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Tuesday, 16 December 2025
Confidence and positivity are on the rise across almost all regions, according to the latest data from the Real Estate Institute of New Zealand (REINZ). Median prices continue to climb, with only three regions recording annual declines year-on-year, reflecting a market where prices remain resilient even as buyers move at a measured pace. Local salespeople report pockets of strong enquiry, highlighting growing sentiment at a regional level.
With activity varying across September, October, and November, we’ve taken a broader view and applied seasonal adjustments to give a clearer picture of where the market is heading. On this basis, the three months ending November 2025 show the market holding slightly ahead of where it was at the same time last year, with national sales count up (+2.4%) and median price fractionally higher (+0.2%). For New Zealand, excluding Auckland, the picture is a little stronger, with sales count (+4.1%) and median price (+1.5%) both ahead of last year.
“Comparing November 2025 to November 2024 still matters, but looking at the three-month trend helps smooth out monthly ups and downs,” says REINZ Chief Executive Lizzy Ryley. “Taken together, the seasonally adjusted figures suggest the market is continuing to edge in the right direction. While the improvement is gradual, the underlying trend remains more positive than it was a year ago.”
Looking back to November 2025 compared to November 2024, New Zealand’s median price increased by 2.3% year-on-year, to $808,000. Excluding Auckland, the median price increased by 4.3% year-on-year to $730,000.
Twelve out of the sixteen regions reported an increase in median prices year-on-year. Canterbury hit a record median price, up 3.0% year-on-year to $720,000. There were two Territorial Authority (TA) records in Hawke’s Bay’s Wairoa District at $725,000, up 16.7% and in Canterbury’s Waimate District at $549,000, up 6.6%.
“Median sales prices continued to rise across many regions in November, with the national median reaching $808,000 this month. Auckland’s median price is above $1 million ($1,050,000) for the second month in a row, and Canterbury recorded a new high, with the median price hitting $720,000. The broader trend indicates that, despite some local variations, the property market remains resilient, with activity nationwide helping to support price growth,” says Ryley.
The national median Days to Sell decreased by one day to 40 days. For New Zealand, excluding Auckland, it decreased by two days to 40 days. The largest annual reduction in median Days to Sell was observed in Otago, down 12 days from 45 to 33. The greatest year-on-year increase in median Days to Sell was on the West Coast, rising 16 days from 31 to 47 days.
National sales declined 5.7% year-on-year to 7,268, and sales across New Zealand, excluding Auckland, fell 5.3% to 5,034. National month-on-month data also shows declines in sales counts. Only three regions recorded year-on-year increases in sales: Northland, increased by 12.0% to 234 sales; Waikato increased by 2.9% to 768 sales; and Nelson, up 25.8% to 78 sales.
Seasonally adjusted sales figures show that nationally, sales are down slightly month-on-month (-4.6%), compared to the raw data decline of 4.4%. Auckland fell 9.1% month-on-month, while NZ excluding Auckland was slightly softer (-3.3%). In contrast, Northland (+21.6%) and Hawke’s Bay (+5.0%) saw strong month-on-month gains, and regions such as Nelson (-15.7%) and Canterbury (-7.2%) indicate mixed conditions across the country.
“This November marked only the sixth time in 33 years that New Zealand’s November sales count was below October’s, underscoring how unusual it is for activity to ease at this point in the seasonal cycle. Despite the slower sales pace, median prices have remained largely resilient, supported by a stable underlying demand, continued Ryley.
New listings continue to rise around the country, up 10.9% year-on-year to 12,339. New Zealand, excluding Auckland, also recorded an increase, up 10.2% year-on-year to 8,199. National inventory levels are up 4.0% compared to November 2024, to 35,345.
“First home buyers and owner-occupiers continue to dominate the market,” says Ryley. “With plenty of choice available, some buyers remain cautious and are taking time before deciding to purchase. However, salespeople around the country have reported a growing sense of optimism in the market. They’ve also observed that while sales have decreased slightly, some buyers – and some vendors who are selling and buying in the same market – are finding it easier to manage, due to easing interest rates, the November OCR cut, and more flexible lending criteria. These all seem to be contributing to a cautiously optimistic view heading into 2026”
November’s auction sales totalled 1,337 nationally, accounting for 18.4% of all sales. In New Zealand, excluding Auckland, there were 663 auction sales, accounting for 13.2% of all sales. Auction sales in Auckland have increased both year-on-year and month-on-month, with 674 sales, representing 30.2% of all sales. The House Price Index (HPI) for New Zealand is at 3,629, a 0.2% decrease over the past year and a 0.1% increase month-on-month. However, the index level remains 15.1% below its peak. Over the past five years, New Zealand’s average annual HPI compound growth rate has been 1.5%. (REINZ)
Regional highlights:
- Nelson had the highest sales count increase, up 25.8% year-on-year to 78 sales. The most significant decrease was observed in Gisborne, with a 24.6% year-on-year decline to 43 sales.
