Many Regions See Price Growth Amid Slower Sales - REINZ stats August 2025

Many Regions See Price Growth Amid Slower Sales

New data from the Real Estate Institute of New Zealand (REINZ) show a modest year-on-year dip in the national median price, although most regions saw median prices lifting year-on-year, and values remain broadly steady as listing numbers increase. The median price for New Zealand decreased by $4,000 (-0.5%) year-on-year, to $761,000. Excluding Auckland, the median price increased by 1.5% year-on-year to $690,000.

Thirteen out of the sixteen regions reported an increase in median prices compared to August 2024. Auckland’s median price increased by 1.3% year-on-year, to $964,000. The most significant year-on-year increases were recorded in Gisborne, up 11.3% from $620,000 to $690,000, Southland, up 8.9% from $427,000 to $465,000, and in the West Coast, up 7.8% from $357,000 to $385,000.

“Across New Zealand, confidence in the property market is tempered with caution,” says REINZ Chief Executive Lizzy Ryley. “While many expected the recent OCR change to encourage more activity, the history of REINZ data suggests that we may be cautiously optimistic that we will see an increase in activity in the market in the coming months. At this stage, both buyers and sellers appear to be taking a measured approach as they watch how the market unfolds, particularly as we near spring.”

Sales across the country stalled in August, with sales declining year-on-year and month-on-month for both New Zealand (down 3.7% and 11.1% respectively), to 5,866 sales, and New Zealand, excluding Auckland (down 1.3% and 11.3% respectively), to 4,052 sales. Only six regions reported an increase in sales compared to August last year. The most notable increases were recorded in the Waikato, up 13.2% to 688 sales, Gisborne, up 11.1% to 40 sales and Southland, up 8.1% to 133 sales.

“August has highlighted some interesting trends across the country,” says Ryley. “While sales have eased in parts of the market, most regions are still seeing increases in median prices. Properties are taking different lengths of time to sell depending on the area, which shows that while the market is active, buyers are considering their options carefully.”

There was an influx of new listings recorded around the country, with New Zealand up 9.0% year-on-year to 8,769. New Zealand, excluding Auckland, also recorded an increase, up 6.5% year-on-year to 5,481. Inventory levels reached 30,000 properties on the market across New Zealand, representing a 1.4% year-on-year increase.

“Some local agents have observed that in certain markets, investors seem less active, and some are opting to sell, in anticipation of the typical end-of-winter to early-spring shift in the property market.”

New Zealand’s median days to sell declined by two days compared to August 2024, reaching 48 days. Excluding Auckland, the days to sell remained the same year-onyear, at 49 days. The highest increase in days to sell was on the West Coast, up 19 days from 38 to 57 days. The largest decrease in days to sell was recorded in Nelson and Marlborough, both down 11 days to 35 and 41 median days to sell, respectively.

August saw 778 auction sales nationally, which was 13.3% of all sales. For New Zealand, excluding Auckland, there were 412 auction sales, which were 10.2% of all sales. Gisborne recorded the highest percentage of auction sales, with 42.5% of all sales done by auction (17 auctions). The highest numbers of properties sold by auction were held in Auckland at 366 auction sales (20.2% of all sales) and Canterbury, at 199 auction sales (19.4% of all sales).

“While we’re seeing more new listings coming onto the market, sales aren’t keeping pace, which is reflected in the median days to sell in some regions. Across New Zealand, it now takes around 48 days to sell a property, slightly faster than this time last year, but in some regions, such as the West Coast, properties are staying on the market much longer,” concludes Ryley.

The House Price Index (HPI) for New Zealand is at 3,577, showing a year-on-year increase of 0.4% and an increase of 0.3% compared to last month. Over the past five years, the average annual growth rate of New Zealand’s HPI has been 3.2%. (REINZ)

Regional highlights:

- Waikato had the highest percentage increase in sales year-on-year, up 13.2% from 608 to 688 sales. The region that saw the highest percentage decline year-on-year was in Nelson, down 21.5%, from 65 to 51 sales.

- Thirteen regions saw an increase in median prices. Gisborne led the way with an 11.3% increase compared to August 2024, reaching $690,000.

- Wellington saw the largest decline in median price year-on-year, down 6.9% to $740,000.

- Eight regions reported an increase in listings compared to last year. The top two percentage increases were: Bay of Plenty, up 46.7% to 732 new listings, and Gisborne, up 40.9% to 62 new listings.

