The Bay of Plenty recorded its lowest-ever December property listings in 2024, leading a nationwide slump that saw new listings hit their lowest level in 17 years.

Realestate.co.nz’s December 2024 property report reveals the sharpest decline in new listings since tracking began, with Bay of Plenty among nine regions—including Auckland and Waikato—reaching record lows.

Nationally, new listings dropped by nearly 60% month-on-month, with only 4,767 properties listed compared to 11,129 in November.

“While the property market typically cools in December, this year was exceptionally quiet,” Vanessa Williams, spokesperson for realestate.co.nz, said. Over the years, the seasonal slowdown has intensified, with December listings now falling over 50% from November figures.

Despite sluggish new listings, total stock levels offered some relief for buyers, with year-on-year availability up 18.5%. However, stock dipped 13.3% from November, reflecting a seasonal trend.

The national average asking price in December 2024 dropped to $842,476, the lowest since April 2021. Bay of Plenty saw a significant year-on-year decline of 10.9%, with an average asking price of $823,926. Similar trends were seen in Central Otago/Lakes District, where prices fell 17.3%, and Nelson and Bays, down 13.4%.

However, the market wasn’t uniformly cool. Southland bucked the trend with a record-high December average asking price of $549,211, a 15.3% year-on-year increase. Other regions, including Taranaki, Gisborne, and West Coast, also set December price records.

Williams noted that regional differences underscore the importance of local insights in navigating the property market: “While some areas cool, others remain hotspots. Understanding local dynamics is critical for buyers and sellers,” she said.

As 2025 begins, New Zealand’s property market presents a complex landscape. While declining prices and ample stock create opportunities for buyers, record-low listings and regional disparities signal challenges for sellers.

Realestate.co.nz continues to provide insights and tools to help New Zealanders make informed decisions in an evolving market, the organisation said.