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Monday, 17 November 2025
Market confidence and positivity are evident in the new data released today by the Real Estate Institute of New Zealand (REINZ). The market appears to have stabilised; this may be due to median prices remaining relatively level year-on-year across the country. Sales have increased nationwide, and local salespeople across the country have all commented on the growing positivity and activity they are observing at a regional level.
National sales were up 6.4% year-on-year to 7,505 sales, and New Zealand, excluding Auckland, saw a rise of 9.2%, to 5,200. Month-on-month data show a slight increase in activity at both the national and regional levels. The sales figures indicate that, even when considering seasonally adjusted data, most regions are experiencing a positive shift. This suggests that October performed better than typically expected, given the usual shift from September to October.
Eleven regions recorded increased sales year-on-year, with the most notable percentage increases recorded in Gisborne (up 70.3% to 63 sales), the West Coast (up 51.7% to 44 sales), and Taranaki (up 26.0% to 184 sales).
The national median Days to Sell decreased by one day to 41 days. For New Zealand, excluding Auckland, it decreased by two days to 41 days. The largest reduction in median Days to Sell was observed in Southland, down 13 days from 44 to 31. The greatest year-on-year increase in median Days to Sell was on the West Coast, rising 23 days from 24 to 47 days.
“The rise in market confidence, combined with the typical spring surge, has driven increased sales both year-on-year and month-on-month (up 15.4% nationally). Even after adjusting for seasonality, most regions show a positive shift, indicating that October performed better than expected. Feedback from local salespeople across the country supports this trend, with many reporting higher-than-anticipated activity, even if it occurred slightly later in the season than usual,” says REINZ Chief Executive Lizzy Ryley.
New Zealand’s median price decreased by 1.1% year-on-year, to $786,000. Excluding Auckland, the median price increased by 0.6% year-on-year to $710,000.
“Median sales prices across the country have stayed fairly steady in recent months, and this month is no different, with a median price of $786,000. But in Auckland, prices have now topped $1 million for the first time since March 2025. Meanwhile, the West Coast has hit another record median price, and Queenstown Lakes’ median is now over $1.5 million. It really shows that demand isn’t just holding up, but actually lifting, especially in premium and regional areas,” continues Ryley.
Nine out of the sixteen regions reported an increase in median prices year-on-year. Auckland’s median price is back up over the $1 million mark, up 3.6% year-on-year to $1,033,000. One region hit a record high median price: the West Coast, up 17.9% to $460,000. There was one Territorial Authority (TA) record in Queenstown Lakes, with a median price of $1,590,000 (up 2.3% from $1,555,000, recorded in August 2025).
New listings continue to rise around the country, up 5.5% year-on-year to 12,209. New Zealand, excluding Auckland, also recorded an increase, up 4.2% year-on-year to 7,783. Inventory levels have returned to over 33,000, up 3.9% nationally year-on-year to 33,588.
“First home buyers continue to be a dominant group across the country, taking advantage of lower interest rates and a stabilised market in terms of price, closely followed by owner-occupiers,” says Ryley. “Salespeople are telling us that the warmer weather, lower interest rates, and easing lending criteria have brought more people back into the market and boosted activity in many regions, which we can see from the data.”
October’s auction sales reached 1,310 nationally, which accounted for 17.5% of all sales. For New Zealand, excluding Auckland, there were 636 auction sales, which were 12.2% of all sales. Auction sales in Auckland have increased both year-on-year and month-on-month, with 674 sales, representing 29.2% of all sales.
The House Price Index (HPI) for New Zealand is at 3,627, indicating a year-on-year increase of 0.3% and a month-onmonth increase of 0.6%. However, the index level remains 15.2% below its peak. Over the past five years, New Zealand’s average annual growth rate in the HPI has been 2.3%. Two regions recorded new HPI peaks. Those were Otago at an index level of 4,209 and Southland, at 4,959. (REINZ)
Regional highlights:
- Gisborne had the highest sales count increase, up 70.3% year-on-year to 63 sales. The most significant decrease was observed in Tasman, with a 15.4% year-on-year decline to 77 sales.
