Plentiful stock, steady prices, buyers holding back
New Zealand’s housing market is offering some of the best buyer conditions in years – more stock, steady prices, and cheaper money – yet many buyers are still sitting on their hands. For mortgage advisers, that’s both a puzzle and an opportunity.
Latest data from realestate.co.nz shows the market is “wide open” for buyers, with new listings up strongly and total stock well above last year, even as prices edge only modestly higher. At the same time, the OCR has dropped to 2.25% from a peak of 5.5%, lowering borrowing costs for many households.
ASB’s latest Housing Confidence Survey also shows buyers rate conditions as the most favourable in 15 years, even though expectations for further rate cuts and rapid price growth have both eased.
Listings jump, stock tops 35,000
The number of new listings hitting the market in November rose 10.9% year on year, as vendors busied themselves preparing their homes for sale. Total stock levels were also higher than in November last year, up 4% to 35,345 properties.
“Latest data from realestate.co.nz shows that the New Zealand property market is wide open for buyers… Prices? Steady, but edging slightly up,” said Vanessa Williams (pictured), spokesperson for realestate.co.nz.
Yet, in many markets, buyer activity has not kept pace with the lift in stock.
Buyers waiting for a 'perfect moment'
Williams said many buyers seem to be waiting for absolute certainty before moving.
“We know that New Zealanders struggle with uncertainty and, after what has been a tough couple of years for many, buyers seem to be waiting for a perfect moment that, frankly, may never arrive,” Williams said.
“But with three years of steady prices and plenty of homes on the market, conditions are good for buyers. Purchasing property always comes down to personal circumstances, but this could be a particularly good window to make a move.”
Five regions hit record November asking prices
Nationally, the average asking price has been broadly stable for three years, not climbing above $900,000 since 2022, despite nudging towards the million‑dollar mark at its peak.
In November, the national average asking price rose 2.2% to $866,474, but the headline hides stark regional differences.
Contrary to the national trend, five regions set new November records – Taranaki ($730,409), West Coast ($512,546), Canterbury ($721,713), Southland ($559,269) and Central Otago/Lakes District ($1,546,260) – while the national average asking price edged up 2.2% to $866,474.
Taranaki was the only one of New Zealand’s 19 regions to record double‑digit growth in average asking price year‑on‑year, with prices up 11%.
“Taranaki’s rise in average asking price, paired with new listings hitting their highest level for any November on record, positions the region as a unique performer in an otherwise steady national market,” Williams said.
On the flip side, Wairarapa (down 7.1% to $695,760), Manawatu/Whanganui (down 3.2% to $602,978), and Coromandel (down 1.7% to $1,037,994) were the only regions to record year‑on‑year average asking price declines.
New listings rising across most of the motu
New listings rose nationally by 10.9% year‑on‑year, with three regions – Northland, Taranaki, and Nelson & Bays – all recording increases of more than 30%.
Taranaki hit its highest November on record, with new listings up 33.1% to 338 properties. By contrast, Central Otago/Lakes District (down 10.4%), Southland (down 5.3%), Wellington (down 1.2%) and Hawke’s Bay (down 0.9%) all saw fewer new listings than in November 2024.
Waikato also “made a notable return to form”, surpassing 1,000 new listings in a single month for the first time since March 2019, while the Bay of Plenty recorded more than 800 new listings for the first time since November 2018.
Stock still high in most regions
National stock levels increased 4% year‑on‑year to 35,345, a sign that, in aggregate, sales are not absorbing all the new supply.
Gisborne (15.3%) and Northland (13.5%) recorded the highest year‑on‑year increases in stock levels, while the West Coast and Auckland also saw solid growth, each up 10.6%. At the other end of the scale, Southland experienced the largest annual drop in stock, down 16.7%. Central Otago/Lakes District (‑12.0%), Otago (‑6.7%), Canterbury (‑3.1%), Manawatu/Whanganui (‑2.2%) and Waikato (‑1.5%) also recorded year‑on‑year stock declines.
That mix – higher stock nationally, but pockets of tightness – gives brokers another reason to drill into local conditions when advising clients on timing and price expectations.
Stable year ends with “cautious optimism”
Williams said the numbers suggest a relatively steady end to what has been a stop‑start year.
“As 2025 winds down, the numbers suggest a stable conclusion to a year defined by cautious optimism, renewed seller confidence, and greater choice for buyers,” Williams said.
For mortgage advisers, the key takeaway is that the fundamentals for buyers are unusually favourable: more listings, higher total stock, steady‑to‑modest price growth, and a much lower OCR than at the peak – with confidence indicators now also turning.
The missing piece is action, which is exactly where strong advice on borrowing capacity, product choice and risk can help would‑be buyers stop waiting for a “perfect moment” and instead move when the numbers work for them.
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