Regional Analysis - Northland

The median price for Northland decreased by 3.2% year-on-year to $600,000

“Owner-occupiers and first home buyers were the most active buyer groups, with more enquiries from buyers in Auckland reported in Kerikeri. Most vendors met current market conditions regarding askingprices, with more willing to negotiate lower offers. Attendance at open homes was generally good, increasing throughout the month for newer listings, while older stock didn’t attract the same interest. Auction room attendance varied across the region, with some experiencing strong attendance and bidding, while others saw lower numbers of attendees.

Factors such as lower interest rates, increased attendance at open homes, and a buoyant market influenced market sentiment. Local salespeople are cautiously optimistic that the spring and summer months will see a rise in activity and further boost confidence and positivity for both buyers and sellers.” (REINZ)

The current median Days to Sell of 70 days is much more than the 10-year average for August which is 56 days. There were 38 weeks of inventory in August 2025 which is 6 weeks less than the same time last year.

Regional Analysis - Auckland

The median price for Auckland increased by 1.3% year-on-year to $964,000

“All buyers were active across the Auckland region. Most vendors were realistic regarding asking price and more adaptable to reducing expectations. Attendance at open homes varied, with poor attendance for older stock, while new listings priced appropriately saw good numbers. Attendance levels in the auction room increased, but there was a lack of active bidders.

Market sentiment was influenced by buyers adopting a wait-andsee approach, lower interest rates, and increased buyer caution. Local salespeople are cautiously optimistic that there will be incremental improvements over the next few months. However, they mention that it much depends on factors like the job market, and further OCR reductions.” (REINZ)

The current median Days to Sell of 47 days is more than the 10-year average for August which is 41 days. There were 31 weeks of inventory in August 2025 which is 2 weeks more than the same time last year.

Regional Analysis - Waikato

Waikato’s median price was the same as in August 2024, at $740,000

“All buyer types were active across the Waikato region in August. Most vendors were realistic regarding asking price, and there have been a good number of sales reflecting market conditions. However, the vendors who held firm with their original, higher expectations weren’t seeing the same level of activity. Attendance at open homes varied, but some salespeople suggest that levels had increased after the OCR announcement. The bad weather influenced attendance levels in the Coromandel Peninsula.

Auction attendance varied, but with more listings marketed as auctions, clearance rates improved. If not sold under the hammer, many properties were under offer post-auction. Recent OCR adjustments, lowered interest rates, increased confidence and enquiry among buyers have influenced market sentiment. This has contributed to a relatively balanced market, with a good balance between supply and demand. Local salespeople comment that the spring period will be interesting to observe – to see if the market will maintain momentum, as further interest rate cuts may attract more investors and first-time buyers. If not, there could be an excess of stock on the market with fewer buyers to support it.” (REINZ)

The current median Days to Sell of 55 days is much more than the 10-year average for August which is 43 days. There were 22 weeks of inventory in August 2025 which is 8 weeks less than the same time last year.

Regional Analysis - Bay of Plenty

The median price for the Bay of Plenty increased by 7.1% year-on-year to $830,000

“First home buyers, owner-occupiers and investors were the most active buyer groups. Some vendors were not prepared to meet the current market or the buyers’ current view on property value, while others were realistic about pricing their property in line with market conditions. Attendance at open homes varied; some properties attracted strong numbers, while others did not – typically, new listings saw higher turnout in the first few weeks.

Buyers were hesitant to bid in the auction room if they knew there was no other competition, which resulted in a few more post-auction negotiations. If the property had been marketed as an investment property, the auction room would have had more attendees and seen increased bidding. Factors like global economic concerns, lack of buyer urgency, and the anticipation of spring just around the corner influenced market sentiment. Local salespeople say that patience is needed to get through the next few months and predict there will be a slight increase in activity, which is usual for springtime.” (REINZ)

The current median Days to Sell of 51 days is more than the 10-year average for August which is 45 days. There were 25 weeks of inventory in August 2025 which is 2 weeks less than the same time last year.

Regional Analysis - Gisborne

Gisborne’s median price increased by 11.3% year-on-year to $690,000

“Owner-occupiers were the most active buyer group across the region. Most vendors were realistic and met current market expectations regarding asking price. Attendance at open homes had good numbers heading into spring. Auction rooms were reported to be busy, both in attendance and active bidders.

Market sentiment has shifted, and local salespeople report more buyer activity, particularly with properties priced over $1 million, and declining interest rates influenced this. Local salespeople cautiously predict that the warmer days will bring more positivity along with active buyers.” (REINZ)

The current median Days to Sell of 45 days is more than the 10-year average for August which is 38 days. There are 17 weeks of inventory in August 2025 which is 5 weeks more than last year.