- Marlborough saw the largest decline in median prices year-on-year, down 11.4% to $681,500.
- Thirteen regions reported an increase in listings compared to last year. The top two percentage increases were:
The median price for Northland increased by 10.4% year-on-year to $690,000
“Owner-occupiers and investors were the most active across the region. Some vendors were ready to meet the market regarding their asking prices, and attendance at open homes saw a strong turnout. Auction room clearance rates were up with good sales under the hammer, and steady numbers of bidders for each auction.
Factors like increased stock and new listings on the market, the festive season starting next month, and the fact that the local market is fairly balanced, have all influenced market sentiment. Local salespeople predict that the coming months will bring more positivity and increased activity for both buyers and sellers.” (REINZ)
The current median Days to Sell of 56 days is more than the 10-year average for October which is 48 days. There were 44 weeks of inventory in October 2025 which is 7 weeks less than the same time last year.
The median price for Auckland increased by 3.6% year-on-year to $1,033,000
“First home buyers were the most active across the Auckland region. Investors were reported in South Auckland and owner-occupiers in Auckland Central. Most vendors were realistic with their price expectations, while others had higher expectations due to lower interest rates. Attendance at open homes varied depending on the type of property being sold.
Auction room activity increased, with a rise in pre-auction offers. Factors like media coverage of the market, declining interest rates, more buyers looking across the board, and increased positivity influenced market sentiment. Local salespeople are cautiously optimistic that the market will improve further over the next few months, especially in 2026.” (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for October which is 38 days. There were 31 weeks of inventory in October 2025 which is 3 weeks more than the same time last year.
Waikato’s median price increased by 1.6% year-on-year to $762,000
“All buyer types were active in October, with some holiday home buyers back in Taupo. Most vendors were realistic regarding their asking prices, as more properties were on the market and properties needed to be priced competitively to generate interest. Attendance at open homes was generally good, with new listings attracting the most attendees, likely due to the declining interest rates.
There was an increase in properties selling by auction, with some success under the hammer compared to last month as well. Factors like increased positivity and renewed confidence, improved buyer enquiries, and steady property prices influenced market sentiment. Local salespeople are cautiously optimistic that, as interest rates ease further and lending conditions improve, buyer confidence will strengthen.” (REINZ)
The current median Days to Sell of 44 days is more than the 10-year average for October which is 38 days. There were 22 weeks of inventory in October 2025 which is 4 weeks less than the same time last year.
The median price for the Bay of Plenty decreased by 0.2% year-on-year to $815,000
“First home buyers were the most active buyer group, with reports of good activity from investors in Rotorua. Most vendor expectations were realistic regarding their property price, while others believed that changing interest rates meant an increased price, which is not evident. Attendance at open homes was steadily increasing across the region, and newer listings continued to attract the most interest.
Auction room attendance improved over the month, and clearance rates increased. Market sentiment was influenced by newer listings on the market, declining interest rates, increased positivity and no significant growth in prices. Local salespeople expect that the next few months will bring more sales and cautiously predict a small increase in values over the 2026 year for the region.” (REINZ)
The current median Days to Sell of 46 days is more than the 10-year average for October which is 41 days. There were 22 weeks of inventory in October 2025 which is 2 weeks less than the same time last year.
Gisborne’s median price increased by 4.9% year-on-year to $660,000
“All buyers were active in Gisborne this month, with no reports of any declines in buyer types; all have seen an improvement on the previous month. Most vendors were realistic about the asking price, and that proved worthwhile, with more interested parties either making offers or actively bidding at auctions. Attendance at open homes was mixed due to the public holiday, but overall, it was good.
Increased attendance and more registered bidders were recorded across most auction rooms as well. Sales increased in October, with salespeople attributing the rise in recent months to a growing number of active buyers. The combination of new stock, warmer weather, increased competition, lower interest rates, and renewed confidence in the improving economy has influenced market sentiment, suggesting that now is a great time to buy in the region. As there was an increase in new listings, local salespeople are watching with interest to see how sales rates trend leading up to Christmas, which might lead to changes in the days a property is on the market.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for October which is 38 days. There are 17 weeks of inventory in October 2025 which is 1 week more than last year.
