Growing Confidence Fuels Market Momentum

The latest figures from the Real Estate Institute of New Zealand (REINZ) for February showed some positive signs across the New Zealand property market, with increases in sales counts and auction activity.

REINZ Acting Chief Executive Rowan Dixon says the data released today indicates growing stability in the market. As New Zealand transitions from the holiday period and returns to normal routines, the market looks optimistic.

“Sales have increased nationally year-on-year, and activity is ramping up as we move out of summer. Attendance at open homes remains strong, and auction numbers are comparable to those in February 2024. These are encouraging signs for a positive and confident market ahead,” Dixon comments.

Sales returned to a relatively stable level nationwide, rising 3.4% (from 6,080 to 6,287) year-on-year and increasing 59.5% (from 3,941 to 6,287) compared to January 2025. For New Zealand, excluding Auckland, sales experienced a 5.6% year-on-year rise, from 4,252 to 4,491. Compared to February 2024, notable growth in sales was observed on the West Coast (+22.2%) and Taranaki (+20.6%). All regions reported an increase in sales month-on-month, as expected.

“Sales in New Zealand generally rise from January to February, though the exact shift becomes clearer once seasonal trends are accounted for. For instance, New Zealand experienced a 59.5% increase in sales, but when adjusting for seasonality, that is 12% higher than anticipated,” Dixon says.

The median price for New Zealand declined by 2.4%, from $791,000 to $772,000, year-on-year. Excluding Auckland, the median price fell by only $10,000 (1.4%) from $710,000 to $700,000 compared to February 2024.

Six out of sixteen regions reported an increase in median prices compared to February 2024. The West Coast region experienced the highest increase, rising 16.3% from $325,000 to $377,500. Southland noted a 9.2% increase year-on-year, from $430,600 to $470,000.

"February saw a rise in sales, but median prices lagged, with only six regions recording an increase. High number of listings can give buyers less urgency—if they miss out on one property, plenty of similar options are still available,” says Dixon.

Overall, listings nationally declined 3.6% year-on-year, from 11,788 to 11,363. Excluding Auckland, listings declined slightly by 0.3%, from 7,269 to 7,249, compared to February 2024. The most significant gains in listings were observed by Gisborne (+79.4%) and Southland (+24.1%).

National inventory levels increased by 13.6% year-on-year to 35,712 and 10.2% compared to last month.

“Reports show a positive outlook with most vendors setting realistic prices and aligning to market conditions,” Dixon concludes.

February saw 1,163 auctions across the country (18.5% of all sales), a slight increase from February 2024 and a notable increase from last month. The national median days to sell rose by 3 days, to 54 days year-on-year; excluding Auckland, it increased by two, to 54 days.

The House Price Index (HPI) for New Zealand is currently at 3,655, indicating a decrease of 1.2% year-on-year and an increase of 1.4% compared to January 2025. Over the past five years, the average annual growth rate of New Zealand's HPI has been approximately 4.0%. However, it sits at 10.6% below its peak in 2021.

Fact sheet

National highlights for February

• The total number of properties sold in New Zealand increased by 3.4% compared to February 2024, from 6,080 to 6,287. Sales increased by 59.5% month-on-month, from 3,941 to 6,287
• Nationally, seasonally adjusted figures show a sales count change of 12.0% compared to last month
• Overall, listings nationally decreased year-on-year by 3.6% from 11,788 to 11,363. New Zealand (excluding Auckland) decreased by 0.3% from 7,269 to 7,249 compared to February 2024.
• Year-on-year, national median days to sell rose by three to 54 days; excluding Auckland, it increased by two to 54 days. Northland had the highest days to sell, sitting at 70 days in February 2025, the same as in February 2024.

Regional highlights for February

• West Coast had the largest sales count percentage increase year-on-year, up by 22.2% year-on-year from 36 to 44.
• Four regions reported increases in listings compared to last year. The region with the most significant increase was Gisborne (+79.4%).
• Six regions had a median price increase year-on-year. The West Coast led the way with a rise of 16.2% year-on-year with a median price of $377,500.

Median Prices

• Six of 16 regions had year-on-year price increases, with West Coast leading the way with a 16.2% increase.
• With Auckland, one of the seven TA’s had a positive year-on-year median price movement – Franklin District with a 7.0% increase.
• With Wellington, three of eight TAs had positive year-on-year median price movements with Wellington City leading the way with a 9.4% increase.
• There were no regional median price records this month.
• There was one record median price at the TA level this month. Kaikoura District had a median price of $870,000, a 5.2% increase on the prior record median price set in May 2024.

Sales counts

• Marlborough had its highest sales count since October 2020.
• Southland had its highest sales count since November 2021.
• In terms of the month of February, February 2025 had the highest Sales Count in
  • Southland since 2016
  • Marlborough since 2019
  • NZ, NZ Excl. Auckland, Bay of Plenty, Canterbury, Hawke’s Bay, Manawatu-Whanganui, Taranaki, and Waikato since 2021

Median Days to Sell

• Waikato had its highest median Days to Sell since February 2023 and Bay of Plenty had its highest median Days to Sell since March 2023
• In terms of the month of February, February 2025 had the highest median Days to Sell in West Coast since 2020
• In terms of the month of February, February 2025 had the lowest median Days to Sell in
  • Nelson since 2021
  • Northland, Otago, Southland, Taranaki, and Tasman since 2022

House Price Index (HPI)

• Southland is the top-ranked HPI year-on-year movement this month and has been for the past 8 months. Nelson/Marlborough/Tasman/West Coast is second, and Canterbury is third.
• Regarding the 3-months ending HPI movement, Nelson/Marlborough/Tasman/West Coast ranks first, Bay of Plenty is second, and Southland is third.

Inventory

• All 15 regions have had an increase in inventory in February 2025 compared to one year prior.
• Taranaki has had 40 consecutive months of year-on-year increases in inventory.
• For each of the past 8 months, Otago has had over 30% increases in inventory YOY.
• For each of the past 10 months, Wellington has had over 20% increases in inventory YOY
• For each of the past 8 months, Canterbury has had over 20% increases in inventory YOY

Listings

• Twelve of 15 regions had a decrease in listings in February 2025 compared to one year prior.
• Gisborne bucked the general regional trend and had a 79.4% increase in Listings in February 2025 compared to February 2024.

Auctions

• In February 2025, there were 1,163 auctions nationally (18.5% of all sales). In February 2024, there were 1,137 auctions (18.7% of all sales).

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