Regional Analysis - Hawke's Bay

Hawke’s Bay’s median price increased by 3.1% yearon- year to $660,000

“Owner-occupiers and first home buyers were the most active groups, with reports of a decline in investor activity. Most vendors were realistic regarding asking price, ready to meet current market conditions, while others were waiting to see if the decreased OCR would increase buyer interest in their property. Attendance at open homes tapered off during the month, except for new listings marketed as “first homes”, which saw more activity.

Factors such as buyers’ lack of confidence, employment concerns, and increased living costs influenced market sentiment. In the coming months, local salespeople cautiously forecast that market sentiment and activity will improve, leading to more positivity. However, both buyers and sellers need to understand how the current market compares to broader trends, local salespeople say.” (REINZ)

The current median Days to Sell of 46 days is more than the 10-year average for August which is 38 days. There were 17 weeks of inventory in August 2025 which is 6 weeks less than the same time last year.

Regional Analysis - Taranaki

Taranaki’s median price increased by 3.9% year-onyear to $600,000

“All buyer groups were active in the Taranaki residential market, with owner-occupiers leading activity, and first home buyers following suit. Good representation recorded from investors as well. Most vendors set realistic price expectations, with both buyers and sellers entering negotiations with greater clarity and confidence than in previous months. Open homes were well-attended, particularly for properties marketed towards first home buyers and investors.

Market sentiment remains steady and buyer-focused, with growing momentum heading into spring. In Taranaki, conditions remain stable, offering a diverse range of properties across all price points. Local salespeople suggest that improving weather and the start of daylight savings time soon will likely bring more buyers out, creating a lift in activity over the next few months. The anticipated interest rate reductions may add further momentum.” (REINZ)

The current median Days to Sell of 50 days is much more than the 10-year average for August which is 39 days. There were 21 weeks of inventory in August 2025 which is 1 week less than the same time last year.

Regional Analysis - Manawatu/Whanganui

The median price for Manawatu/Whanganui increased by 0.6% year-on-year to $542,500

“Owner-occupiers and first home buyers were the most active groups across the region. Investor enquiries were reported to be few and far between. Most vendor expectations were above market value for their property, with higher-priced properties needing price adjustments to compete with other, well-priced properties. Attendance at open homes for new listings was good numbers, but properties that have been on the market for many months struggle to attract interest. Auction rooms saw some success with clearance, but hardly any competitive bidding.

Factors such as job security, finance approval processes, and valuations for first home buyers influenced market sentiment, with reports from local salespeople indicating that sentiment hasn’t changed significantly over the past few months. Local salespeople predict the Manawatu/Whanganui market could see an increase in sales volumes heading into spring, and are hopeful that the new listings on the market will continue to attract good interest.” (REINZ)

The current median Days to Sell of 47 days is much more than the 10-year average for August which is 37 days. There were 22 weeks of inventory in August 2025 which is 4 weeks less than the same time last year.

Regional Analysis - Wellington

Wellington’s median price decreased by 6.9% year-on-year to $740,000

Owner-occupiers and first home buyers were the most active groups across the region. Investor enquiries were reported to be few and far between. Most vendor expectations were above market value for their property, with higher-priced properties needing price adjustments to compete with other, well-priced properties. Attendance at open homes for new listings was good numbers, but properties that have been on the market for many months struggle to attract interest. Auction rooms saw some success with clearance, but hardly any competitive bidding.

Factors such as job security, finance approval processes, and valuations for first home buyers influenced market sentiment, with reports from local salespeople indicating that sentiment hasn’t changed significantly over the past few months. Local salespeople predict the Manawatu/Whanganui market could see an increase in sales volumes heading into spring, and are hopeful that the new listings on the market will continue to attract good interest.” (REINZ)

The current median Days to Sell of 47 days is much more than the 10-year average for August which is 37 days. There were 22 weeks of inventory in August 2025 which is 4 weeks less than the same time last year.

Regional Analysis - Nelson/Tasman/Marlborough

The median price for Nelson increased by 4.3% year-on-year to $730,000. The median price for Marlborough increased by 2.4% year-on-year to $635,000. The median price for Tasman increased by 5.5% year-on-year to $786,000.

“First home buyers, owner-occupiers, and buyers looking around the $1 million mark were the most active buyer groups. Most vendors were realistic regarding pricing their property in line with market expectations; if a property is priced too high, buyers won’t view it. However, most vendors have researched the market and understand where their property sits. Attendance at open homes varied across the regions, with newer listings receiving the most attention and attracting good interest. Local salespeople are hopeful that when the weather improves, attendance levels will rise.

