Median price unchanged nationally, but regional gains emerge
New Zealand’s property market remained stable in June, with the national median price holding steady at $770,000 year-on-year, according to the latest figures from the Real Estate Institute of New Zealand (REINZ).
Auckland continued to weigh on national values, with its median price falling 3.4% year-on-year to $990,000, while the rest of New Zealand saw a 1.7% increase, reaching $691,500.
Ten of the 16 regions recorded year-on-year median price increases. The West Coast led the gains, surging 35.5% from $310,000 to $420,000, while Southland reached a record median of $502,500 – the first regional record since January.
“We’re seeing a market that is steady on the surface but with some movement underneath at a regional level. The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year,” said Lizzy Ryley (pictured), who was appointed CEO of REINZ last month.
The housing market’s resilience comes despite broader signs of economic softness. According to Westpac, house price momentum slowed nationally in May and June, with prices rising just 0.1% in May and time to sell increasing.
National sales volumes rise 20.3% from June 2024
Sales activity lifted significantly across most of the country. A total of 5,865 properties were sold in June, up 20.3% from 4,877 in June 2024. Excluding Auckland, sales increased 21.4% to 4,091.
Gisborne saw the highest year-on-year jump in sales – up 70.0% from 20 to 34. Other strong performers included Southland (+34.9%), Bay of Plenty (+33.3%), and Marlborough (+32.7%).
“June is typically a quieter month for real estate, and while the seasonal slowdown was expected, sales came in slightly below typical early winter levels,” Ryley said. Nationally, seasonally adjusted sales fell by around five per cent, suggesting some caution in the market, but compared to this time last year, sales remain significantly stronger overall.”
Listings dip, inventory rises slightly
Nationally, new listings declined 2.5% year-on-year to 7,612, with Auckland contributing significantly to the fall. Excluding Auckland, listings dropped 3.3% to 4,700. However, inventory across New Zealand rose 2%, reaching 32,384 available properties, REINZ figures showed.
Five regions recorded annual increases in new listings, led by Gisborne (+25.8%), Marlborough (+12.0%), and Northland (+7.7%).
Longer selling times as buyers take their time
The median number of days to sell rose by three days to 50 nationally, with Auckland-excluded figures also hitting 50 days, up four days from last year. This marks the highest June median days to sell in New Zealand since 2008, and the highest for Marlborough since 2012, Otago since 2001, and West Coast since 2020.
“While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach. This shift probably reflects a broader sense of caution, with many buyers feeling they have the time to explore their options, especially with the amount of choice they have,” Ryley said.
Auctions remain steady, vendors adjust expectations
There were 676 properties sold by auction in June, accounting for 11.5% of all sales – similar to June 2024. Outside of Auckland, 315 auctions represented 7.7% of sales.
“Most vendors are entering the market with realistic price expectations and a willingness to adapt to current conditions, especially those motivated to sell,” Ryley said. “However, many are receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement.”
House price index lifts 0.3% annually
The REINZ House Price Index (HPI) rose 0.3% year-on-year to 3,580, though it dipped 0.8% month-on-month. Over five years, the HPI has grown at an average annual rate of 3.9%.
Canterbury led annual HPI growth, followed by Taranaki and Waikato. On a three-month basis, Taranaki ranked first, followed by Canterbury and the combined Nelson/Marlborough/Tasman/West Coast region, REINZ reported.
