Spring housing surge: Auckland back over $1m as OCR cut fuels confidence

New Zealand’s housing market is showing signs of a spring revival, with buyer demand surging and prices rebounding across key regions.

Trade Me’s latest Property Pulse Report revealed the national average asking price climbed to $835,350 in September, up 1.3% from August. Prices remain 1.6% lower year-on-year, but analysts say momentum is clearly building.

Auckland led the upswing, with its average asking price topping $1 million for the first time since June, while southern regions recorded the strongest annual growth in the country.

These property gains come as broader economic sentiment begins to stabilise. Confidence has also been buoyed by the Reserve Bank’s 50-basis-point cut to the official cash rate (OCR), which lowered it to 2.5%. Industry leaders have welcomed the move as a much-needed boost to revive the economy and restore borrower confidence.

Auckland bounces back above $1 million

The country’s largest market saw month-on-month growth of more than $36,000, reaching an average of $1,024,850 in September.

The 3.7% rise marked the largest monthly gain since January, though asking prices remain 1.8% lower than a year ago.

Properties in Auckland City, Manukau, and Rodney each climbed by more than 6% month-on-month, while Franklin saw the largest dip at -5.9%.

Trade Me Property customer director Gavin Lloyd (pictured) said the data shows renewed optimism in the Auckland market.

“It’s a welcome sign of life for the Tāmaki Makaurau market,” Lloyd said. “Not only are we seeing Auckland back in the million-dollar club, year-on-year demand is strong, up more than 12% on last year, and ahead of supply which is up 6%”

Southern regions lead national growth

In contrast to the still-recovering North Island markets, the Deep South remains the strongest performer.

Southland recorded a 9.7% annual increase in average asking price to $539,150, followed by the West Coast (8.9%) at $493,350, and Otago (4.1%) at $879,550.

Lloyd noted that Otago’s monthly price lift was especially sharp.

“Otago also showed particularly strong month-on-month growth from August, with the average asking price increasing more than $84,000. Wānaka alone saw an increase of more than $400,000 in the month, with year-on-year prices in the town up more than 21 per cent.”

Meanwhile, Marlborough saw the steepest annual decline at -9.3%, ahead of Gisborne (-7.4%) and Northland (-6.8%).

Listings and searches surge as spring kicks in

Trade Me recorded a strong lift in new property listings – up 5.9% year-on-year and nearly 19% month-on-month – signalling renewed vendor confidence.

At the same time, buyer search activity jumped 24% compared to September 2024, reflecting pent-up demand from months of subdued activity.

“The spring selling season has kicked off with a burst of activity,” Lloyd said.

“More buyers actively looking and more properties coming to market suggests confidence is growing and we can expect a very busy spring for the property sector.”

What it means for mortgage advisers

For mortgage advisers, the spring rebound presents a window of opportunity.

• Investor and upgrader confidence is rising as prices firm.
• Borrower inquiries are climbing amid falling interest rates following the OCR cut.
• Regional variations mean advisers can help clients identify affordability pockets — particularly in the South Island’s growth regions.

With low rates, rising stock, and early signs of value growth, the next few months could see one of the most active spring-summer markets in recent years.

Read the Trade Me report here.

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