The Real Estate Institute of New Zealand (REINZ) has released March figures, revealing promising trends in the national property market. Continuing the momentum from last month, year-on-year sales are rising across the country.“
As we transition into the cooler months, the market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don’t sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community, ” says Acting Chief Executive Rowan Dixon.
National sales counts have increased compared to March 2024, rising 12.8% (from 6,774 to 7,640). This suggests a positive shift in the property market, likely influenced by the combination of lowering interest rates and still relatively low house prices. For New Zealand, excluding Auckland, sales saw a 14.2% year-on-year rise, from 4,622 to 5,278. At a regional level, notable year-on-year growth in sales was observed in Tasman (+48.6%) and the West Coast (+23.6%).
“This growth suggests that lowering interest rates and low house prices encourage more people to buy homes. Additionally, the strong performance in New Zealand (excluding Auckland) with a 14.2% year-on-year rise, highlights that regions outside Auckland are also experiencing significant demand,” says Dixon.
The median price for New Zealand declined by $30,000 (1.4% to $1,040,000 year-on-year. Excluding Auckland, the median price fell by 2.1% from $715,000 to $700,000 compared to March 2024.
Six out of sixteen regions reported an increase in median prices compared to last year. The West Coast region experienced the highest increase, rising by 11.5% from $370,000 to $412,500. Two regions had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. Nelson’s median price significantly declined year-on-year from $722,000 to $640,000 (11.4%).
“March saw a year-on-year increase in sales, but median prices continue to lag behind. New Zealand’s property market remains the same: high listings result in decreased buyer urgency. If a buyer misses out on a property, they can easily find a similar one for sale,” says Dixon.
More properties hit the market than in March 2024, with an increase of 5.0% nationally, from 11,455 to 12,029 listings. Excluding Auckland, listings increased by only 2.6%, from 7,326 to 7,513, compared to last year. National inventory levels increased by 10.9% year-on-year to 36,870 and 3.2% compared to the previous month.
“As interest rates continue to fall and the OCR drops once again, local salespeople around the country are anticipating stability in the market over the coming months, bringing renewed energy and hope for many navigating these changing economic tides,” Dixon concludes.
There were 1,204 auctions across the country in March, which amounted to 15.8% of all sales, a slight decline from March 2024 and last month. The national median days to sell rose by 3 days, to 41 days year-on-year, which was the same for New Zealand, excluding Auckland.
The House Price Index (HPI) for New Zealand is currently at 3,632, indicating a decrease of 0.7% year-on-year and a 0.6% decline compared to February 2025. Over the past five years, the average annual growth rate of New Zealand’s HPI has been approximately 3.7%. Southland remains the highest-ranking region for HPI movement, having taken the top place for nine consecutive months.
View full report here.
Source REINZ website.