Southland Shines While Northland Prices Fall
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- National average asking prices have remained flat for two and a half years.
- Southland sets new price record again while Northland sees significant price decline.
- New listings fall across most regions as winter cools seller activity.
New Zealand’s property market has marked 2.5 years of flat average asking prices, with the national average asking price dipping slightly by 0.9% year-on-year to $855,360, according to data from realestate.co.nz.
Vanessa Williams, spokesperson for realestate.co.nz, said the market hasn’t seen a national average over $900,000 since December 2022. “We could say the market is stable but in reality, it’s flat. There is very little movement and when we do see any change, it tends to be in the regions. A flat market is good for both buyer and seller expectations, but we also know that a moving property market is a good sign of a recovering economy.”
Southland continues to show strength, hitting an all-time average asking price high for the second consecutive month. In June, the average asking price in the region rose to $568,647, up 8.6% year-on-year and up 2.9% since the start of the year.
In contrast, the Northland region recorded a 9.1% drop in average asking prices, falling to $773,681. This is the first time since July 2024 that the region’s average has dropped below $800,000.
Seven regions reported both monthly and yearly declines in asking prices, while four regions showed increases across both time frames.
National housing stock has seen a steady decline over the last quarter. While stock levels in June were up 2% year-on-year at 32,384, this was part of a downward trend from a March high of 36,870. The biggest annual stock drop was in Southland, down 12.8%. Meanwhile, Gisborne and the West Coast recorded the highest growth in available listings.
Williams said declining stock could signal change. “We are hearing across the country that open homes are becoming busier and with interest rates at a more reasonable level, people are ready to hit go on their property moves. There’s also a bit more confidence in the business market. Although these are all early signs, they’re promising ones.”
Winter has also cooled new listing activity, with a 2.5% year-on-year drop to 7,612 properties in June. Gisborne was the exception, with a 25.8% rise in new listings. Nelson and Bays saw the sharpest fall at 15.8%, with Nelson recording its lowest June listing numbers in 18 years.
In Auckland, the release of updated Council Valuations (CVs) has renewed focus on property trends. In June, Auckland saw 2,912 new listings (down 1.1%), an average asking price of $1,013,978 (down 2.8%), and stock levels rose to 12,670 (up 4.2%).
Williams said CVs remain a helpful tool. “The fact that asking prices have stayed flat over the past 2.5 years would indicate the CVs still align with the market. There’s a plethora of data available in the New Zealand property market, and while CVs do not necessarily depict sale prices, they do provide people with another data point to inform their property decisions.”