A Steady Market With Growing Confidence

The latest figures from the Real Estate Institute of New Zealand (REINZ) for January 2025 showed some positive signs across the New Zealand property market, tempered with the usual slowness of the holiday period.

REINZ Chief Executive Jen Baird stated, “While the numbers predictably show January being a slower month due to the holidays, sales and listings were higher compared to January 2024, and open home volumes were strong across the country with a positive sentiment shown from buyers.”

As expected during the summer holiday period, sales were up 17.5% (from 3,212 to 3,774) compared to January 2024, and were down month-on-month by 37.6% (from 6,048 to 3,774) across New Zealand compared to December 2024. For New Zealand, excluding Auckland, sales saw a 23.4% year-on-year rise, from 2,318 to 2,861. Notable growth in sales was observed in Marlborough (+62.5%) and West Coast (+47.4%) year-on-year while all regions saw a decrease in sales month-on-month.

“When we adjust the sales figures for seasonality, we see that the year-on-year difference is higher than expected, reflecting a shift in buyer sentiment over the past year, from caution to more confidence,” Baird says.

The median price for New Zealand decreased slightly, down 1.7% from $763,000 to $750,000 year-on-year. Excluding Auckland, the median price increased 0.9% year-on-year, rising from $685,000 to $691,500.

Only eight out of sixteen regions reported an increase in median prices compared to January 2024. Gisborne had the highest increases up 28.2% from $515,000 to $660,000, followed by Nelson with a 25.4% increase from $670,000 to $840,000 – a record for this region.

"January is traditionally a slower month as New Zealand enjoys its holidays. Year-on-year January shows prices holding steady. Buyers are still enjoying the choices on offer thanks to rising listing numbers and significant levels of property for sale. First-home buyers and owner-occupiers are still the largest groups at open homes, with salespeople reporting investor interest in pockets of the country. Holiday spots like Taupo and Nelson are also seeing interest from visitors from other parts of the country,” added Baird.

Overall, listings nationally increased year-on-year by 21.2% from 7,347 to 8,904, the highest level of listings for January since 2015. Excluding Auckland, listings rose by 21.9% compared to January 2024, from 4,886 to 5,956. Northland was the only region that didn’t report an increase in listings compared to last year; the most significant gains were reported in the West Coast (+100%), Otago (+52.4%), and Gisborne (+45.7%).

National inventory levels increased by 18.9% year-on-year and also increased by 10.0% compared to December.

"All regions are seeing an increase in stock numbers with Gisborne, Marlborough and Otago leading the way,” adds Baird.

“With vendors being realistic in their price expectations and meeting the market, there is a positive sentiment out there amongst agents. Steady and improving is the feedback, with the next few months looking busier with a strong pipeline of property coming to market.”

In January, there were 263 auctions nationally (7.0% of all sales), an increase from the previous year but a sharp decrease from December, as usually happens due to the January holidays. The national median days to sell rose by 3 days, to 54 days, compared to the previous year; excluding Auckland, it increased by five, to 54 days.

The House Price Index (HPI) for New Zealand is currently at 3,606, indicating a decrease of 1.4% year-on-year and 0.2% compared to December 2024. Over the past five years, the average annual growth rate of New Zealand's HPI has been approximately 4.3%. However, it is currently 15.7% lower than its peak in 2021.

Fact sheet

National highlights for January

• The total number of properties sold in New Zealand increased by 17.5% compared to January 2024, from 3,212 to 3,774. Sales decreased by 37.6% month-on-month, from 6,048 to 3,774.
• Nationally, seasonally adjusted figures show a sales count change of 4.8% compared to last month
• Overall, listings nationally increased year-on-year by 21.2% from 7,347 to 8,904. New Zealand (excluding Auckland) increased by 21.9% from 4,886 to 5,956 compared to January 2024.
• Year-on-year, national median days to sell rose by six to 54 days; excluding Auckland, it increased by five to 54 days. West Coast had the highest median days to sell, sitting at 62 days in January 2025, an increase of 21 days year-on-year.

Regional highlights for January

• Marlborough had the largest sales count percentage increase year-on-year, up by 62.5% year-on-year from 40 to 65.
• Fourteen out of fifteen regions reported increases in listings compared to last year. The regions with the most significant increases were West Coast (+100%), Otago (+52.4%), and Gisborne (+45.7%).
• Eight of the sixteen regions had a median price increase year-on-year. The West Coast led the way with an increase of 28.2% year-on-year with a median price of $660,000. Nelson increased by 25.4% year-on-year, hitting a record high with the median sale price reaching $840,000.

More information on activity by region can be found in the regional commentaries on the REINZ's Website.

Median Prices

• With Auckland, three of the seven TA’s had positive year-on-year median price movements with North Shore City leading the way with a 9.3% increase.
• With Wellington, four of eight TAs had positive year-on-year median price movements with Porirua City leading the way with a 14.1% increase.
• There was one regional median price record this month – Nelson reached a median price of $840,000
• There were three record median prices at the TA level this month. Nelson City ($840,000), Timaru District ($548,475) and Queenstown-Lakes District ($1,515,000)

Sales counts

• In terms of the month of January, January 2025 had the highest Sales Count in
  o Tasman since 2019 o Hawke’s Bay, Marlborough and Wellington since 2020 o NZ Excl. Auckland, Bay of Plenty, Canterbury, Manawatu-Whanganui, Northland, Otago, Southland, Waikato and West Coast since 2021

Median Days to Sell

• Canterbury had its highest median Days to Sell since May 2020 and West Coast had its highest median Days to Sell since August 2020
• In terms of the month of January, January 2025 had the highest median Days to Sell in 
  o Auckland since 2009
  o Hawke’s Bay since 2014
  o Canterbury and West Coast since 2019

House Price Index (HPI)

• Southland is the top-ranked HPI year-on-year movement this month. Taranaki is second and Nelson/Marlborough/Tasman/West Coast is third.Regarding the 3-months ending HPI movement, Taranaki ranks first, Nelson/Marlborough/Tasman/West Coast is second and Bay of Plenty is third.

Inventory

• All 15 regions have had an increase in inventory in January 2025 compared to one year prior.
• Taranaki has had 39 consecutive months of year-on-year increases in inventory.

Listings

• Fourteen of 15 regions had an increase in listings in January 2025 compared to one year prior.
• West Coast had double the listings in January 2025 than in January 2024

Auctions

• In January, there were 263 auctions nationally (7.0% of all sales), an increase of 39.1% compared to January 2024

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