Spring confidence returns to the market
New Zealand’s property market showed fresh momentum in August, with 8,769 new listings, up 9% year-on-year from 8,048 in August 2024.
Sarah Wood (pictured), CEO of realestate.co.nz, said the rebound was a promising sign after a sluggish winter.
“It’s exciting to see vendor confidence returning to the market,” Wood said. “Search activity on our site is up, indicating buyers are also looking with intent and finding greater choice available to them. With the national average asking price stable and interest rates coming down, the signs are all positive for continued movement in the market.”
ASB’s latest Housing Confidence survey adds further context, showing sentiment has softened slightly, though buying optimism remains near its highest level since 2011.
Regional lift in supply gives buyers more choice
Nine of 19 regions recorded higher new listings compared to a year ago. Bay of Plenty led with 732 new listings, up 46.7% from 499 in August 2024.
Gisborne listings jumped 40.9% year-on-year to 62, while Coromandel recorded the third-largest increase at 39.1%.
“Spring seems to have hit the property market early this year,” Wood said. “This uplift in new listings will start to draw buyers back in and give more sellers the confidence to list. With more than 8,500 new properties hitting the market in August, now is the time for both buyers and sellers to start making decisions about their next step.”
Gisborne breaks $800k average asking price
The national average asking price held steady at $862,652, up 1.7% on a year earlier.
Gisborne bucked the trend with a 23.2% annual increase to reach an average asking price of $815,203 — its first time in the $800,000 bracket.
Six regions saw both annual and monthly asking price growth in August: Bay of Plenty, Coromandel, Gisborne, Manawatu/Whanganui, Northland, and Taranaki.
By contrast, Central North Island, Hawke’s Bay, and Otago recorded both monthly and annual declines, with Otago slipping under $600,000 for the first time since December 2024.
“Nationally, prices are steady, but seeing regions like Gisborne hit an all-time-high shows there’s still upward pressure in parts of the market,” Wood said. “At the same time, Otago dropping out of the $600,000 bracket reminds us how localised movements can be.”
OCR cuts ease pressure on buyers and homeowners
Wood noted that monetary policy shifts were making a tangible difference.
“A year ago, the OCR was at 5.25%, which kept borrowing costs high and buyers cautious,” she said. “Fast forward to today, with the OCR at 3%, and the change is significant.
“Lower rates are giving buyers more confidence to act and are easing the pressure on homeowners. Combined with stable prices and more listings coming to market, these conditions create a window of opportunity for people ready to buy or sell.”
Stock levels steady but regional shifts stand out
Total housing stock rose slightly to 30,430 properties in August 2025, up 1.4% from 29,579 a year earlier.
The West Coast saw the sharpest lift, up 17.0% year-on-year, while Gisborne rose 15.9%. Southland recorded the steepest decline, down 20.9% from 512 properties in August 2024 to 405 this year.
“We’ve seen stock levels hold steady nationally, but as this data shows, the real story is in the regions,” Wood said. “Stock levels have dropped year-on-year in 10 of our 19 regions. This shows momentum shifting, sellers are meeting the market, and buyers are acting with more confidence.
“On the whole, with spring just around the corner, the data is telling us it’s an ideal time for buyers and sellers to put fresh energy into their property plans.”
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