Trends we are noticing are:

  • Moderate increase in activity heading into winter
  • More buyers entering the market

 

The Real Estate Institute of New Zealand (REINZ) has released figures for May, revealing a moderately more active market as the country heads into the winter season. While the number of sales has increased compared to the same period last year, this growth has been accompanied by a decline in the national median price and a slowdown in the number of new listings coming to the market.

New Zealand’s median price has seen a year-on-year decline of 0.9%, settling at $763,000. When considering New Zealand, excluding Auckland, the median price remained stable over the year at $689,000.

The stability in interest rates has encouraged more buyers to enter the market, though levels of confidence vary by region. While some areas are experiencing consistent conditions, certain cities are still navigating changes in affordability and demand trends.

In May 2025, the number of properties sold in New Zealand rose by 8.9% compared to the same month last year, increasing from 6,579 to 7,166 sales. When excluding Auckland, sales increased by 11.3%, from 4,593 to 5,114.

This May, New Zealand experienced a 2.9% increase in listings compared to the year prior, totalling 9,489 listings. However, when excluding Auckland, there was a slight decline of 0.9% in listings, totalling 5,835. The inventory levels in New Zealand continue to rise, increasing by 5.6% year-on-year to 34,415 properties available for sale.

The median number of days to sell properties in New Zealand has increased, rising by three days to 47, while in New Zealand, excluding Auckland, it rose by four days to 47. The increase in the median days to sell reflects a market that, while more active in terms of transactions, is also characterised by greater buyer caution. Purchasers are taking longer to commit, which local agents suggest could be due to a lack of buyer urgency and the fact that buyers have time to find a property that best suits them.

 

Canterbury market overview

Compared to May 2024

  • Median Price remained the same
  • Sales Count up 2.5%
  • Days to Sell increased by 8

Compared to April 2025

  • Median Price down 2.3%
  • Sales Count up 6.3%
  • Days to Sell increased by 6

The median price for Canterbury was the same as in May 2024, at $680,000.

Owner-occupiers and first home buyers were the most active buyer groups in Canterbury, with reports of a decline in investor activity and buyers at the higher-end of the market. Most vendor expectations regarding asking price have been realistic, although some still need to adjust to meet current market conditions.

Factors such as increased optimism, a lack of buyer urgency, and the easing of interest rates have influenced market sentiment. Local salespeople suggest that over the next few months, there will be the usual winter slowdown, then steady, but building into spring.

 

National market overview

National Median Price $763,000

Median price down 0.9% compared to May 2024

National Median Days to Sell 47

 

The total number of properties sold in New Zealand increased by 8.9% year-on-year, to 7,166 properties sold in May 2025. New Zealand, excluding Auckland, saw sales increase by 11.3% year-on-year, to 5,114 properties sold in May 2025.

Nationally, the seasonally adjusted figures for New Zealand show a sales count year-on-year increase of 12.7%. Compared to last month, the seasonally adjusted count shows a 5.8% decline.

Listings nationwide increased by 2.9% year-on-year, to 9,489. For New Zealand, excluding Auckland, listings fell by 0.9% to 5,835.

The median days to sell for New Zealand increased by three days, reaching 47 days.

 

 

Information sourced from REINZ
Real Estate Institute New ZealandÂ