REINZ December 2025 Data: Sales And Median Prices Hold Strong Into Summer

As December 2025 drew to a close, the New Zealand property market experienced a typically mixed month, with strong sales activity early on before momentum eased heading into the summer holidays. The latest data from the Real Estate Institute of New Zealand (REINZ) shows that median prices and sales counts both remained higher than in the same period last year. Local salespeople observed activity lifting in some areas, as certain regions saw a rise in buyer interest and enquiries.

National sales increased 8.1% year-on-year, and sales across New Zealand, excluding Auckland, increased 10.6% to 4,758. Looking at sales counts compared with November 2025, the raw data was down 12.2% to 6,644 sales nationally, but once seasonal patterns are accounted for, the decreases are much smaller.

"This time of year, from November through February, can make it difficult to separate normal seasonal changes from genuine market shifts," says REINZ Chief Executive, Lizzy Ryley. "While raw sales counts usually fall from November to December, after adjusting for seasonal trends, it’s clear that the market is holding up.

Median prices remained largely stable both across the country and in Auckland. In regions such as Waikato and Manawatu/Whanganui, activity was stronger than expected. This suggests that, despite the usual seasonal slowdown, the market is resilient and confidence is gradually returning, particularly in regions where buyers and sellers are active."

New Zealand’s median price increased by 1.4% year-on-year, to $786,977. Excluding Auckland, the median price increased by 2.1% year-on-year to $718,000. Auckland’s median price is above $1 million for the third month in a row, at $1,015,000, up 1.5% year-on-year.

Twelve out of the sixteen regions reported an increase in median prices year-on-year. Gisborne hit a record median price, up 24.8% year-on-year to $730,000. Canterbury’s median price was $725,000, the same as the previous record high recorded in November 2025.

There were two Territorial Authority (TA) records, Opotiki District in Bay of Plenty ($765,000 which is 14.9% higher than the prior record in January 2022) and Gisborne District ($730,000 which is 2.1% higher than the prior record in March 2022).

“December is usually a quiet month for the housing market. However, compared to the same time last year, activity appeared stronger in several areas,” says Ryley. “Local salespeople reported mixed conditions, with some regions having experienced higher levels of buyer interest. In particular, attendance at open homes and enquiries around listings were above what was seen at this time last year, suggesting improved engagement despite the typical seasonal slowdown.”

The national median Days to Sell decreased by two days to 39 days. For New Zealand, excluding Auckland, it decreased by three days to 38 days. The largest annual reduction in median Days to Sell was observed in Southland, down 19 days from 40 to 21. The

West Coast saw the greatest year-on-year increase in median Days to Sell, rising 35 days from 49 to 84 days.

New listings increased 2.8% to 4,900. New Zealand, excluding Auckland, also recorded an increase, up 0.4% year-on-year to 3,408. National inventory levels are up 3.1% compared to December 2024, to 30,390.

“First home buyers and owner-occupiers continue to dominate the market,” says Ryley. “Lower interest rates have improved affordability and encouraged more buyers to re-enter the market, while pricing remains relatively accessible compared with previous peaks. At the same time, high levels of available stock mean buyers have plenty of choice, allowing them to take a more measured and confident approach when making decisions.

Overall, 2025 closed with confidence continuing to build, setting a constructive foundation for the year ahead. Looking to 2026, the market is expected to see momentum gradually improve as conditions continue to stabilise.”

December’s auction sales totalled 915 nationally, accounting for 13.8% of all sales. In New Zealand, excluding Auckland, there were 505 auction sales, accounting for 10.6% of all sales. Auction sales in Auckland have increased year-on-year, with 410 sales, representing 21.7% of all sales.

The House Price Index (HPI) for New Zealand is at 3,603, a 0.4% decrease over the past year and a 0.6% decrease month-on-month. However, the index level remains 15.7% below its peak. Otago had a record-high HPI index of 4,274, which is 1.2% higher than its previous peak of 4,224 last month. Over the past five years, New Zealand's average annual HPI compound growth rate has been 1.0%.

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