September 2025 - The New Zealand Property Report
Latest data from realestate.co.nz shows another month of relative stability in average asking prices and stock levels, but little momentum as buyers bide their time and await next week’s OCR announcement.
Housing stock was up 2.3% year-on-year to 30,721 compared to 30,028 in September 2024, while the national average asking price dropped to $851,259, a decline of 2.4% compared to 12 months ago.
Vanessa Williams, spokesperson for realestate.co.nz, says buyers are waiting to see what potential impact October's OCR announcement could have on their purchase.
“With a lot of commentary around a more significant OCR drop on the 8th of October, perhaps buyers are in 'wait and see mode' as new listings grow but so does total stock, which means there’s plenty for buyers to look at.
“When we were at the peak of the market in May 2022, the OCR was at 2.0%. If next week’s announcement brings a more significant cut than previously, it would bring us closer to that sweet spot, but it’s a waiting game and nothing is certain” says Williams. “It’s confidence that gets people moving but in our current economic climate, that’s exactly what we’re lacking.”
Taranaki and Southland buck the trend of declining average asking prices
At $851,259, the national average asking price is the lowest it’s been since February this year.
Across the motu, Taranaki and Southland were the only two regions to report an increase in average asking price of over 5%:
“Although the national picture shows prices softening, Taranaki and Southland are evidence that there will always be regions that buck the trend,” says Williams. “These lifts in average asking price point to strong local confidence and suggest that not all buyers are stepping back – some markets are still seeing active demand. It will be interesting to see which regions follow suit.”
Marlborough (-10.8%), Central North Island (-7.7%), and Northland (-7.3%) reported the greatest declines in average asking price compared to the same time last year along with Gisborne, which, after recording an all-time high last month dropped to $572,553, a 7.5% decline compared to September 2024.
New listings offer buyers choice in a dormant market
September brought a slight spring surge in new listings, with an increase of 7.1% compared to August; however, year-on-year there was only a subtle 1.3% increase in new listings.
The West Coast continues to be the standout performer of 2025, reporting a 57.1% increase in new listings compared to the same time last year. Manawatu/Wanganui and Southland both saw increases in new listings with 9.3% and 9.4% increases, respectively.
Several regions swung in the opposite direction: Coromandel recorded a 27.8% drop in listings compared to the same time last year, with Gisborne a close second, reporting a 26.2% drop year-on-year.
Williams says it’s exciting to see vendors active in the market, but pace is measured.
Stock stable with a minor 2.3% increase compared to September 2024
September saw the total number of properties at 30,721, up 2.3% on last year, with regional variation evident.
While the West Coast reported an increase in stock of 21.1% compared to September 2024, Southland dropped 18.4% over the same period, the only region to show a clearance in stock. The region’s stock has fallen every month since February this year, with numbers dropping from 664 properties to 427 in September. It is also the third month in a row that Southland has recorded the biggest drop in stock of all 19 regions.
“Although stock is largely stable across the country, it’s the regional divergence that’s of interest to buyers,” says Williams.
Opportunity still knocking for first home buyers
There’s a silver lining in any market and the current stable prices combined with high stock offers a window of opportunity for first home buyers to step up on the property ladder, especially if rates ease further.
“First home buyers are the biggest segment of the market currently, at around 26%, and we know when first home buyers are active in the market, it’s a good sign,” says Williams. “With prices stable, stock high, and interest rates starting to ease, buyers have time to do their research, negotiate confidently, and find a property for the life they want to live.
“A further drop next week to the OCR could be the boost buyers are looking for.”
For media enquiries, please contact:
Hannah Franklin | hannah@realestate.co.nz
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