First-home buyers urged to act as majority of listings remain under $850,000
Property listings in Aotearoa continued to decline through July, shrinking the number of homes available for sale just as the market heads into spring. New figures from realestate.co.nz show national stock has dropped for the third month in a row, sitting at 30,430 properties – a fall of nearly 2,000 listings since June and 0.4% lower than the same time last year.
Despite the tighter housing pool, buyer demand hasn’t cooled. Vanessa Williams, spokesperson for realestate.co.nz, noted that the market remains active, especially where sellers are realistic.
“Although we’re seeing fewer homes coming onto the market, that doesn’t mean buyers have disappeared. The real estate industry is telling us that vendors who are realistic with their price expectations are selling,” Williams said.
One area of continued activity is in the lower-priced brackets. In July, 58.5% of listings on realestate.co.nz were priced below $850,000 – lower than the national average asking price of $858,189. This has opened a window for entry-level buyers to make a move before the usual seasonal competition ramps up.
“First home buyers have a prime opportunity to look at their options with a solid band of homes listed for under $850,000. For buyers who have their finances in order and a clear idea of what they’re after, now is a great time to secure a foothold before competition heats up again,” Williams said.
While the national average asking price was largely unchanged, there were significant differences between regions. The West Coast stood out with a 25.3% year-on-year increase to $500,000, the first time it has reached that figure since January. Nelson & Bays and Northland also posted gains, up 2.6% and 9.8% year-on-year, respectively.
In contrast, some regions recorded price drops both month-on-month and year-on-year. These included Central Otago/Lakes District (down 8.5% YoY), Marlborough (down 13.6%), Wairarapa (down 3.2%), and Wellington (down 3.0%).
“Nationally, prices are holding steady, but when you zoom in, the picture becomes more dynamic. We’re seeing some standout regional growth which is a clear reminder that every region has its own rhythm, and local conditions matter more than ever,” Williams said.
The drop in total stock didn’t affect all areas equally. Gisborne recorded a 35.5% increase in available homes year-on-year, while the West Coast’s stock rose 20.6%. These gains contrast sharply with the broader trend of declining listings.
New listings nationwide also declined, falling 4.2% year-on-year to 7,737. However, Northland, Gisborne, and Taranaki each saw double-digit increases in new listings compared to July 2024, rising by 26.3%, 54.5%, and 34.3%, respectively.
With just weeks until spring – traditionally a busy time for property – Williams stated there’s still a chance for prepared buyers to act before the market picks up. Attention will turn to whether more sellers decide to list, and how that will shape competition in the coming months.
“For now, buyers remain active, and the market continues to reward those ready to move, but it will be interesting to see what happens in September as we move into the expected spring surge,” Williams said.
