Gisborne house prices dip 1.6% as sales rise, REINZ reports

Gisborne's house sale average price dropped 1.6% in April year-on-year but it still produced a healthy number - $652,000. Photo / Gisborne Herald

• The median house price in Gisborne dipped by 1.6% to $652,000 in April.
• Gisborne saw a 15.9% increase in property sales and a rise in listings from 33 to 53.
• Owner-occupiers were the most active buyers, with market sentiment influenced by lower interest rates.

The median house price in Gisborne dipped by 1.6% to $652,000 year-on-year in April, according to the Real Estate Institute of New Zealand (REINZ).

Its latest report also indicated it took longer to sell a house in Gisborne.

The median “days to sell” of 50 days compared to a 10-year average for the city in April of 39.

Gisborne was one of the regions to show an increase in the number of properties sold, up 15.9%.

Only three regions reported an increase in listings compared to April 2024 and Gisborne was among them - up from 33 to 53 listings.

“Owner-occupiers were the most active buyers in Gisborne, making up most of the purchasers over April,” REINZ acting chief executive Rowan Dixon said.

“Vendor expectations regarding price were realistic due to the amount of stock available.

“Attendance at open homes was lower due to multiple long weekends and school holidays.

“Activity in the auction room was reported as stable, both in attendance and sales.”

Dixon said market sentiment had shifted, influenced by lower interest rates and renewed confidence in vendors achieving a sale.

“Local salespeople predict a slight seasonal slowdown during winter, but are quite optimistic for what spring might bring.”

Nationally, REINZ reports April as being a slightly slower and more subdued market as the cooler months arrive.

“Although sales have increased compared to April 2024, the national median price has declined. Additionally, new listings entering the market have also reported a drop.”