Sellers Hit 2025 Hard, With New Listings At Levels Not Seen In A Decade

• New listings back at levels not seen during January since 2015
• National stock levels up 18.9% year-on-year, close to 2015 levels
• Auckland stock levels reach 13-year January high

Coined ‘the perfect market’ by realestate.co.nz in November, the rare stability of high stock levels and stable prices has carried over to 2025. But with confidence on the rise and interest rates declining, the question everyone’s asking is, when will the market change?

The latest data from realestate.co.nz shows that after a record low new listings for any December, sellers jumped into the market in January, with new listings reaching levels not seen during January since 2015. Stock levels were also high last month—closer to levels last seen in January 2015—while average asking prices remained relatively stable year-on-year.

Sarah Wood, CEO of realestate.co.nz, said the market continues to offer strong opportunities for those wanting to buy and sell:

“Lots of choice, combined with relative price stability, offers certainty for both buyers and sellers. And as interest rates decline, the market may become more appealing for those on the sidelines.”

“When things will change is anyone’s guess. And right now, we still have high stock levels to cycle through, so it is unlikely that we will see a frantic rebound. But the market is cyclical, and eventually, we will see a shift.”

New listings return to levels not seen during January since 2015

Nearly 9,000 new listings came onto the market during January, a significant increase from December's record-low new listing figures. Up 21.2% year-on-year, the data suggests sellers dove headfirst into 2025.

Wood said that although it is typical to see more properties come to market in January, this year's numbers are particularly noteworthy:

“The country seems to take a collective holiday during January, and over the past few years, sellers have appeared to do the same. This is the first time new listings have been around 9,000 in the month of January since 2015.”

Year-on-year, the largest increases in new listings were in West Coast (up 100.0% to 70 listings), Otago (up 52.4% to 352 new listings), and Gisborne (up 45.7% to 51 new listings).

Auckland hits 13-year stock high

Stock levels remained high during January, up 18.9% nationally year-on-year to 32,412 properties. All 19 regions saw stock levels increase compared to January 2024. Most notably, 11,465 properties were available for sale in Auckland last month—the highest January level since 2012.

"We haven't seen this level of housing stock in Auckland for more than a decade," said Wood. "There could be a window of opportunity for those looking for property in the region."

Average asking prices hold steady as 2025 begins

The national average asking price has hovered between $840,000 and $890,000 for two years, offering the stability buyers crave and the predictability sellers need. The start of 2025 saw this trend continue, with January’s national average asking price at $868,969, down a modest 1.3% year-on-year. The biggest increase was in West Coast, up 6.3% year-on-year to $505,151, while Coromandel saw the biggest decline, down 20.3% year-on-year to $1,004,312.

Four regions – Auckland, Hawke's Bay, Nelson & Bays, and Southland – saw prices grow both month-on-month and year-on-year, while Coromandel, Waikato, Wairarapa, and Wellington recorded declines over the same periods.

“With interest rates easing and plenty of properties to choose from, the strong start to 2025 creates prime opportunity for those ready to make their move,” concluded Wood.

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