Buyer’s market persists despite rising FOMO and firmer prices
New Zealand’s national average asking price has eased after the spring surge, slipping to $851,950 in November, according to Trade Me’s latest Property Pulse Report.
The average asking price fell 3.5% month-on-month but remains 0.8% higher than a year ago, a late‑year pullback Trade Me Property customer director Gavin Lloyd (pictured) said was expected.
“While the national average asking price is down around $30,000 on October it’s important to keep in mind the market is still trending upwards compared to a year ago,” Lloyd said. “As a whole the market is showing a lot more stability than it has done in recent years.”
That stabilising picture lines up with other gauges such as the NZHL Property Report, which shows prices firming modestly, first-home buyers staying active, and buyer sentiment shifting from FOOP (Fear Of Over Paying) toward FOMO (Fear Of Missing Out).
Regional winners and losers as buyers hunt value
Most regions recorded month-on-month price declines in November, led by Hawke’s Bay (down 10%) and Gisborne (down 9%).
Lloyd said Gisborne stands out once you zoom out from the monthly dip.
“Gisborne is one to note, while it recorded one of the largest dips of the 15 regions we monitor compared to October, year-on-year it’s a big winner with the average asking price jumping more than 21% to $658,050 in November,” he said. “As a smaller market, Gisborne’s house prices can fluctuate more than a bigger city, however for eight of the past 11 months it’s recorded year-on-year increases, a fairly steady record.”
Manawatū/Whanganui (+0.3%) and Wellington (+0.4%) were broadly flat month-on-month, while the West Coast, Nelson/Tasman and Taranaki were the only regions to see gains.
The average asking price on the West Coast rose 5% to $510,700, Taranaki climbed more than 3% to $697,100, and Nelson/Tasman was up over 2% to $893,000. Lloyd said Taranaki is also strong on an annual basis, “with prices up close to 6% or around $38,000, likewise Otago which is up more than 4%, buoyed by strong growth across Central Otago and Clutha in particular.”
Seasonal slowdown, but mortgage buyers still circling
Both new listings and demand fell month-on-month heading into the holiday period, with nationwide supply down 13% and demand down 5%.
“The market is heading into the Christmas slowdown exactly as expected with both new listings, and demand easing compared to last month,” Lloyd said.
The Trade Me director stressed that the cooling is seasonal, not structural.
“That seasonal dip is predictable, but it shouldn't distract from the bigger picture," Lloyd said. "When we look at the year-on-year demand data the underlying demand remains very strong up 22%. Our days onsite data also shows us properties are selling on average two days faster than November 2024.
“This tells us there isn't a lack of willing buyers, there's just a temporary lull as many around the motu prepare for the festive and holiday season. The moment the 'For Sale' signs go back up in the New Year, we anticipate some pent-up demand will return to the market, especially with improving affordability and falling interest rates acting as a tailwind.”
Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.