- Canterbury recorded a record high median price in November 2025, up 3.0% to $720,000. The largest increase was observed in Marlborough, up 15.2% year-on-year to $749,000
- Twelve regions reported an increase in listings compared to last year. The top three percentage increases were:
The median price for Northland decreased by 6.5% year-on-year to $680,000
“First home buyers, investors and owner-occupiers were the most active buyer groups. Increased enquiries from out-of-town buyers were reported in Kerikeri. Most vendors have become more realistic, with some accepting lower offers, particularly if their property has been on the market for an extended period. Attendance at open homes remained steady but varied by property; some campaigns attracted more than 40 attendees, while others saw significantly fewer, with the usual drop off after the first week.
Auction attendance and clearance rates varied across the region, although auctions remain a preferred method of sale in Whangarei. Market sentiment was shaped by increasing buyer activity, easing interest rates, and improving confidence. Local salespeople cautiously predict that the market will stay relatively steady over the coming months, noting that when Auckland’s market gains momentum, it typically flows northward.” (REINZ)
The current median Days to Sell of 46 days is less than the 10-year average for November which is 47 days. There were 44 weeks of inventory in November 2025 which is 6 weeks more than the same time last year.
The median price for Auckland increased by 2.1% year-on-year to $1,050,000
“First-home buyers were the most active buyer group, followed by owner-occupiers looking to upsize, and developer enquiries increased across South Auckland. Most vendors now have realistic price expectations, although some continue to push ahead of the market in hopes of achieving higher values. Attendance at open homes varied significantly around the region, with some attracting strong numbers while others were quiet.
Auction room attendance is increasing, with competitive bidding returning; properties that don’t sell under the hammer are often secured post-auction. Increased sales volumes, a decline in LVR restrictions, employment concerns, and shifting interest rates have all positively influenced market sentiment. Local salespeople cautiously predict a busy January, followed by a steady, mostly static market.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for November which is 36 days. There were 28 weeks of inventory in November 2025 which is 2 weeks more than the same time last year.
Waikato’s median price increased by 2.8% year-on-year to $770,000
“All buyer types were active across the region. Most vendors’ expectations were generally realistic regarding their asking price, while others who see reports of increasing sales counts believe prices have risen. Attendance at open homes was typically good across the board, and even better for newer listings. Auction room activity and attendance levels increased with a good number of properties coming to market by auction.
Market sentiment was shaped by increased confidence, stabilising and lower interest rates, rising auction activity, favourable lending conditions, and a healthy supply–demand balance that continued to favour sellers. Local salespeople expect a quieter period over Christmas but remain cautiously optimistic that the market will continue to gradually strengthen in the months ahead.” (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for November which is 38 days. There were 23 weeks of inventory in November 2025 which is the same as the same time last year.
The median price for the Bay of Plenty increased by 3.6% year-on-year to $855,000
“Owner-occupiers, first home buyers and investors were the most active over November. As the market has remained fairly stable, most vendors were realistic regarding their asking price. In some cases, buyers have walked away to purchase other properties when shown a counteroffer. Attendance at open homes was steady to improving around the region.
There were stronger clearance rates in the auction room. While the number of bidders in attendance wasn’t high, the quality of the bidders was good. Factors like a steady, well-balanced market, increased positivity among buyers and sellers, easing interest rates, and a sustainable number of listings influenced market sentiment. Local salespeople predict the local market will remain stable through 2026, with a possibility for small increases in values and sales.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for November which is 39 days. There were 22 weeks of inventory in November 2025 which is 2 weeks less than the same time last year.
Gisborne’s median price increased by 10.2% year-on-year to $700,000
“Owner-occupiers were the most active buyer group in Gisborne, and investor activity increased over the month, too. Most vendors were realistic about the asking price. Attendance at open homes was good, especially for new stocks, while older stocks had fewer through their properties. Auction activity fluctuated, with competitive bidding at numerous properties. The number of active bidders has increased over the last few months.