Hawke’s Bay’s median price increased by 2.5% year-on-year to $697,000
“First home buyers and owner-occupiers were the most active buyer groups. Vendor expectations regarding their property price were getting better, more realistic and aligned with market conditions. Attendance at open homes was higher than in previous months, especially for new listings, likely due to lower interest. There was increased bidder activity in the auction room and sales under the hammer.
Factors like declining interest rates and increased confidence for both vendors and buyers influenced market sentiment. Local salespeople report that the local market has improved and will continue to do so over the spring and summer period.” (REINZ)
The current median Days to Sell of 38 days ismore than the 10-year average for October which is 35 days. There were 23 weeks of inventory in October 2025 which is 5 weeks more than the same time last year
Taranaki’s median price decreased by 1.6% year-on-year to $600,000
“All buyer types were active in the Taranaki market, with the majority of those active buyers being owner-occupiers. In most cases, vendors were ready to meet the market with their price expectations. Attendance at open homes was well-attended, particularly in New Plymouth, and there’s still a good range of homes available for buyers to view.
Market sentiment continues to lean in favour of buyers, influenced by factors such as an influx of new listings and multiple offers appearing more frequently. Local salespeople predict that the next few months will be more buoyant as the summer months approach. Further interest rate deductions might boost the local economy and spending.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for October which is 33 days. There were 19weeks of inventory in October 2025 which is 3 weeks less than the same time last year.
The median price for Manawatu/Whanganui decreased by 0.9% year-on-year to $545,000
“Owner-occupiers and first home buyers were the most active buyer groups, although more investors were showing interest as well. Some vendors have priced their properties above market value, while others with well-priced new listings received good interest. Attendance at open homes saw good viewing numbers, particularly for newer listings. Some activity was reported in auction rooms, with the majority selling post auction.
Market sentiment was influenced by job security, the cost of living, and current economic concerns, but also by positivity about interest rate decreases. Local salespeople are hopeful that November should be a good month before the short trading months of December and January.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for October which is 34 days. There were 20 weeks of inventory in October 2025 which is 2 weeks less than the same time last year.
Wellington’s median price decreased by 3.5% year-on-year to $767,500
“First home buyers continued to be the most active group in October, supported by improved lending conditions and easing rates. Owner-occupiers remained present but selective. Vendor expectations were more aligned with the current market, but some vendors held firm with higher expectations in higher-value suburbs. Attendance at open homes was steady, with well-presented, realistically priced homes drawing consistent interest.
Auction room activity remained steady, with buyers favouring private sales and conditional offers. Market sentiment reflected cautious confidence, influenced by easing interest rates, increased stock levels, and ongoing economic pressures. Local agents predict that over the next few months, the market will be stable, with steady activity heading into summer.” (REINZ)
The current median Days to Sell of 46 days is much more than the 10-year average for October of 35 days. There were 16 weeks of inventory in October 2025 which is the same as the same time last year.
The median price for Nelson decreased by 0.5% year-on-year to $656,500. The median price for Marlborough decreased by 11.4% year-on-year to $681,500. The median price for Tasman increased by 1.5% year-on-year to $791,500.
"Owner-occupiers and first home buyers were the most active. A slight increase in investor activity was reported in Nelson. Most vendors had realistic expectations regarding the asking price, reflecting current market conditions. Attendance at open homes was higher than in previous months, particularly for lower-priced properties during the first two weeks of their campaigns.
Properties marketed as selling via auction have increased, and a good clearance rate has been recorded for most properties under the hammer. Factors like increased positivity and confidence, an established buyer base, a lift in interest in local properties, interest rates, and finance costs have influenced market sentiment. Local salespeople are cautiously optimistic that the summer months will bring increased activity to the region, and that the older stock that has been on the market for a while will sell.” (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for October which is 36 days. There were 22 weeks of inventory in October 2025 which is 4 weeks less than the same time last year.
West Coast’s median price increased by 17.9% year-on-year to $460,000 – a record high for the region.
"Owner-occupiers were the most active in the region, with a decline in first home buyers as the cost of living increased. Most vendor expectations were realistic regarding the asking price; they were listening to feedback and adhering to the appraisal range. Attendance at open homes was low, as there was not much stock in the lower value range.
