Homeowners move house sooner than you think: Why the average stay is shrinking

It turns out that the so called ‘seven year itch’ is more like five these days. The latest data from realestate.co.nz shows how long people hold onto their homes before they sell. And it’s shorter than you’d think.
Kiwis keep their homes for an average of just five and a half years before selling.
The data, which looks at the amount of time that property is held onto until it is re-sold, shows, on average, people hold properties for the least time in Auckland. The time between sales for properties in Auckland was approximately five years and three months.
At the other end of the scale, Kiwis held onto their properties for the longest in Taranaki (six years and five months) and Manawatu/Whanganui (six years and four months).
“People move for many reasons—employment opportunities, changes in lifestyle, the desire for more space, the need to accommodate aging parents, or even downsizing after the kids have left home. This frequent movement is likely a reflection of changing lifestyle needs and opportunities across New Zealand,” says Vanessa Williams, realestate.co.nz spokesperson.
Auckland has seen its properties change hands the most often says Williams.
“Auckland’s size is likely a factor. The city offers good employment opportunities while catering for lifestyle changes of all kinds, including for those looking for their second home or wanting to downsize into retirement.
This could explain why properties are sold more often in this region.”
Other regions where property moved more quickly than the national average were Waikato, Nelson and Bays, and Bay of Plenty, where the average time between sales was five years and four months.
“Buying a property is so often an emotional decision. And in these larger regions, where there is more to choose from, the chances of wandering into an open home and falling in love or spotting a for sale sign on a house in the perfect location are probably higher.”
The stayers: Taranaki, Manawatu/Whanganui, Gisborne, West Coast, and Hawke’s Bay
Homeowners held onto their houses longest in Taranaki (six years and five months), Manawatu/Whanganui (six years and four months), Gisborne (six years and three months), West Coast (six years and two months), and Hawke’s Bay (six years).
Williams says smaller towns tend to have fewer properties available for sale:
“In smaller regions, limited housing options often lead people to stay in their homes longer while waiting for the ideal property to hit the market.”
“With a lower price entry point than the big cities, often people in regional New Zealand can get more of what they are looking for in a property upfront, so less need to move for more space.”
“In addition, close-knit communities and businesses like farms can create a deeper connection to the area, making people less inclined to move frequently.”
All regions saw a lift in their average asking prices, regardless of how long properties were held between sales. However, there were some regional differences.
Five years and three months ago, in June 2019, the average asking price in Auckland was $929,742; in September 2024 it was 12.2% higher at $1,042,883. In Waikato, the increase was more substantial, with average asking prices rising 32.6%, from $609,272 in May 2019 to $808,153 in September 2024, five years and four months later.
“Aucklanders have been the fastest to move on, but of all regions, they have seen the smallest financial gain over the last five and a half years.”
“Holding for longer can sometimes mean bigger gains, but many factors can impact this, including market conditions, economic factors, legislative changes, your region, and demand in your area,” says Williams.
The biggest increases in average asking prices over the average selling period were seen on the West Coast, where prices rose by 97.9% over six years and two months. In Gisborne, where homes were sold on average every six years and three months, prices increased by 79.1%. In Manawatu/Whanganui, where properties changed hands every six years and four months, prices rose by 76.7%.
More than a million New Zealand homes have never been sold since records began.
We may be a nation of property enthusiasts, but well over a million homes have never gone up for sale on realestate.co.nz, despite the site listing 935,048 individual properties since records began 17 years ago.
“Statistics New Zealand data from September 2024 estimates there are just over 2 million private dwellings in New Zealand, meaning there are more than a million homes that have been in the same hands since realestate.co.nz records began 17 years ago,” says Williams.
She believes Kiwis tend to have a strong connection to property and place.
“It will be interesting to look back again in another decade or two and see, as lifestyles change if we see a similar percentage of homes staying with the same owners.”