Doors Open Wide For First Home Buyers As Record High Number Listings Slip Below Average Asking Price

• 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

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.

Stock listed on realestate.co.nz

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 July 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.”

About realestate.co.nz

We’ve been helping people buy, sell, or rent property since 1996. Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.

Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.

Whatever life you’re searching for, it all starts here.

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Glossary of terms:

Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.

New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.

Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.

Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.

Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.

Truncated mean is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.

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