23/09/2025
Many Regions See Price Growth Amid Slower Sales
Published 16 September 2025
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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-on-year, 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%.
ENDS
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Fact sheet
National Highlights for August
The total number of properties sold in New Zealand decreased by 3.7% year-on-year, down from 6,091 to 5,866 sales. New Zealand, excluding Auckland, saw a 1.3% decline year-on-year, down from 4,106 to 4,052 sales.
Nationally, the seasonally adjusted figures for New Zealand show a sales count decrease of 4.5% month-on-month and a seasonally adjusted increase of 0.6% year-on-year.
Listings nationwide increased by 9.0% year-on-year, reaching 8,769 new listings in August. New Zealand, excluding Auckland, saw a 6.5% increase year-on-year, reaching 5,481 new listings.
The median days to sell for New Zealand declined by two days, reaching a median of 48 days. The median days to sell for New Zealand, excluding Auckland, was the same as in August 2024, at 49 days.
Regional Highlights for August
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:
o Bay of Plenty, up 46.7% to 732 new listings
o Gisborne, up 40.9% to 62 new listings.
More information on activity by region can be found in the regional commentaries on the REINZ's Website.
Median Prices
13 of the 16 regions saw year-on-year median price increases; Gisborne rose the most at 11.3%
Auckland: 3 of 7 TAs recorded year-on-year median price increases; the strongest was Manukau City at 2.8%
Wellington: 3 of 8 TAs recorded year-on-year median price increases; the strongest was the Carterton District at 3.0%
Sales Counts
Highest August sales count
o Since 2020: Canterbury, Marlborough, Southland, Waikato
o Since 2022: Gisborne, Taranaki
Lowest August sales count
o Since records began: Nelson
o Since 2014: Wellington
o Since 2015: West Coast
Median Days to Sell
Lowest days to sell since May 2024: Southland
Lowest days to sell since November 2024: Gisborne
Highest August days to sell
o Since 2008: Canterbury, Otago
o Since 2013: Taranaki
o Since 2020: West Coast
o Since 2022: Wellington
Lowest August days to sell
o Since 2021: Bay of Plenty, Hawke's Bay, Manawatu-Wanganui, Marlborough, Nelson, Southland, Tasman
House Price Index (HPI)
Southland is the top-ranked HPI year-on-year movement this month. Gisborne/Hawkes Bay is second, and Canterbury is third
Regarding the 3-months ending HPI movement, Otago ranks first, Tasman/Nelson/Marlborough/West Coast is second, and Canterbury is third
Inventory
Year-on-year inventory increased in 5 of the 15 included regions
Streaks of year-on-year increases: Northland and Wellington 19 months, Gisborne and West Coast 15 months
Listings
Year-on-year listings increased in 8 of the 15 included regions
Streaks of year-on-year increases: Gisborne 9 (months)
Auctions
In New Zealand, there were 778 auction sales (13.3% of all sales) in August 2025. This time last year, there were 675 auction sales (11.1% of all sales).
More information on activity by region can be found in the regional commentaries visit the REINZ’s website.
