Buyers gain choice as listings rise and rate outlook shifts
More than $114.6 billion worth of residential property has been listed for sale across New Zealand so far in 2025, with new listings up 2.8% on the same period last year, according to realestate.co.nz.
From 1 January to 30 November, 108,363 properties were listed, up from 105,361 in 2024, as the Reserve Bank cut the official cash rate from 4.25% to 2.25% over the year.
Vanessa Williams (pictured), spokesperson for realestate.co.nz, said that despite a challenging economic backdrop, Kiwi homeowners have boosted choice for buyers.
“As we end the year on an official cash rate that is almost half what we started the year on, we should expect to see increased activity in the New Year once everyone has enjoyed a summer break,” Williams said. “And it seems that has already begun. In November, we saw a record of 1.92 million active property searchers on realestate.co.nz, which suggests the Kiwi love affair with property hasn’t waned.”
Auckland’s average asking price in 2025 was down 1.3% compared to the same period last year, but the number of new listings increased by 2.9%, rising from 37,829 properties listed in 2024 to 38,915 in 2025, indicating sellers in the super city are more active.
In the capital, Wellington’s average asking price fell 1.9% from $835,713 in 2024 to $819,736 in 2025.
In the South Island, Canterbury recorded a 0.5% increase in asking price, from an average of $720,647 in 2024 to $724,527 in 2025. The region also recorded a 4.4% increase in new listings, with 15,712 properties listed so far this year.
Gisborne and West Coast emerge as standout regions
Gisborne was the standout region for 2025, recording an 8% increase in average asking price, with prices rising from $650,043 to $702,343. During the same period, listings surged 31.5%, from 422 properties to 555.
The total value of property listed in Gisborne climbed 31.0% to $449,009,000 so far in 2025, completing what realestate.co.nz describes as a trifecta of growth across price, volume and value.
Williams said Gisborne’s activity over the past 11 months gives it rockstar status.
“Gisborne has been one of the more dynamic regions this year, bucking the national trend of minimal movement,” she said. “Growth across price, listings, and total value is a rare combination in this market, and it’s cemented Gisborne as a region to watch.”
The West Coast was also a strong performer, with the total value of property listed increasing 16.2% from $353,869,449 in 2024 to $411,091,900 this year. That was driven by a 13.1% increase in new listings and a 1.9% rise in average asking price, from $478,951 in 2024 to $488,269 in 2025.
Market poised for busier 2026 amid shifting rate outlook
Williams said a steady 2025 has set the stage for more movement in the year ahead.
“Buyers are waiting in the wings, and it will be exciting to see them come to market,” Williams said. “History tells us that New Zealand’s property market turns on a dime, so we’re waiting for the first of the dominoes to fall. Once buyers step out of the starting gate, we can expect the market to move quickly.”
“There is still a lot of choice for New Zealanders, so we’re not expecting much movement of prices until stock reduces to around 25,000 properties (currently sitting over 35,000). And given our national aversion to uncertainty, next year’s election may give pause for some buyers and sellers.”
The evolving listings landscape also comes as interest rate markets recalibrate. Since the Reserve Bank’s November statement that “further OCR cuts are unlikely”, traders have pushed wholesale rates higher, signalling potential upward pressure on longer-term mortgage pricing into 2026.
Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.
