First-home buyers drive early signs of market recovery
New Zealand’s property market has roared into spring, with the number of homes listed for sale reaching its highest level since late 2021, according to the latest Trade Me Property Pulse Report.
New listings jumped 29% from September and 3% year-on-year, marking the strongest month of activity in four years. Buyer interest has also lifted sharply — demand rose 11% month-on-month and more than 18% compared to October 2024.
Trade Me Property Customer Director Gavin Lloyd (pictured) said the latest data highlights growing optimism among both buyers and sellers.
“It’s awesome to see the property market firing on all cylinders in October, proving that the spring selling season is well and truly underway,” Lloyd said.
“Buyers appear to be feeling the confidence that comes with more choice too as we’ve seen strong demand both compared to September and year-on-year.”
The upturn mirrors findings from Tony Alexander’s latest NZHL Property Report, which shows the first real signs of nationwide price momentum since early 2024. Alexander said more agents now report house prices rising rather than falling for the first time since February, with first-home buyers driving much of the activity.
Major centres show renewed momentum
In the main cities, new listings in Auckland climbed 33% month-on-month and 4% year-on-year, while Wellingtonlistings surged 33% compared to October last year and 6% month-on-month. Canterbury listings rose 5% from September and 20% year-on-year.
Demand — measured by buyer searches — is also increasing across all three regions. Month-on-month, demand rose 10% in Auckland, 15.5% in Wellington, and 7.9% in Canterbury, while year-on-year demand was up between 5% and 10% in Auckland and Wellington, and 31% in Canterbury.
Outside the main centres, Northland and Marlborough saw strong uplifts in activity, with new listings up 49% and 43% month-on-month respectively. Demand in those regions also climbed — up 15% in Northland and 22% in Marlborough from September. Compared to a year ago, Northland’s demand rose 42% and Marlborough’s 11%.
Asking prices rise across most regions
The national average asking price reached $883,200 in October, up 6% ($48,000) from September and broadly flat year-on-year.
“We’ve now seen three straight months of positive growth in the average asking price, with the increase between September and October the biggest month-on-month jump since January,” Lloyd said.
Prices rose in 12 of the 15 regions monitored by Trade Me. The only exceptions were Southland (-2%), West Coast (-1%), and Taranaki (0%).
Regions leading monthly price growth included Gisborne (+17%), Hawke’s Bay (+13%), Marlborough (+13%), Northland (+11%), and Bay of Plenty (+10%).
Properties selling faster as market balances out
The median number of days listings spent onsite dropped from 65 in September to 57 in October, marking the shortest turnaround since March.
“Not since March have we seen days onsite this low, indicating a more balanced market than the one which has, in more recent months, tended to favour buyers,” Lloyd said.
With lower mortgage rates filtering through and buyer sentiment improving, economists say New Zealand’s housing cycle may be turning a corner.
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