Wellington bargains emerge as national stock surges, values slip
Property seekers had unusually strong buying power over the Christmas break as national housing stock climbed to its highest December level in 10 years.
Latest data from realestate.co.nz shows 30,390 properties were listed for sale in December, up 3.1% year-on-year and marking the first time in a decade that December stock has surpassed 30,000. It also capped off a full year of elevated supply, with more than 30,000 homes on the market every month of 2025.
This surge in listings comes as Cotality NZ data shows national property values slipped 1% over 2025, leaving the median value at $808,430 and still 17.6% below the early‑2022 peak.
A total of 11 regions recorded annual stock growth, led by Northland (up 11.4%) and Auckland (up 11.0%).
Vanessa Williams (pictured), spokesperson for realestate.co.nz, said the numbers signal a rare advantage for buyers.
“The lift in stock to a 10-year December high suggests that while sellers are feeling confident heading into 2026, buyers are being more considered and benefiting from greater choice,” Williams said.
Bay of Plenty leads new listings as some regions slow
Despite December usually being quiet, new listings rose 2.8% year-on-year, with 4,900 properties hitting the market.
Bay of Plenty led activity with 385 new listings, up 22.2% on December 2024. Wellington saw 224 new listings (up 18.5%), while Central North Island recorded 114 new listings (up 12.9%).
“Typically, December is a time when vendors hit pause, so seeing this level of activity tells us many people were motivated to sell and felt confident enough to list – even before their Christmas shopping was finished,” Williams said.
Not all regions shared in the uplift. Marlborough (77 listings), Nelson & Bays (118) and Gisborne (21) all recorded double-digit annual falls in new listings, down 25.2%, 24.8% and 19.2% respectively. Waikato hit a December all-time low with just 355 new listings, a sharp drop from more than 1,000 in November.
Wellington slips into $700k bracket as national prices hold
Nationally, the average asking price held steady, edging 1.7% higher year-on-year to $860,274. Only three regions posted double-digit annual gains:
- Bay of Plenty: up 13.3% to $931,602
- Central Otago/Lakes District: up 13.1% to $1,556,852
- Otago: up 11.7% to $614,849
Gisborne, one of 2025’s standouts, saw the sharpest decline, with the average asking price down 29.1% year-on-year to $532,314 – only the third time this year it has fallen into the $500,000 bracket.
In the capital, the average asking price dropped 9.1% to $797,463, pushing Wellington below $800,000 for the first time since May 2024.
Williams said that combination of softer prices and higher stock is creating a rare opening.
“While average asking prices have held in the $800,000s for much of the year, this softening suggests sellers are meeting the market," she said. "For buyers who’ve been waiting on the sidelines, this could be the window they’ve been looking for, especially with more stock on offer.”
Busy December could set up active 2026
Williams said the unusually high December stock levels may be a precursor to stronger activity in early 2026.
“More than 30,000 homes on the market in December is a rarity,” the realestate.co.nz spokesperson said. “With national prices holding steady and stock at multi-year highs in the final month of the year we could see renewed activity in early 2026, especially if confidence builds over summer.”
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