The West Coast has posted the highest increase in median house prices in the country for the year to February 2025, up 16.3% to $377,500.
Only six out of 16 regions reported an increase, including Southland which was up 9.2% to $470,000.
The national median price of $772,000 was down 2.4% compared to February last year, figures from the Real Estate Institute of New Zealand showed.
In a statement, acting chief executive Rowan Dixon said February saw a rise in sales but median prices lagged.
High numbers of listings could give buyers less urgency; if they missed out on one property, plenty of similar options were still available.
Sales returned to a relatively stable level nationwide, rising 3.4% (from 6080 to 6287) year-on-year and increasing 59.5% (from 3941 to 6287) compared to January 2025.
For New Zealand, excluding Auckland, sales experienced a 5.6% year-on-year rise, from 4252 to 4491.
Compared to February 2024, notable growth in sales was observed on the West Coast (+22.2%) and Taranaki (+20.6%).
All regions reported an increase in sales month-on-month, as expected.
Attendance at open homes remained strong and auction numbers were comparable to those in February last year.
Those were encouraging signs for a “positive and confident market ahead”, he said.
In Dunedin, the median price increased by 3.7% year-on-year to $617,000.
The median days to sell of 51 days was much more than the 10-year average for February of 41 days.
Local salespeople predicted a drop in the market before it balanced in late autumn, the report said.
ASB’s note on the data said it presented a “slightly more promising picture” although the overall housing recovery remained muted.
ANZ’s note said the elevated level of stock sitting on the market was likely to restrain house price growth in the near term.
