Gisborne median house price up 10.1% on September 2023 to $605,500

The Gisborne residential property market led the way nationally for vendors in September. Photo / Ben Cowper

The median house price for nearly 40 houses sold in Gisborne last month was the highest year-on-year increase in the country – a rise of 10.1% to $605,500.

The Real Estate Institute of New Zealand report for September said the median price for Gisborne in September 2023 was $550,000.

Other districts to record large increases from September 2023 to September 2024 were West Coast, up 9.9% to $390,000, and Southland, up 8.2% to $487,000.

The national median price was $781,000 – 2.3% less than in September 2023.

Gisborne’s median price in August 2024 was $620,000.

The median days to sell a residential property of 48 days was much higher than the 10-year average for September of 35 days.

There were 38 sales last month, up 22.6% from the 31 sales in September of last year, and two more than August 2024.

The most active buyer groups in Gisborne were owner-occupiers, first-home buyers and investors, said REINZ chief executive Jan Baird.

The buyer pool for properties over $1 million decreased.

“Vendor expectations were realistic as they understood more about the current market, and as a result, there have been more sales,” Baird said.

“Attendance at open homes varied across the region. Some weekends are busy while others don’t get a group through.

“Local salespeople suggest buyers still hope to see further signs of economic recovery.”

Baird said auction room attendance levels had increased in Gisborne although sales rates under the hammer seemed to fluctuate.

“The increasing positivity and confidence, especially from first home buyers and investors, influenced market sentiment.

“Local Gisborne agents predict further sales and new listings increases as we end 2024 and begin 2025.”