The number of new property listings jumped in August compared to the same time last year, Realestate.co.nz data suggests, with more than 8700 homes hitting the market.
Figures showed the 8769 new listings last month was a 9% increase on the 8048 new listings recorded in August 2024.
Bay of Plenty led the charge with 732 new listings, a 46.7% increase from August 2024’s 499 properties. Meanwhile, Gisborne recorded the second-highest growth at 40.9%, with 62 new properties listed compared to 44 last year.
Realestate.co.nz chief executive Sarah Wood used the uplift to suggest vendor confidence was returning after stagnant sales over the winter months.
“Spring seems to have hit the property market early this year. This uplift in new listings will start to draw buyers back in and give more sellers the confidence to list,” she said.
Nine of 19 regions recorded increases in new listings compared to 12 months ago. The biggest declines were in Central Otago/Lakes (down 12%), Manawatū–Whanganui (down 9.6%), and Hawke’s Bay (down 4.1%). Canterbury was also down 2%.
Auckland saw 13.4% more listings than August 2024, Wellington 11.5%, and Waikato 9.1%.
The national average asking price remained stable at $862,652, only 1.7% more than the same time last year, according to Realestate.co.nz.
Six regions reported both year-on-year and month-on-month asking price growth in August — Bay of Plenty, Coromandel, Gisborne, Manawatu/Whanganui, Northland, and Taranaki.
Just three experienced month-on-month and year-on-year declines — Central North Island, Hawke’s Bay, and Otago, slipping below $600,000 for the first time since December.
“Nationally, prices are steady, but seeing regions like Gisborne hit an all-time high shows there’s still upward pressure in parts of the market. At the same time, Otago dropping out of the $600,000 bracket reminds us how localised movements can be,” Wood said.
“A year ago, the OCR was at 5.25%, which kept borrowing costs high and buyers cautious. Fast forward to today, with the OCR at 3.0%, and the change is significant.
“Lower rates are giving buyers more confidence to act and are easing the pressure on homeowners.”