While there have been increased auctions with limited bidders, the popular sales method in the region has been a price-based strategy. Factors like increased positivity and quiet optimism from both buyers and sellers, and lowered interest rates influenced market sentiment. Local salespeople are hopeful that spring will bring increased activity for both buyers and sellers.” (REINZ)

The current median Days to Sell of 44 days is more than the 10-year average for August which is 39 days. There were 21 weeks of inventory in August 2025 which is 6 weeks less than the same time last year.

Regional Analysis - West Coast

West Coast’s median price increased by 7.8% year-on-year to $385,000

“First home buyers and owner-occupiers were the most active buyer groups across the West Coast; however, there were reports of fewer buyer types active. Vendors were largely realistic when it came to asking price, willing to meet the market to make a sale. Attendance at open homes was lower than in previous months. Reports suggest a cooler local market, with both buyers and sellers taking a wait-and-see approach.

Market sentiment was influenced by factors such as lowered interest rates, fewer buyers present, the fear of overpaying, and increased caution among buyers. Local salespeople cautiously predict that the market will be steady over the next few months, and they are waiting to see the effect of mining activity in the planning stages for the region.” (REINZ)

The current median Days to Sell of 57 days is less than the 10-year average for August which is 64 days. There were 44 weeks of inventory in August 2025 which is 5 weeks more than the same time last year.

Regional Analysis - Canterbury

The median price for Canterbury increased by 4.0% year-on-year to $689,000

“First home buyers were the most active buyer group for the Canterbury region, with reports that there were fewer enquiries from investors. Most vendor expectations regarding price were realistic, particularly for those who were buying and selling in the same market. Attendance at open homes was steady, but the rate of attendance varied across different price points and property types. Auction attendance increased, as did clearance rates under the hammer.

Factors such as lower interest rates, cost-of-living challenges, high stock levels, and a lack of urgency among buyers influenced market sentiment. Local salespeople are cautiously optimistic about the next few months, with indications of a more positive market. Still, if activity from both buyers and sellers doesn’t lift, the market might become flat.” (REINZ)

The current median Days to Sell of 42 days is more than the 10-year average for August which is 37 days. There were 14 weeks of inventory in August 2025 which is 2 weeks less than the same time last year.

Regional Analysis - Otago

“Dunedin’s median price increased by 6.6% year-on-year to $608,000

All buyers were active, except for investors, who remained cautious and were not purchasing just yet. Vendors were somewhat realistic when it came to pricing their properties, which was influenced by a balanced market. Attendance at open homes was very good for newer listings but tended to drop off from week two and saw a massive reduction in attendance from week three.

Market sentiment was primarily influenced by falling interest rates and the fact that the market is currently fairly balanced, with comments suggesting that lower interest rates aren’t driving up prices but rather keeping them relatively steady for the region. Local salespeople report that the next few months will see an increase in listings and anticipate the lead-up to Christmas as being very busy.” (REINZ)

Queenstown Lakes

“First home buyers were the most active buyer group in the current market. Most vendors were still seeking the best price for their property and viewed the declining interest rates as a sign that the market was improving, and were hopeful this would then increase the value of their property. Attendance at open homes was strong, particularly among first-home buyers and those purchasing properties under $2 million.

Auction room activity saw good levels of attendance, with a clearance rate of around 50%, and post-auction negotiations secured additional sales. Local agents report that this sales method is the preferred method for buying and selling in this market. Interest rates, increased buyer engagement, concerns about the cost of living, and high rental prices influenced market sentiment. Local salespeople state that now that winter has passed, they are anticipating stronger buyer engagement in the coming months, with possibly more properties coming to market this spring.” (REINZ)

The current median Days to Sell of 58 days is much more than the 10-year average for August which is 39 days. There were 18 weeks of inventory in August 2025 which is the same as the same time last year.

Regional Analysis - Southland

The median price for Southland increased by 8.9% year-on-year to $465,000

“First home buyers were the most active group in Southland and reported balanced demand across other buyer pools. Most vendors were realistic regarding asking price, as a shortage of stock meant buyers had less to choose from, and if they wanted to secure a sale, they had to meet market conditions. Attendance at open homes varied over the month but was particularly good for properties between the $450,000-$600,00 price range.

Auction attendance and properties marketed as auctions were on the lighter side; however, those marketed as auctions received higher clearance rates than priced properties. Factors like a balanced market, low interest rates and a shortage of stock influenced market sentiment. Local salespeople cautiously predict that there will be a rise in activity as we head into spring and are hopeful that buyer confidence will increase.” (REINZ)

The current median Days to Sell of 35 days is less than the 10-year average for August which is 36 days. There were 15 weeks of inventory in August 2025 which is 4 weeks less than the same time last year.