Median Prices Up As Buyers Take Their Time

Confidence and positivity are on the rise across almost all regions, according to the latest data from the Real Estate Institute of New Zealand (REINZ). Median prices continue to climb, with only three regions recording annual declines year-on-year, reflecting a market where prices remain resilient even as buyers move at a measured pace. Local salespeople report pockets of strong enquiry, highlighting growing sentiment at a regional level.

With activity varying across September, October, and November, we’ve taken a broader view and applied seasonal adjustments to give a clearer picture of where the market is heading. On this basis, the three months ending November 2025 show the market holding slightly ahead of where it was at the same time last year, with national sales count up (+2.4%) and median price fractionally higher (+0.2%). For New Zealand, excluding Auckland, the picture is a little stronger, with sales count (+4.1%) and median price (+1.5%) both ahead of last year.

“Comparing November 2025 to November 2024 still matters, but looking at the three-month trend helps smooth out monthly ups and downs,” says REINZ Chief Executive Lizzy Ryley. “Taken together, the seasonally adjusted figures suggest the market is continuing to edge in the right direction. While the improvement is gradual, the underlying trend remains more positive than it was a year ago.”

Looking back to November 2025 compared to November 2024, New Zealand’s median price increased by 2.3% year-on-year, to $808,000. Excluding Auckland, the median price increased by 4.3% year-on-year to $730,000.

Twelve out of the sixteen regions reported an increase in median prices year-on-year. Canterbury hit a record median price, up 3.0% year-on-year to $720,000. There were two Territorial Authority (TA) records in Hawke’s Bay’s Wairoa District at $725,000, up 16.7% and in Canterbury’s Waimate District at $549,000, up 6.6%.

“Median sales prices continued to rise across many regions in November, with the national median reaching $808,000 this month. Auckland’s median price is above $1 million ($1,050,000) for the second month in a row, and Canterbury recorded a new high, with the median price hitting $720,000. The broader trend indicates that, despite some local variations, the property market remains resilient, with activity nationwide helping to support price growth,” says Ryley.

The national median Days to Sell decreased by one day to 40 days. For New Zealand, excluding Auckland, it decreased by two days to 40 days. The largest annual reduction in median Days to Sell was observed in Otago, down 12 days from 45 to 33. The greatest year-on-year increase in median Days to Sell was on the West Coast, rising 16 days from 31 to 47 days.

National sales declined 5.7% year-on-year to 7,268, and sales across New Zealand, excluding Auckland, fell 5.3% to 5,034. National month-on-month data also shows declines in sales counts. Only three regions recorded year-on-year increases in sales: Northland, increased by 12.0% to 234 sales; Waikato increased by 2.9% to 768 sales; and Nelson, up 25.8% to 78 sales.

Seasonally adjusted sales figures show that nationally, sales are down slightly month-on-month (-4.6%), compared to the raw data decline of 4.4%. Auckland fell 9.1% month-on-month, while NZ excluding Auckland was slightly softer (-3.3%). In contrast, Northland (+21.6%) and Hawke’s Bay (+5.0%) saw strong month-on-month gains, and regions such as Nelson (-15.7%) and Canterbury (-7.2%) indicate mixed conditions across the country.

“This November marked only the sixth time in 33 years that New Zealand’s November sales count was below October’s, underscoring how unusual it is for activity to ease at this point in the seasonal cycle. Despite the slower sales pace, median prices have remained largely resilient, supported by a stable underlying demand,” continued Ryley.

New listings continue to rise around the country, up 10.9% year-on-year to 12,339. New Zealand, excluding Auckland, also recorded an increase, up 10.2% year-on-year to 8,199. National inventory levels are up 4.0% compared to November 2024, to 35,345.

"First home buyers and owner-occupiers continue to dominate the market," says Ryley. “With plenty of choice available, some buyers remain cautious and are taking time before deciding to purchase. However, salespeople around the country have reported a growing sense of optimism in the market. They’ve also observed that while sales have decreased slightly, some buyers – and some vendors who are selling and buying in the same market – are finding it easier to manage, due to easing interest rates, the November OCR cut, and more flexible lending criteria. These all seem to be contributing to a cautiously optimistic view heading into 2026”

November’s auction sales totalled 1,337 nationally, accounting for 18.4% of all sales. In New Zealand, excluding Auckland, there were 663 auction sales, accounting for 13.2% of all sales. Auction sales in Auckland have increased both year-on-year and month-on-month, with 674 sales, representing 30.2% of all sales.

The House Price Index (HPI) for New Zealand is at 3,629, a 0.2% decrease over the past year and a 0.1% increase month-on-month. However, the index level remains 15.1% below its peak. Over the past five years, New Zealand's average annual HPI compound growth rate has been 1.5%.

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