Strongest February in over a decade signals market momentum

February 2025: The New Zealand Property Report

Key figures

• Nationally, listings rose 7.8% year-on-year while total stock grew just 1.8%, indicating homes are selling through rather than accumulating
• Over 12,200 new listings hit the market in February 2026, more than in any other month of February since 2013
• Southland records all-time average asking price high of $584,768 

The property market is showing signs of turning, according to new data from realestate.co.nz.

New listings surged 7.8% year-on-year in February to 12,252, the highest level for February since 2013, while total housing stock rose by just 1.8%. The slower growth in overall stock compared to new listings suggests properties are being sold through rather than accumulating.

Month to date, the number of residential property seekers on realestate.co.nz is also up year-on-year, pointing to increased buyer confidence. Sales data from the Real Estate Institute of New Zealand (REINZ) also supports a moving market, with the strongest sales to start to a year since the 2022 market peak*.

Sarah Wood, CEO of realestate.co.nz, says February’s figures show sellers aren’t sitting on the sidelines anymore.  

“When new listings rise faster than total stock, it tells us homes are being sold through rather than sitting on the market. That’s an early sign that activity is lifting and sellers are feeling more confident about listing. It’s early days, the OCR didn’t change last week, and we need to remember it’s an election year, but we are seeing momentum, which is what we had hoped to see in 2026.” 

Contributing to the surge in new listings were four regions which recorded year-on-year growth of more than 20%: 

• Central North Island recorded a 25.0% year-on-year increase to 160 new listings 

• Taranaki experienced a 22.3% year-on-year increase to 280 new listings 

• Marlborough recorded a 21.1% year-on-year increase to 15 new listings

• Manawatu/Whanganui reported a 20.9% year-on-year increase to 549 new listings

Southland was the only region to record a double-digit year-on-year decline in February, down 13.9% to 217 new listings. 

What’s happening to average asking prices in the regions? 

The national average asking price remained steady in February, up just 1.4% year-on-year to $861,180. However, more movement was felt in the regions. 

Southland recorded a new all-time average asking price high of $584,768, a 10.6% increase on February 2025. It was one of four regions to record a February high: Central North Island saw the biggest year-on-year increase, up 15.3% to $868,057; Central Otago/Lakes District was up 12.1% year-on-year to $1,613,298, and Canterbury, despite only increasing its average asking price by 3% year-on-year, recorded a February high of $738,385.

Northland’s average asking price dropped out of the $800k bracket for the first time since June 2025, to $799,879. While Waikato tipped back into the $800,000 bracket for the first time in a year, increasing a marginal 0.8% year-on-year.

Wood says price stability at a national level provides reassurance, but the regional variation shows signs of renewed confidence around the country. 

“Areas like Southland and Central North Island, which have recorded all time February and overall highs, contrast with Northland, which has declined. Movement like this reinforces the notion that property is a local market. 

Do current stock levels point to market activity? 

National stock levels rose a modest 1.8% year-on-year to 36,357 in February 2026. However, stock is not increasing at the same pace as new listings, suggesting properties are being sold through rather than accumulating, and signalling strengthening market activity. Although not an all-time high, the last time total stock was over 36,000 in the month of February was in 2015.   

Of our 19 regions, 13 saw single-digit growth, with Northland recording the largest year-on-year increase of 9.1%. No region recorded double-digit stock level growth. 

However, three regions recorded double-digit, year-on-year stock declines in February: 

Southland’s stock levels fell 21.4% to 522 (compared to 664 in February 2025). It is the region with the largest year-on-year drop for the eighth consecutive month. 

Central Otago/Lakes District recorded a 15.6% year-on-year decline with 862 properties compared to the 1022 listed in February 2025. 

Otago’s stock levels also fell 11.5% to 1041, down from 1176 in February 2026.

Wood says February’s data points to a market beginning to shift. 

“If this continues, we could see conditions become more competitive.  Confidence is rebuilding gradually, and while external factors like interest rates and the election will influence sentiment, we can expect to see more activity in the market throughout the year.” 

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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