The OCR reduction, a large amount of stock available and increased positivity influenced market sentiment. Local salespeople have noted that there has been an increase in auctions being brought forward, as buyers have tried to cut the competition early. Looking at the next few months, local salespeople suggest that listings will decrease leading up to Christmas, but the previous month’s conditional contracts are mostly due to complete prior to the Christmas shutdown period.” (REINZ)
The current median Days to Sell of 55 days is much more than the 10-year average for November which is 38 days. There are 9 weeks of inventory in November 2025 which is 4 weeks less than last year.
Hawke’s Bay’s median price decreased by 2.1% year-on-year to $700,000
“First home buyers and owner-occupiers were the most active buyer groups. Most vendors were reasonable and realistic regarding their asking price. Attendance at open homes was steady and the same as last month. Auction room attendance levels and clearance under the hammer saw a slight rise compared to October.
There is a noticeable shift in market sentiment, with higher-priced properties selling after extended periods on the market and an increase in mortgagee sales. Local salespeople reported that the market is characterised by good stock selling quickly, although overall inventory remains low, leading to a moderate improvement expected in the coming months.” (REINZ)
The current median Days to Sell of 46 days is more than the 10-year average for November which is 37 days. There were 20 weeks of inventory in November 2025 which is 2 weeks more than the same time last year.
Taranaki’s median price increased by 6.0% year-on-year to $620,000
“Owner-occupiers, out-of-region buyers and investment buyers were the most active in the Taranaki region. Many vendors priced realistically, but more buyers became unwilling to compromise. In some cases, vendors accepted below market offers in order to move forward with a sale. Attendance at open homes was good, with a wide variety of buyers enjoying the number of properties available to view. offers in order to move forward with a sale. Attendance at open homes was good, with a wide variety of buyers enjoying the number of properties available to view.
Strong listing numbers, increased enquiries, and the recent OCR cut influenced market sentiment, yet buyers remain cautious despite salespeople describing conditions as a continued buyer’s market. Local salespeople cautiously predict an increased number of sales over the summer months, as more people go out and about and more listings hit the market.” (REINZ)
The current median Days to Sell of 34 days is more than the 10-year average for November which is 32 days. There were 18 weeks of inventory in November 2025 which is 5 weeks less than the same time last year.
The median price for Manawatu/Whanganui had no change year-on-year, at $540,000
“Owner-occupiers and first home buyers were the most active buyers, and investor enquiries increased. There was little overseas enquiry activity. Vendors became more aware of market value and appeared motivated to meet market conditions. Newer listings received good attendance at open homes, while older stock had low attendance or none at all. There was little activity in auction rooms, and outcomes were mixed.
Market sentiment was shaped by reduced interest rates, a growing cohort of well-informed buyers, ongoing job security concerns, and rising living costs. Local salespeople suggest that sales activity will likely decline over the next few weeks in December and then increase towards the end of January 2026.” (REINZ)
The current median Days to Sell of 36 days is more than the 10-year average for November which is 32 days. There were 19 weeks of inventory in November 2025 which is 3 weeks less than the same time last year.
Wellington’s median price increased by 1.9% year-on-year to $790,000
“Owner-occupiers looking to downsize were the most active buyer group in Wellington. Most vendors had reasonable expectations regarding asking price, while others were still considering if it was a good time for them to sell. Attendance at open homes was good for the first week of a new campaign, but after that, numbers dropped off.
Auction attendance and clearance rates delivered mixed results, with some properties selling under the hammer at strong prices while others were passed in. Market sentiment was shaped by reduced buyer urgency, tenants moving from rentals into homeownership, landlords reassessing whether to sell, and an overall oversupply of stock. Local salespeople suggest the next few months will be slow, as it usually is around Christmas, and are hopeful that it may lift in the New Year.” (REINZ)
The current median Days to Sell of 46 days is much more than the 10-year average for November of 34 days. There were 16 weeks of inventory in November 2025 which is 3 weeks more than the same time last year.
The median price for Nelson increased by 13.3% year-on-year to $745,000. The median price for Marlborough increased by 15.2% year-on-year to $749,000. The median price for Tasman decreased by 5.5% year-on-year to $780,000.
“First home buyers and owner-occupiers were the most active buyer groups across the region, while investor enquiries were lower. Most vendors were realistic regarding the asking price, with only a small number having unrealistic expectations. Attendance at open homes was strong for new listings, and for the right property, this continues into the second and third weeks of the marketing campaign.
