Perfect buying conditions. So, what are buyers waiting for?

November 2025 - The New Zealand Property Report

Key figures

• 12,339 new listings during November, up 10.9% year-on-year
• Stock soars 4.0% year-on-year to 35,345 properties 
• National average asking price hits $866,474, a 2.2% year-on-year increase
• OCR drop to 2.25% from a peak of 5.5% lowers borrowing costs  

Latest data from realestate.co.nz shows that the New Zealand property market is wide open for buyers. The number of new listings to hit the market in November was up 10.9% year-on-year as vendors busied themselves preparing their homes for sale. Total stock levels were also higher than November last year, rising 4.0% to 35,345 properties. Prices? Steady, but edging slightly up.  

So where are the buyers?  

Vanessa Williams, spokesperson for realestate.co.nz, says buyers appear to be holding back, waiting to see what happens next.  

“We know that New Zealanders struggle with uncertainty and, after what has been a tough couple of years for many, buyers seem to be waiting for a perfect moment that, frankly, may never arrive.”

“But with three years of steady prices and plenty of homes on the market, conditions are good for buyers. Purchasing property always comes down to personal circumstances, but this could be a particularly good window to make a move.” 

What's happening with property prices? 

The national average asking price has been stable for three years, having not climbed above $900,000 since 2022, despite inching towards the one million mark at its peak.

Contrary to the national trend, five regions hit all-time November highs – Taranaki ($730,409), West Coast ($512,546), Canterbury ($721,713), Southland ($559,269) and Central Otago/Lakes District ($1,546,260) - while the national average asking price rose 2.2% to $866,474.

Taranaki was the only one of New Zealand’s 19 regions to record double-digit growth in average asking price year-on-year, with prices up 11.0%, highlighting the region’s growing appeal and market momentum, as sellers benefit from heightened confidence and demand.

"Taranaki’s rise in average asking price, paired with new listings hitting their highest level for any November on record, positions the region as a unique performer in an otherwise steady national market,” says Williams.

Wairarapa (down 7.1% to $695,760), Manawatu/Whanganui (down 3.2% to $602,978), and Coromandel (down 1.7% to $1,037,994) were the only regions to record a year-on-year average asking price decline.

New listings on the rise in 16 of 19 regions across the motu

New listings rose nationally by 10.9% year-on-year and three regions - Northland, Taranaki, and Nelson & Bays - saw new listings rise more than 30% year-on-year. Taranaki recorded its highest-ever November new listings figure with an increase of 33.1% to 338 properties. In contrast, Central Otago/Lakes District (down 10.4%), Southland (down 5.3%), Wellington (down 1.2%), and Hawke’s Bay (down 0.9%) all recorded a drop in listings compared to November 2024.  

Waikato also made a notable return to form, surpassing 1,000 new listings in a single month for the first time since March 2019. The Bay of Plenty recorded more than 800 new listings for the first time since November 2018.

Stock levels remain high in most regions

National stock levels increased 4.0% year-on-year to 35,345, an indication that despite vendors coming to market sales aren't keeping pace.

Gisborne (15.3%) and Northland (13.5%) recorded the highest year-on-year stock level increases.  The West Coast and Auckland also recorded solid growth, each increasing by 10.6%.

At the other end of the scale, Southland experienced the greatest annual drop in stock, down 16.7%. Other regions to record annual stock decreases were Central Otago/Lakes District (12.0%), Otago (6,7%), Canterbury (3.1%), Manawatu/Whanganui (2.2%), and Waikato (1.5%).

“As 2025 winds down, the numbers suggest a stable conclusion to a year defined by cautious optimism, renewed seller confidence, and greater choice for buyers,” says Williams.

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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