Doors wide open for first home buyers

Written by Hannah Franklin | Jul 31, 2025 6:00:00 PM

July 2025 - The New Zealand Property Report

Key Takeaways

National stock levels drop by almost 2,000 listings for third consecutive month
Around 60% of new listings on realestate.co.nz priced below the national average asking price

Figures

National average asking price: $858,189 - 0.6% up year-on-year
New listings: 7,737 - 4.2% down year-on-year
Stock: 30,430 - 0.4% decrease year-on-year

Latest data from realestate.co.nz shows a steady drain on housing stock is tightening the property pool for buyers across Aotearoa. Stock has fallen by almost 2,000 properties for the third month in a row to 30,430, a 0.4% decline on July last year.

Jan-25	Feb-25	Mar-25	Apr-25	May-25	Jun-25	Jul-25
32,412	35,712	36,870	35,924	34,415	32,384	30,430

Vanessa Williams, spokesperson for realestate.co.nz, says despite the seasonal slowdown, buyer demand remains steady, and opportunities are waiting for those ready to act.

“Although we’re seeing fewer homes coming onto the market, that doesn’t mean buyers have disappeared,” says Williams. “The real estate industry is telling us that vendors who are realistic with their price expectations are selling, and with less competition, it can actually be a smart time to list your property if you're ready.”

First home buyers in with a chance

During July, 58.5% of all properties listed on realestate.co.nz were under $850,000 – well clear of the national average asking price for the month of $858,189. Williams says for first home buyers and investors, this represents a window of opportunity before the traditional spring surge.

“First home buyers have a prime opportunity to look at their options with a solid band of homes listed for under $850,000,” says Williams. “For buyers who have their finances in order and a clear idea of what they’re after, now is a great time to secure a foothold before competition heats up again.”

Price variation in the regions

The national average asking price was up 0.6% year-on-year and while this marks continued price stability, several regions showed a different story.

Asking prices in the West Coast rose 25.3% year-on-year, reaching $500,000 for the first time since January 2025. It is one of just three regions to record growth month-on-month and year-on-year alongside Nelson & Bays, which rose to $874,818 (up 2.6% YoY and 1.0% MoM), and Northland, which increased to $843,362 (up 9.8% YoY and 9.2% MoM).

In contrast, four regions saw declines both month-on-month and year-on-year, a notable drop from seven regions last month. These included:

Central Otago/Lakes District $1,437,577 - down 8.5% YoY and 2.3% MoM
Marlborough, $725,377 - down 13.6% YoY and 1.4% MoM
Wairarapa $711,778 - down 3.2% YoY and 1.5% MoM
Wellington $807,503 - down 3.0% YoY and 2.7% MoM

“Nationally, prices are holding steady, but when you zoom in, the picture becomes more dynamic,” says Williams “We’re seeing some standout regional growth which is a clear reminder that every region has its own rhythm, and local conditions matter more than ever.”

Buyers encouraged to act while stock remains tight

Despite a decline in total stock there were pockets of the motu to buck the trend. Gisborne (up 35.5% with 123 properties listed) and the West Coast (up 20.6% with 316 properties listed) topped the leaderboard for year-on-year stock growth.

“We have just 31 days until spring, and traditionally we see a surge of properties come to the market at that time,” says Williams. “For buyers who are ready now, there’s a window of opportunity, especially with so many homes priced below the national average.”

New listings down year-on-year but realistic pricing gets results

While the total number of new listings nationally (7,737) was down 4.2% year-on-year, Northland, Gisborne, and Taranaki all showed year-on-year increases of 26.3%, 54.5%, and 34.3%, respectively.

Williams says while the number of new listings coming onto the market has slowed, vendors who align their price expectations with buyers are more likely to get their sale across the line.

“As spring approaches, our attention will turn to whether sellers come to the market in greater numbers and how buyers respond. For now, buyers remain active, and the market continues to reward those ready to move, but it will be interesting to see what happens in September as we move into the expected spring surge.”

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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