Realestate.co.nz Declares: ‘This Is The Perfect Market’

• Two years on, property prices remain the same, offering the stability buyers crave and the predictability sellers need.
• Highest November stock levels in eight years give buyers more choice, while property sales pick up pace for sellers.
• The OCR drops, for the third consecutive time, to 4.25%, making borrowing more affordable
• New listings growth slows to single digits, reflecting a stabilising market

Kiwis have long wished for a property market that offers stability and opportunity, and it seems that moment has finally arrived.

The latest data from realestate.co.nz paints a picture of balance: property prices have remained steady for nearly two years, hovering between $850,000 and $890,000, while healthy stock levels—up 21.3% year-on-year—are giving buyers substantial choice.

Sales activity is also gaining momentum, with the Real Estate Institute of New Zealand (REINZ) reporting over 6,500 properties sold in October—the highest monthly total since March 2022. 

Vanessa Williams, spokesperson for realestate.co.nz, describes it as “the perfect market.” “After 18 years of tracking the property market,” she says, “this is one of those rare moments where certainty and opportunity align, creating a true ‘Goldilocks market’ that benefits buyers and sellers.”

Falling interest rates and the absence of election-year uncertainty —when many Kiwis traditionally delay property decisions—further reinforce market stability.  “This isn’t a frantic rebound,” Williams explains. “It’s a steady uptick that provides confidence for both buyers and sellers—ideal circumstances for making one of the biggest purchases of your life.”

She adds that debt-to-income (DTI) ratios are also helping to maintain this equilibrium, ensuring buyers make measured decisions while keeping investor activity in check.

Two years on, property prices remain the same, offering the stability buyers crave and the predictability sellers need.

The national average asking price held steady in November, marking 23 months of prices hovering between $850,000 and $890,000. Year-on-year, the national average asking price dipped by 2.8%, while month-on-month, it declined by 1.1%.

“We’re seeing more market activity but not significant price fluctuations. In fact, at $846,150 in November, the national average asking price is at the bottom of the range we’ve observed for nearly two years,” says Williams.

Only two regions have seen month-on-month and year-on-year growth in average asking prices: Central Otago/Lakes District (up 4.8% month-on-month and 2.5% year-on-year) and Wairarapa (up 9.2% month-on-month and 1.4% year-on-year). 

At the other end of the spectrum, Bay of Plenty, Central North Island, Marlborough, Otago, Taranaki, Wellington, and the West Coast saw average asking prices decline year-on-year and month-on-month.

Highest November stock levels in eight years give buyers more choice while property sales pick up pace for sellers.

November stock levels reached their highest point since April 2015, with just under 34,000 properties available nationwide. Up 21.3% year-on-year, property seekers have significantly more options than this time last year.

All regions experienced stock growth both month-on-month and year-on-year, except Gisborne and Coromandel, which saw month-on-month declines of 9.5% and 4.2%, respectively. 

Williams notes that despite ample choice for buyers, sellers also stand to gain. The proportion of listings on-site for less than 30 days before being sold or withdrawn rose by 1.4%, and those on-site for 30 to 60 days increased by 3.1%. Meanwhile, listings on-site for more than 60 days declined across the board.

“There’s plenty of choice, but properties are starting to move—it’s a win/win,” says Williams. 

She adds that properties listed with a displayed price remained the most popular selling method, accounting for 29.4% of listings in November. “This gives buyers a clearer indication of the price expectation and likely results in a more informed and prepared buyer.”

New listings growth slows to single digits, reflecting a stabilising market.

National new listings in November saw their first single-digit year-on-year growth of 3.9%—a notable shift after months of double-digit increases throughout 2024. This steady rise marks a return to more typical market patterns after a volatile 2023.

“Sellers seemed to hit pause last year, with high interest rates and uncertainty leading up to the election deterring many Kiwis from listing their homes. Following this, we saw a ‘post-election sugar rush’ in November 2023 as new listings peaked before dropping significantly in December,” says  Williams.

This year, however, the market is showing signs of balance. New listings dipped 3.8% month-on-month in November. The last time new listings dipped between October and November was 2018. However, this dip aligns with typical seasonal patterns observed over the past 18 years. 

“This steadying of new listings provides buyers with predictability while giving sellers confidence in a consistent market,” says Williams.

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