New data from the Real Estate Institute of New Zealand (REINZ) show a modest year-on-year dip in the national median house price, although most regions saw median prices lifting year-on-year, and values remain broadly steady as listings increase.

According to the REINZ August 2025 full Monthly Property Report, the median price nationally fell by $4000 (-0.5%) year-on-year, to $761,000. Excluding Auckland, the median price increased by 1.5% year-on-year to $690,000.

Median prices

Thirteen out of the 16 regions reported an increase in median prices compared to August 2024. Auckland’s median price increased by 1.3% year-on-year, to $964,000.

The most significant year-on-year increases were recorded in Gisborne, up 11.3% from $620,000 to $690,000; Southland, up 8.9% from $427,000 to $465,000; and the West Coast, up 7.8% from $357,000 to $385,000.

“Across New Zealand, confidence in the property market is tempered with caution,” REINZ chief executive Lizzy Ryley said of the latest full Monthly Property Report.

“While many expected the recent OCR change to encourage more activity, the history of REINZ data suggests that we may be cautiously optimistic that we will see an increase in activity in the market in the coming months.

“At this stage, both buyers and sellers appear to be taking a measured approach as they watch how the market unfolds, particularly as we near spring.”

Sales across the country stalled in August, with sales declining year-on-year and month-on-month nationally (down 3.7% and 11.1% respectively), to 5866 sales, and nationwide excluding Auckland (down 1.3% and 11.3% respectively), to 4052 sales.

Only six regions reported an increase in sales compared to August last year. The most notable increases were recorded in Waikato, up 13.2% to 688 sales; Gisborne, up 11.1% to 40 sales; and Southland, up 8.1% to 133 sales.

Interesting trends

“August has highlighted some interesting trends across the country,” said Ryley. “While sales have eased in parts of the market, most regions are still seeing increases in median prices. Properties are taking different lengths of time to sell depending on the area, which shows that, while the market is active, buyers are considering their options carefully.”

There was an influx of new listings around the country, up 9.0% nationally year-on-year to 8769. New Zealand, excluding Auckland, also recorded an increase, up 6.5% year-on-year to 5481. Inventory levels reached 30,000 properties on the market nationally, representing a 1.4% year-on-year increase.

“Some local agents have observed that, in certain markets, investors seem less active, and some are opting to sell, in anticipation of the typical end-of-winter to early-spring shift in the property market,” Ryley said.

Days to sell

Median days taken to sell declined by two compared to August 2024, reaching 48 days. Excluding Auckland, the days to sell remained the same year-on-year, at 49. The highest increase in days to sell was on the West Coast, up 19 days from 38 to 57. The largest decrease in days to sell was recorded in Nelson and Marlborough, both down 11 median days to 35 and 41, respectively.

Auctions

August saw 778 auction sales nationally, which was 13.3% of all sales. For New Zealand, excluding Auckland, there were 412 auction sales, which amounted to 10.2% of all sales. Gisborne recorded the highest percentage of auction sales, with 42.5% (17 auctions). The highest numbers of properties sold by auction were in Auckland at 366 (20.2% of all sales) and Canterbury, at 199 (19.4% of all sales).

“While we’re seeing more new listings coming onto the market, sales aren’t keeping pace, which is reflected in the median days to sell in some regions,” Ryley said.

“Across New Zealand, it now takes around 48 days to sell a property, slightly faster than this time last year, but in some regions, such as the West Coast, properties are staying on the market much longer.”

HPI

The House Price Index (HPI) for New Zealand is at 3577, showing a year-on-year increase of 0.4% and an increase of 0.3% compared to last month. During the past five years, the average annual HPI growth rate has been 3.2%.

The full Monthly Property Report from REINZ for August 2025 is here.

The House Price Index (HPI) Report for August 2025 is here.