Seasonal Shift Brings Market Lift

The Real Estate Institute of New Zealand (REINZ) has released March figures, revealing promising trends in the national property market. Continuing the momentum from last month, year-on-year sales are rising across the country.

“As we transition into the cooler months, the market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don't sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community,” says Acting Chief Executive Rowan Dixon.

National sales counts have increased compared to March 2024, rising 12.8% (from 6,774 to 7,640). This suggests a positive shift in the property market, likely influenced by the combination of lowering interest rates and still relatively low house prices. For New Zealand, excluding Auckland, sales saw a 14.2% year-on-year rise, from 4,622 to 5,278. At a regional level, notable year-on-year growth in sales was observed in Tasman (+48.6%) and the West Coast (+23.6%).

“This growth suggests that lowering interest rates and low house prices encourage more people to buy homes. Additionally, the strong performance in New Zealand (excluding Auckland) with a 14.2% year-on-year rise, highlights that regions outside Auckland are also experiencing significant demand,” says Dixon.

The median price for New Zealand declined by 1.4% to $790,000 year-on-year. Excluding Auckland, the median price fell by 2.1% from $715,000 to $700,000 compared to March 2024.

Six out of sixteen regions reported an increase in median prices compared to last year. The West Coast region experienced the highest increase, rising by 11.5% from $370,000 to $412,500. Two regions had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. Nelson’s median price significantly declined year-on-year from $722,000 to $640,000 (11.4%).

"March saw a year-on-year increase in sales, but median prices continue to lag behind. New Zealand’s property market remains the same: high listings result in decreased buyer urgency. If a buyer misses out on a property, they can easily find a similar one for sale,” says Dixon.

More properties hit the market than in March 2024, with an increase of 5.0% nationally, from 11,455 to 12,029 listings. Excluding Auckland, listings increased by only 2.6%, from 7,326 to 7,513, compared to last year. National inventory levels increased by 10.9% year-on-year to 36,870 and 3.2% compared to the previous month.

“As interest rates continue to fall and the OCR drops once again, local salespeople around the country are anticipating stability in the market over the coming months, bringing renewed energy and hope for many navigating these changing economic tides,” Dixon concludes.

There were 1,204 auctions across the country in March, which amounted to 15.8% of all sales, a slight decline from March 2024 and last month. The national median days to sell rose by 3 days, to 41 days year-on-year, which was the same for New Zealand, excluding Auckland.

The House Price Index (HPI) for New Zealand is currently at 3,632, indicating a decrease of 0.7% year-on-year and a 0.6% decline compared to February 2025. Over the past five years, the average annual growth rate of New Zealand's HPI has been approximately 3.7%. Southland remains the highest-ranking region for HPI movement, having taken the top place for nine consecutive months.

Fact sheet

National Highlights for March

• The total number of properties sold in New Zealand increased by 12.8% compared to March 2024, from 6,774 to 7,640. New Zealand (excluding Auckland) increased by 14.2% year-on-year, from 4,622 to 5,278.
• Nationally, the seasonally adjusted figures show a sales count year-on-year decrease of 23.0%.
• Overall, yearly listings increased by 5.0% from 11,455 to 12,029. New Zealand (excluding Auckland) increased by 2.6% from 7,326 to 7,513 compared to March 2024.
• Year-on-year, national median days to sell rose by three to 41 days; excluding Auckland, it increased by three to 41 days. Northland had the highest days to sell, sitting at 59 days in March 2025, the same as in March 2024.

Regional Highlights for March

• Tasman had the largest sales count percentage increase year-on-year, up by 48.6% year-on-year from 70 to 104 sales, which was followed by Canterbury, up 23.6% compared to March 2024, from 1,080 to 1,335.
• 12 regions reported increases in listings compared to last year. The region with the most significant growth was Gisborne (+23.8%).
• Six regions had a median price increase year-on-year. The West Coast led the way with a rise of 11.5% year-on-year with a median price of $412,500. Two regions saw no change year-on-year: Taranaki ($600,000) and Canterbury ($695,000).

More information on activity by region can be found in the regional commentaries on the REINZ's Website: https://www.reinz.co.nz/Property-reports?hkey=1f7b8429-2b68-4c51-b66e-1b6132d911e8
 

Median Prices

• Six of 16 regions had year-on-year price increases, with West Coast leading the way with an 11.5% increase.
• With Auckland, two of the seven TAs had a positive year-on-year median price movement, while Waitakere City had a 1.7% increase.
• With Wellington, four of eight TAs had positive year-on-year median price movements, with Carterton District leading the way with a 22.2% increase.
• There were no regional median price records this month.
• There were no TA median price records this month.

Sales counts

• Marlborough had its highest sales count since October 2020.
• Tasman had its highest sales count since November 2020.
• Canterbury had its highest sales count since March 2021.
• Nelson, Taranaki and Waikato had theirhighest sales count since November 2021.
• In terms of March, March 2025 had the highest Sales Count in
  • Tasman since records began
  • Marlborough since 2018
  • New Zealand, NZ excl. Auckland, Bay of Plenty, Canterbury, Hawke's Bay,Manawatu-Whanganui, Nelson,Otago,Southland,Taranaki,Waikato,Wellingtonsince 2021

Median Days to Sell

• Waikato had its lowest median Days to Sell since December 2023, and Hawke's Bay had its lowest median Days to Sell since March 2024
• In terms of March, March 2025 had the highest median Days to Sell in
  • Southland since 2015
  • Canterbury since 2019
• In terms of March, March 2025 had the lowest median Days to Sell in
  • Taranaki and Waikato since 2022

House Price Index (HPI)

• Southland is the top-ranked HPI year-on-year movement this month and has been for the past 9 months. Canterbury is second, and Otago is third.
• Regarding the three-month ending HPI movement,Southland ranks first, Gisborne/Hawke's Bay is second, and Nelson/Marlborough/Tasman/West Coastis third.

Inventory

• Fourteen of 15 regions have had an increase in inventory in March 2025 compared to one year prior.
• Taranaki has had 41 consecutive months of year-on-year increases in inventory.
• For the past 9 months, Otago has had over 30% increases in inventory YOY.
• For each of the past 11 months, Wellington has had over 20% increases in inventory YOY

Listings

• Twelve of 15 regions had an increase in listings in March 2025 compared to one year prior.
• Gisborne and West Coast had over 20% increase in Listings in March 2025 compared to March 2024.

Auctions

• In March 2025, there were 1,204 auctions nationally (15.8% of all sales). This time last year, there were 1,162 auctions (17.2% of all sales).

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