Housing market down $40m ‘on trend’ with NZ

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

So far this year, $40.65 million has been wiped from the value of region’s housing market, statistics from the Real Estate Institute show.

For the first six month of this year REINZ data shows there were 173 house sales here, 29 fewer than in the first half of the previous year.

Those sales came to a total of $112.39m, down from $153.05m for the same period in 2022.

REINZ chief executive Jen Baird said the data “clearly shows” a reduction in the average selling price between 2022 and 2023.

“Sales levels in the region have reduced but only slightly. It’s the sale price that has fallen in the region. We have seen prices across Aotearoa falling since the peak of the market back in November 2021, so Gisborne is on trend in that respect.

“Sales volumes in much of the country have also been lower than usual so this is the statistic where Gisborne is bucking the national trend.”

Earlier this week, Gisborne’s monthly median house price fell for the fifth month in a row, year-on-year.

House prices here are now down $100,000 from the start of the year.