Local salespeople describe the local market as “steady.” They expect more activity as interest rates remain lower, and spring and summer usually bring fresh buyers and vendors to the market. Looking ahead, local salespeople are expecting the West Coast market to increase as some local mining begins to employ more staff in Reefton and Rapahoe.” (REINZ)
The current median Days to Sell of 47 days is less than the 10-year average for October which is 52 days. There were 39 weeks of inventory in October 2025 which is 19 weeks less than the same time last year.
The median price for Canterbury increased by 1.4% year-on-year to $710,000
“All buyer types were active across the Canterbury region. Most vendor expectations were generally realistic, while others expected higher prices and held out for perceived market improvements. Attendance at open homes was good, especially for newer listings with good price points.
Auction attendance varied for the region, with Timaru experiencing lower attendance, while Christchurch saw strong attendance and bidding. Sales under the hammer showed improvement. Market sentiment was influenced by the reduction in the OCR, easing of interest rates, increased positivity, and easing of lending criteria. Local salespeople are cautiously optimistic that the market will stay strong through to the end of the year and into early 2026. However, the pace of the market will depend on new listings, and if fewer listings come to market, that could lead to activity slowing.” (REINZ)
The current median Days to Sell of 35 days is more than the 10-year average for October which is 34 days. There were 14 weeks of inventory in October 2025 which is 3 weeks less than the same time last year.
Dunedin’s median price decreased by 3.2% year-on-year to $600,000
"Owner-occupiers and first home buyers are the most active buyer groups. Most vendor expectations were realistic in terms of asking price, as long as they were well-informed of the current market conditions. Attendance at open homes was slightly down compared to other months. This could be due to a combination of buyers having plenty of options in the region, adverse weather conditions and a relatively level market. Auction sales under the hammer were steady.
Market sentiment was influenced by the anticipation that interest rates would further decline, steady stock numbers and increased activity in the region, with one property securing nine conditional offers, even though it had only been on the market for eight days. Local salespeople suggest that it’s unlikely that the area will see a significant increase in listings in the next few months. Instead, they expect a stable market with marketing campaigns focused on generating interest in the first week.” (REINZ)
Queenstown Lakes
“First home buyers, owner-occupiers and investors were the most active buyer groups. Vendor expectations have remained consistently optimistic over the past few months, with price expectations still exceeding current market conditions. Open homes were well-attended, which is typical for the region in a spring market. Auction room attendance and activity gain momentum each month, with increased clearance rates and active bidders.
Factors such as lowered interest rates, growth in the building and development sectors, the spring season, increased confidence, and heightened urgency among some buyers have influenced market sentiment and driven market momentum. Local salespeople predict the next few months will bring more positivity in the local market than in previous years. Interest rates are driving activity, and if the rates continue to fall, there will likely be more green shoots showing genuine market growth.” (REINZ)
The current median Days to Sell of 39 days is more than the 10-year average for October which is 35 days. There were 16 weeks of inventory in October 2025 which is 4 weeks less than the same time last year.
The median price for Southland increased by 1.9% year-on-year to $490,000
“First home buyers and owner-occupiers were the most active buyer groups. Local salespeople have reported a decline in investor enquiries, as they remain cautious of the economic outlook. Generally, vendors’ expectations were realistic regarding asking price; the shortage of stock available and critical feedback to vendors has influenced them to make informed decisions. Attendance at open homes for new listings received good foot traffic, with those in the first-home buyer range in particular having high attendance.
Auction rooms drew a mixed response. Those properties at the lower end of the market saw good bidding activity. The Southland market is well-balanced, with local salespeople reporting an increase in multiple offers. Market sentiment was influenced by improved local economy, lowered interest rates, and increased confidence. Over the next few months, local salespeople cautiously predict a lift in activity as buyers make decisions prior to Christmas.” (REINZ)
The current median Days to Sell of 31 days is the same as the 10-year average for October, which is 31 days. There were 14 weeks of inventory in October 2025, which is 3 weeks less than the same time last year.
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