Mortgage advisers have a buyer-friendly market to work with this spring. Property inventory is at its highest mid-winter level in more than a decade – and prices are still falling
New Zealand mortgage advisers are heading into spring with the most property stock in 12 years to work with. Residential listings on Realestate.co.nz hit 33,252 at the end of July — up 9.3% on the same time last year. It's the highest level recorded for July since 2014, according to interest.co.nz.
The increase came despite new listings holding almost flat. July saw 7,698 new listings, barely changed from 7,737 in July 2025.
NZ housing stock builds from an already elevated base
Total listings have eased from a summer peak of 37,638 in late March. That seasonal decline is normal. What is unusual is how high the floor remains.
Stock heading into spring is already elevated. That matters for advisers assessing client options and for conversations around pricing and timeline expectations.
Realestate.co.nz general manager customers Vanessa Williams said the market is rewarding vendors who adjust. 'Buyers have more choice than they did a year ago, yet they are still willing to act when a property is priced for today's market,' she said.
'The vendors getting the best results are the ones who have a well-marketed property that's priced to the current market conditions, rather than holding out for 2021 prices,' Williams said.
Asking prices have fallen for five consecutive months
Average asking prices on the platform have declined every month since February. The average fell from $898,677 in February to $828,345 in July – a drop of $70,322, or 7.8% across five months.
The decline has been steady rather than sharp. For advisers, that trajectory helps frame realistic client expectations on both the buy and sell side.
This trend echoes what New Zealand Adviser reported earlier this year, when NZ housing data showed inventory at average 33,182 properties nationally in 2025 and buyers held firm on price discipline.
What this means for NZ mortgage advisers
High inventory combined with falling asking prices extends the buyer's market into the spring season. Clients looking to purchase are entering with more negotiating leverage than at almost any point in the past 12 years.
For advisers with clients selling before they buy, the data points in two directions at once. Sellers need realistic price expectations. Buyers have choice.
The spring uplift in new listings – typically beginning in August – will add more stock to an already well-supplied market. That sequence tends to keep price pressure subdued in the near term.
Advisers can track current NZ housing market trends and mortgage insights, which includes analysis of REINZ data showing sales volumes easing alongside elevated inventory.
The conditions entering this spring season resemble those seen in late 2024, when the NZ housing market showed rising buyer optimism amid high stock. Asking prices are now meaningfully lower than that period.
NZ housing stock at a 12-year July high, paired with five months of falling asking prices, puts advisers in a position to have candid conversations about market timing. Properties priced to current conditions are moving; those anchored to 2021 values are not.
