Gisborne house price median up but sales down

The real estate numbers for Gisborne in June from REINZ showed a 7% lift in the year-on-year median house sale price from June 2023 to $615,000 last month.

The average house sale price in Gisborne lifted 7% year-on-year in June to $615,000, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).

Nationally, the June report showed a decrease in sales and median prices nationwide while listings continued to rise.

REINZ chief executive Jen Baird said the property market in June reflected the wider economic climate in New Zealand.

“New listings have risen, continuing a trend seen in 2024, yet this increase contrasts with a noticeable decline in buyer activity, reflected in lower national sales figures.”

The total number of properties sold in New Zealand decreased by 25.6% year-on-year - from 5854 to 4356 - and by 32.6% compared to May 2024 - from 6461 to 4356.

Gisborne was one region to show significant decreases year-on-year in properties sold - down 39.4% on a year ago.

All regions showed a decrease in sales on the figures for May.

“The typical winter lull, compounded by current economic conditions, has contributed to lower levels of activity in the market,” Baird said.

“This sentiment is reinforced by seasonally adjusted figures, which reveal a national sales decrease of 11.1% compared to May 2024, reflecting a market performance below expected levels.”

When it comes to median prices for June, Gisborne was one of six regions that showed increased year-on-year results.

The Gisborne average was up by 7% from $575,000 in June 2023 to $615,000 last month.

The month-on-month result for Gisborne was also up - 3.4% at $615,000.

Nationally, the number of listings increased by 25.5% year-on-year - from 6218 to 7805.

Gisborne was one of 12 regions to produce a rise in new listings year-on-year - up 34.8%.