The latest property data from the Real Estate Institute of New Zealand (REINZ) points to growing stability in the housing market, with more homes being sold and a lift in auction activity across the country.
Sales rose 3.4% nationally in February compared to the same time last year, and jumped 59.5% from January. When Auckland is excluded, the annual increase was even stronger at 5.6%. The West Coast and Taranaki were standouts, with sales up 22.2% and 20.6% respectively.
REINZ Acting Chief Executive Rowan Dixon says the market is showing encouraging signs as New Zealand moves past the holiday period.
“Sales have increased nationally year-on-year, and activity is ramping up as we move out of summer. Attendance at open homes remains strong, and auction numbers are comparable to those in February 2024. These are encouraging signs for a positive and confident market ahead,” Dixon comments.
While February usually brings a seasonal lift in activity, Dixon notes this year’s rise was bigger than expected.
“Sales in New Zealand generally rise from January to February, though the exact shift becomes clearer once seasonal trends are accounted for. For instance, New Zealand experienced a 59.5% increase in sales, but when adjusting for seasonality, that is 12% higher than anticipated,” he says.
Prices ease slightly, but some regions see gains
Nationally, the median house price dipped 2.4% compared to February 2024, down from $791,000 to $772,000. Excluding Auckland, the drop was smaller—just 1.4%, to $700,000.
Six out of sixteen regions saw their median prices rise. The biggest gains were in the West Coast, where prices jumped 16.3% to $377,500, and Southland, which saw a 9.2% lift to $470,000.
“February saw a rise in sales, but median prices lagged, with only six regions recording an increase. High number of listings can give buyers less urgency—if they miss out on one property, plenty of similar options are still available,” says Dixon.
Listings and auctions on the move
While listings were slightly down overall—falling 3.6% nationwide compared to last year—some regions saw big increases. Gisborne listings soared 79.4%, and Southland rose 24.1%. Total inventory across the country grew by 13.6%, now sitting at 35,712 homes.
“Reports show a positive outlook with most vendors setting realistic prices and aligning to market conditions,” Dixon concludes.
Auction activity also picked up, with 1,163 homes sold under the hammer in February—18.5% of all sales. That’s a small increase from the same month last year and a clear rise from January.
Homes are taking slightly longer to sell, with the national median days to sell now at 54 days—three days more than a year ago.
Market outlook
The REINZ House Price Index (HPI), which tracks the changing value of residential property, fell 1.2% year-on-year but rose 1.4% from January. It remains 10.6% below its 2021 peak, but has grown by an average of 4.0% per year over the past five years.
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