emotional decision. And in these larger regions, where there is more to choose from, the chances of wandering into an open home and falling in love or spotting a for sale sign on a house in the perfect location are probably higher.”

The districts where people are re-selling their properties faster

The stayers: Taranaki, Manawatu/Whanganui, Gisborne, West Coast, and Hawke's Bay

Kiwis held onto their homes longest in Taranaki (six years and five months), Manawatu/Whanganui (six years and four months), Gisborne (six years and three months), West Coast (six years and two months), and Hawke's Bay (six years).

At a district level, properties in South Taranaki were held the longest (six years and eight months), followed by Tararua in Manawatu/Whanganui (six years and six months) and Ruapehu in Central North Island (six years and six months).

Williams says smaller towns tend to have fewer properties available for sale:

"In smaller regions, limited housing options often lead people to stay in their homes longer while waiting for the ideal property to hit the market," says Williams. "In addition, close-knit communities and businesses like farms can create a deeper connection to the area, making people less inclined to move frequently."

The districts where people are holding onto their properties for longer

But what about the financial gains? Does it pay to stay, or should you go?

All regions saw a lift in their average asking prices, regardless of how long properties were held between sales. However, there were some regional differences.

Five years and three months ago, in June 2019, the average asking price in Auckland was $929,742; in September 2024 it was 12.2% higher at $1,042,883. In Waikato, the increase was more substantial, with average asking prices rising 32.6%, from $609,272 in May 2019 to $808,153 in September 2024.

"Aucklanders have been the fastest to move on, but of all regions, they have seen the smallest financial gain over the last five and a half years."

“Holding for longer can sometimes mean bigger gains, but many factors can impact this, including market conditions, economic factors, legislative changes, your region, and demand in your area," says Williams.

The biggest increases in average asking prices over the average selling period were seen on the West Coast, where prices rose by 97.9% over six years and two months. In Gisborne, where homes were sold on average every six years and three months, prices increased by 79.1%. In Manawatu/Whanganui, where properties changed hands every six years and four months, prices rose by 76.7%.

Ultimately, Williams urges people to buy based on their personal circumstances, rather than trying to predict what the market might do.

More than a million New Zealand homes have never been sold

We may be a nation of property fanatics, but well over a million homes have never gone up for sale on realestate.co.nz, despite the site listing 935,048 individual properties since records began 17 years ago.

"Statistics New Zealand data from September 2024 estimates there are just over 2 million private dwellings in New Zealand, meaning there are more than a million homes that have been in the same hands since realestate.co.nz records began 17 years ago,” says Williams.

She notes that Kiwis tend to have a strong connection to property and place.

“It will be interesting to look back again in another decade or two and see, as lifestyles change if we see a similar percentage of homes staying with the same owners," adds Williams.

About realestate.co.nz

We’ve been helping people buy, sell, or rent property since 1996.

Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.

Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.

Whatever life you’re searching for, it all starts here.

Want more property insights?

Market insights: Search by suburb to see median sale prices, popular property types and trends over time.

Sold properties: Switch your search to sold to see the last 12 months of sales and prices.

Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market.

Glossary of terms:

Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.

Sales data is provided by the Real Estate Institute of New Zealand (REINZ)

New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.

Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.

Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.

Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.

Truncated mean

is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.

© Scoop Media