The national median house price in February dropped 2.4% year-on-year, but sales were up, according to new numbers from the Real Estate Institute of New Zealand (REINZ).
According to REINZ’s latest New Zealand property report, median house prices last month, compared to February 2024, dropped from $791,000 to $772,000. Excluding Auckland, the median price experienced a 1.4% drop of $10,000 from $710,000 to $700,000.
Six out of 16 regions experienced an increase in median prices compared to February 2024, with the West Coast experiencing the highest jump — up 16.3% from $325,000 to $377,500. Southland experienced a 9.2% year-on-year increase, from $430,600 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,” said REINZ acting chief executive Rowan Dixon.
Month-on-month the median house price rose 2.9% nationally in February. It was up 1.4% outside of Auckland, and 6.4% in Auckland.
According to REINZ, sales in February returned to a “relatively stable level” nationwide, rising 3.4% from 6080 to 6287 year-on-year and 59.5% from 3,941 to 6,287 compared to January this year.
New Zealand, excluding Auckland, experienced a 5.6% year-on-year rise in February, from 4252 to 4491. Notable growth in sales was seen on the West Coast and Taranaki, up 22.2% and 20.6%, respectively.
Sales were down 1.8% in Auckland annually. All regions saw an increase from January to February.
“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,” Dixon said.
The number of listings in February dropped 3.6% year on year from 11,788 to 11,363. Excluding Auckland, the number of listings dropped by a smaller 0.3%, from 7,269 to 7,249.
The most significant jumps in listings were experienced in Gisborne (up 79.4%) and Southland (up 24.1%).
National inventory levels increased by 13.6% compared to February 2024 to 35,712 and were up 10.2% compared to January.
“Reports show a positive outlook with most vendors setting realistic prices and aligning to market conditions,” Dixon said.
There were a total of 1163 auctions nationwide in February, which accounted for 18.5% of all sales. REINZ said this was a “slight increase” from February 2024 and a “notable increase” from January.
The national median days to sell rose year-on-year by three days to 54. Excluding Auckland, it rose by two to 54 days.
Dixon said today’s data indicated “growing stability” in the market and said things looked “optimistic” amid the country’s transition from the holiday period to normal routines.
“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 said.
