Trade Me data points to openings for first-home buyers and investors
A burst of new listings and rising asking prices across the country suggest buyers and sellers are returning to New Zealand’s property market, according to Trade Me Property.
The national average asking price rose 2.7% over the month to $857,750, with 14 of 15 regions recording increases. Marlborough led with an 11% rise, followed by Bay of Plenty, Nelson/Tasman and Gisborne, each up 9%. Southland was the only region where prices fell, down 5%.
New listings rose almost 15% month on month. Trade Me Property customer director Gavin Lloyd (pictured) said this reflected sellers following through on plans to list before the general election.
Asking prices remain 2.9% lower than a year ago. However, Lloyd said that comparison overstates the decline, because October 2025 was unusually strong.
Valuation data tells a softer story. QV’s index shows the national average home value fell 0.9% to $890,508 in the three months to October, leaving values 2.2% lower than at the start of the year, and ANZ expects them to keep easing until mid-2027.
Openings for first-home buyers
With national asking prices around 13% below their early 2022 peak and more homes for sale, Lloyd said first-home buyers have more choice than they have had for some time. One- and two-bedroom homes averaged $595,400 nationally and $563,200 in Christchurch City.
“If you’re trying to secure your first home, this is the most workable market in years,” he said.
Getting finance is still the challenge. Centrix found approved new mortgages were 16% lower in the September quarter than a year earlier, even as enquiries rose.
Rental squeeze favours investors
The rental market is tightening. The national median weekly rent rose 2.5% over the year to $625, the fastest annual growth since 2024. Demand from tenants was 15% higher than a year earlier, while new rental listings fell almost 7%.
Canterbury had the biggest gap between demand and supply, with demand up 20% and listings down 10%. Auckland rents rose 1.5% to $660, the region’s first annual increase in almost two years.
“Tenant demand is running hot, sending a clear signal to investors weighing a purchase,” Lloyd said.
South Island closes the gap
Otago recorded the strongest annual growth in the country, with asking prices up 7.6% to $972,900. That leaves it just $35,550 behind Auckland, the smallest gap between Auckland and any South Island region in a decade.
Auckland’s average asking price rose back above $1 million for the first time since May, reaching $1,008,450, but is still 6.7% lower than a year ago. Canterbury hit a record $748,050.
“Canterbury set a new price record this month, but the real story is Otago closing in on Auckland,” Lloyd said.
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