Following New Zealand’s recent drop in the Official Cash Rate (OCR), the property market is seeing a noticeable increase in buyer activity.
According to new data from realestate.co.nz, enquiries have spiked by over 25%, indicating rising confidence among buyers and echoing similar, though smaller, interest following the previous OCR cut in August.
Vanessa Williams, spokesperson for realestate.co.nz, attributes this shift to the more favourable market conditions.
“Following the latest OCR drop, we’ve seen a clear rise in buyer confidence,” she said. “As interest rates ease, more people are taking the opportunity to explore the market. With enquiries jumping by over 25%, it’s clear that Kiwis are ready to take advantage of favourable market conditions, and with plenty of stock available, buyers have a lot of choice.”
At the same time, recent data reveals a shift away from the traditional ‘forever home’ ideal, with Kiwis now holding onto properties for an average of just five and a half years before selling.
This trend, showing a decrease from the typical “seven-year itch,” suggests a more dynamic approach to homeownership, where lifestyle changes and evolving priorities drive frequent moves.
Auckland homeowners, for example, hold onto their properties for the shortest time, at about five years and three months on average. In contrast, residents in Taranaki and Manawatu/Whanganui keep their properties the longest, averaging six years and five months, and six years and four months, respectively.
Ms Williams explains that these trends may reflect shifting priorities as people move for various reasons, including job opportunities, changes in family size, or to accommodate aging relatives.
“This frequent movement likely reflects changing lifestyle needs and opportunities across New Zealand,” she said.
The combination of rising buyer interest and shorter ownership periods paints a picture of a fast-evolving market, where financial incentives and personal dynamics interact to drive New Zealand’s real estate activity. With Kiwis actively looking for new opportunities and a willingness to adapt to life’s transitions, she said the concept of the ‘forever home’ may be a thing of the past.
