June 2025 - Sellers get the winter blues as new listing levels drop
New Zealand’s property market has hit 2.5 years of flat average asking prices as the latest data from realestate.co.nz shows the national average asking price is marginally down 0.9% year-on-year to $855,360.
Vanessa Williams, spokesperson for realestate.co.nz, said we haven’t seen the national average asking price 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.”
Regional rollercoaster: changes in average asking prices across the regions
Southland continues to be a strong starter in 2025, with an all-time high average asking price for the second month in a row, up 8.6% year-on-year to $568,647. In the first six months of 2025, the region recorded a 2.9% increase in its average asking price, from $552,572 to $568,647.
It’s a different story in the winterless north where prices appear to be cooling. The average asking price in Northland dropped by 9.1% to $773,681, compared to $851,527 in June 2024, the first time the region’s average asking price has dropped below $800,000 since July 2024.
Seven regions have seen a decline in average asking prices both month-on-month and year-on-year.
Four regions have recorded growth both month-on-month and year-on-year.
Stock levels begin downward spiral over last quarter
Total stock nationally sat at 32,384 in June, a modest increase of 2.0% compared to the same time last year, but part of a continuing decline over the past quarter. Since March, when national stock levels hit a 2025 high of 36,870, the number has steadily dropped to 35,924 in April, 34,415 in May, and now 32,384 in June.
Gisborne and the West Coast retain strong stock levels with a year-on-year increase of 48.8% and 20.4%, respectively. Year-on-year declines in stock levels were recorded in the Waikato, Bay of Plenty, Hawke’s Bay, Taranaki, Nelson and Bays, and Manawatu/Whanganui, with the biggest drop experienced by Southland at 12.8%.
Williams says declining stock numbers could indicate a sign of turning times.
“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.”
Sellers get the winter blues as new listings drop
As winter descends upon the property market, new listings are down 2.5% year-on-year nationally to 7,612, but the sun’s still rising in the East. Gisborne recorded the highest increase of all the regions, up 25.8% year-on-year.
Meanwhile, on the West Coast, Nelson and Bays reported the biggest decline year-on-year of 15.8%. With 117 new listings coming onto the market in June 2025, it was the lowest level of properties Nelson had seen for any June since realestate.co.nz records began 18 years ago.
“Up until now, it’s been a busy year of new listings, but these numbers might just show sellers are getting the winter blues,” says Williams. “We’ll expect to see these numbers pop up again in springtime.”
Spotlight on the City of Sails: what to make of Auckland’s CVs
Following the recent release of Auckland’s Council Valuations (CVs), all eyes are on the City of Sails’ property market.
In June, Auckland’s property landscape recorded:
Despite Auckland’s CVs being released 12 months post their valuation date, Williams still believes they will provide another data point that both buyers and sellers can use to make an informed decision.
“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,” says Williams.
For media enquiries, please contact:
Hannah Franklin | hannah@realestate.co.nz
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