New Zealand’s property market remains in a holding pattern, with national average asking prices remaining flat for two and a half years, according to new data from realestate.co.nz.
The national average asking price in June 2025 was $855,360, a marginal year-on-year decrease of 0.9 per cent.
The last time this figure exceeded $900,000 was in December 2022.
Vanessa Williams, spokesperson for realestate.co.nz, said that while the market could be described as stable, “in reality, it’s flat”.
“There is very little movement and when we do see any change, it tends to be in the regions,” said Ms Williams.
“A flat market is good for both buyer and seller expectations, but we also know that a moving property market is a good sign of a recovering economy.”
The strongest performer in June was Southland, which set a new record average asking price of $568,647, up 8.6 per cent year-on-year. The region has also seen a 2.9 per cent rise over the first half of 2025.
In contrast, Northland’s average asking price dropped 9.1 per cent year-on-year to $773,681—the first time it has fallen below $800,000 since July 2024.
Seven regions recorded price declines both month-on-month and year-on-year, while four regions posted gains on both measures.
Stock levels slide for third straight month
Total stock on the market nationally in June sat at 32,384, a 2.0 per cent increase compared to June 2024, but part of a steady decline since the March 2025 high of 36,870.
Some regions defied the national trend: Gisborne’s stock levels rose 48.8 per cent year-on-year, and the West Coast saw a 20.4 per cent increase.
Meanwhile, Southland experienced the largest decline, with stock down 12.8 per cent compared to the same time last year.
“We are hearing across the country that open homes are becoming busier and with interest rates at a more reasonable level, people are ready to hit go on their property moves,” said Ms Williams.
“There’s also a bit more confidence in the business market. Although these are all early signs, they’re promising ones.”
Winter listings drop
Nationally, new listings fell 2.5 per cent year-on-year to 7,612 in June.
While many regions recorded declines, Gisborne bucked the trend with a 25.8 per cent increase, the largest nationwide.
Nelson and Bays reported the steepest fall, down 15.8 per cent year-on-year.
The 117 new listings recorded there in June marked the lowest level for that month in the region since records began 18 years ago.
“Up until now, it’s been a busy year of new listings, but these numbers might just show sellers are getting the winter blues,” said Ms Williams.
“We’ll expect to see these numbers pop up again in springtime.”
In Auckland, average asking prices dropped 2.8 per cent year-on-year to $1,013,978, with new listings down 1.1 per cent to 2,912. However, stock in the region rose 4.2 per cent to 12,670 properties.
Despite Auckland’s Council Valuations (CVs) being released 12 months after their valuation date, Ms Williams said they still offer helpful market insights.
“The fact that asking prices have stayed flat over the past 2.5 years would indicate the CVs still align with the market,” she said.
“There’s a plethora of data available in the New Zealand property market, and while CVs do not necessarily depict sale prices, they do provide people with another data point to inform their property decisions.”