Auctions have become a more favourable sales method, although results under the hammer have been varied. Market sentiment was shaped by surplus stock, concerns around job security, a rise in properties being withdrawn from the market, increased buyer activity, and broader choice in available properties — all contributing to a continued lack of urgency. Local salespeople cautiously predict that the summer months may bring an uplift in activity, particularly with an increase in overseas visitors who usually arrive following the Christmas period.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for November which is 34 days. There were 22 weeks of inventory in November 2025 which is 1 week less than the same time last year.
West Coast’s median price increased by 2.1% year-on-year to $395,000
“Owner-occupiers were the most active buyer group, while local salespeople report fewer investors present. Vendors were more open to negotiation when it came to the asking price. Attendance levels at open homes remained like previous months, with no increase or decrease. Sales slowed slightly, with many waiting for prices to drop further.
Market sentiment was shaped by high stock levels, contributing to a slow, buyer’s market where some vendors have needed to adjust prices to attract attention. Local salespeople are waiting to see if consents are granted for mining projects and hiring staff, which will hopefully attract more interest in the area.” (REINZ)
The current median Days to Sell of 47 days is less than the 10-year average for November which is 51 days. There were 37 weeks of inventory in November 2025 which is 11 weeks less than the same time last year.
The median price for Canterbury increased by 3.0% year-on-year to $720,000 – a record high for the region.
“First home buyers and owner occupiers were the most active groups, with strong investor interest in Ashburton. Most vendors held realistic expectations, with few choosing to price their properties above current market conditions. Attendance at open homes was steady overall, with strong interest in newer listings, although numbers tended to taper off quickly as campaigns progressed. Auction room attendance was good, although some properties had conditional interest. Clearance rates were steady.
Market sentiment was shaped by an increased sense of positivity, relatively quiet sales activity, balanced opportunities for both purchasers and sellers, rising confidence, and easing interest rates. Local salespeople remain cautiously optimistic that the remainder of the year will be relatively busy, with older stock expected to clear before the New Year.” (REINZ)
The current median Days to Sell of 37 days is more than the 10-year average for November which is 33 days. There were 13 weeks of inventory in November 2025 which is 2 weeks less than the same time last year.
“Dunedin’s median price increased by 2.9% year-on-year to $625,000
All buyer types were active in Dunedin over November. In general, vendor expectations regarding their asking price were realistic, but as interest rates decline, vendors expected buyers to have access to more money, which wasn’t always the case. Newer listings saw good numbers at open homes, while older stock struggled, along with over-priced properties. Auction room activity and clearance rates under the hammer increased. If not sold under the hammer, the majority were sold post auction.
Market sentiment was influenced by the new pet rules legislation for rental properties, improving spring weather, and easing interest rates. Local salespeople note that 2025 has been a challenging year for many, and with the upcoming Christmas break expected to slow activity, more properties are likely to come to market in the New Year.” (REINZ)
Queenstown Lakes
“First home buyers remain the most active in the market, due to lowering interest rates. There were also reports of a notable increase in investors entering the market. The top end of the market (over $5 million) is still slow. Vendor expectations regarding asking price remain the same as in previous months. However, with vendors observing more market activity, they are, in some instances, holding out for a better offer. Attendance at open homes has increased, especially for properties priced under $2 million.
While auction room clearance rates were still favourable overall, achieving sales under the hammer remained challenging. There can be hesitancy from buyers to bid above their comfort zone, and “FOMO” isn’t a factor. Local salespeople noted a positive shift in market sentiment, driven by declining interest rates and economic improvement, despite ongoing concerns about rising living costs. Local salespeople are cautiously optimistic for the outlook for the coming months, with expectations of continued upward trends in buyer confidence and auction activity for the region.” (REINZ)
The current median Days to Sell of 33 days is more than the 10-year average for November which is 32 days. There were 15 weeks of inventory in November 2025 which is 6 weeks less than the same time last year.
The median price for Southland increased by 1.0% year-on-year to $505,000
“First home buyers were the most active in the Southland region. There were reports of declining interest and enquiries from owneroccupiers and investors. In most cases, vendors were realistic about their asking price. Attendance at open homes was good for those marketed for firsthome and entry-level lifestyle buyers. Auction room attendance declined over the month.
Market sentiment was shaped by rising listings, strong demand at the lower end of the market, and a surge in multi-offer situations. Local salespeople cautiously predict that a positive economic outlook will support continued market stability.” (REINZ)
The current median Days to Sell of 29 days is more than the 10-year average for November which is 28 days. There were 13 weeks of inventory in November 2025 which is 5 weeks less than the same time last year.
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