Despite global economic uncertainty, New Zealand’s property market is the most settled in years, with high stock levels and stable prices, realestate.co.nz finds
While the financial markets are volatile, in real estate the national average asking price has held steady. In April 2025, the national average asking price dipped 1.7% year-on-year to $852,364 — still well within the narrow range of roughly $850,000 to $890,000 that has defined the past two years.
“It’s been more than two years since the national average asking price was above $900,000. Over that time, prices have fluctuated by less than 6.0% within a tight $50,000 band. We are in a period of rare stability,” say Sarah Wood, Chief Executive of realestate.co.nz.
Despite the stability, pockets of the country reported year-on-year average asking price growth during April. Most significant were Gisborne (up 17% to $724,168), Central North Island (up 12.6% to $779,099), Wairarapa (up 8.5% to $733,735), and Hawke’s Bay (up 8.1% to $778,039).
National stock was up 6.2% year-on-year in April 2025, continuing a trend of elevated listings across the country.
“There’s plenty of stock available, but we’re not seeing a boom in sales activity to move it through yet,” says Wood.
Sales data from the Real Estate Institute of New Zealand (REINZ) shows steady movement but not at peak historical levels. Across the first quarter of 2025, residential sales increased month-on-month, from 3,774 in January, to 6,287 in February, and 7,640 in March.
The change in seasons and the arrival of shorter days saw new listings fall, down 29.2% from 12,029 in March to 8,518 in April. Wood says it’s typical to see a seasonal dip in new listings at this time of year but notes that new listings were also lower compared to April 2024.
“New listings were down 11.6% compared to last year, but there is still strong interest across the market. We’re seeing the highest level of enquiries from buyers in three years. That’s a positive sign.”
Some of the biggest year-on-year lifts in stock were seen in Gisborne (up 75.0% — though actual listing numbers remain small, rising from just 82 to 144 properties), Central Otago / Lakes District (up 28.2%), West Coast (up 28.0%), Otago (up 22.4%), Central North Island (up 19.6%), Canterbury (up 14.5%), Marlborough (up 11.0%), Wellington (up 10.8%), and Coromandel (up 10.3%).
In today’s slower but stable market, Wood says both buyers and sellers have real opportunities.
For buyers, the current climate offers time to act carefully rather than under pressure. Wood encourages buyers to take full advantage of this breathing room.
“My advice? Visit 50 properties before you buy. You need to know the market, know what’s selling, and know what buyers are paying — and right now, you have the time to do exactly that,” she says.
“This market also allows buyers to negotiate terms, like longer settlement periods, and complete thorough due diligence before making decisions.”
Wood adds that buyers today have access to more data than ever before: “Our insights page gives real-time suburb trends and recent sales information, which simply wasn’t available five years ago.”
Sellers, too, can benefit from stability. Well-priced properties are still moving, and many vendors will soon become buyers themselves.
“If you accept a slightly lower sale price than your original expectations, you’re also better positioned to negotiate sharply when you purchase your next property. It’s a two-sided opportunity,” says Wood.
