Auckland Property Prices Jump Back Over Million-dollar Mark As Demand Surges

The national average asking price in Aotearoa rebounded to $857,000 in January, a 7 per cent increase from December, and flat year-on-year.

Trade Me Property’s latest figures also show Tāmaki Makaurau has reclaimed its title as the most expensive region, after briefly being overtaken by the Bay of Plenty in December. Auckland's average asking price jumped more than 9 per cent month-on-month to land back at $1,040,150.

Trade Me Property Customer Director Gavin Lloyd says it’s interesting to compare and contrast Auckland and Bay of Plenty’s movements.

“In Auckland we’ve seen a solid bump on the average asking price from December, however prices remain 3.5 per cent behind where they were in January 2025. In the Bay of Plenty we see the opposite, with prices flat (-0.5%) month-on-month but up more than 4 per cent year-on-year.

“As we’ve said in previous months, it’s worth keeping an eye on both regions, particularly given the make-up of housing in each market. In Auckland we’ve been seeing an increase in properties under $800,000, the typical first-home buyer bracket, and a surge in the luxury market in Bay of Plenty with a higher percentage of properties over the $2 million mark.”

Nelson/Tasman (-0.4%) Marlborough (-0.2%) and Northland (-2.6%) were the only three regions other than the Bay of Plenty to see prices fall from December.

Post holiday demand picks up

Mr Lloyd says the new year has also brought a distinct shift in market energy particularly from a demand perspective with many prospective buyers back from holiday and clearly thinking about their next move.

"Our search activity is up 40 per cent on December and 23 per cent year-on-year which suggests motivated buyers have returned to the market and there’s a solid buyer appetite out there.”

The regions leading the month-on-month surge in interest include Wellington, up 58 per cent (+19% year-on-year) Auckland up 45 percent (+19% year-on-year), and Canterbury where search interest jumped 43 per cent (+28% year-on-year).

Supply bounced back from December, but remains down 8 per cent on January 2025.

Regional records

The West Coast, and Southland have kicked off the year by reaching record high average asking prices.

The West Coast hit a new peak of $518,400, a 5 per cent year-on-year increase (+11% on December), while Southland also reached a record high of $563,000 (+2% year-on-year and 11% on December).

Trade Me Property Customer Director Gavin Lloyd says these regions are proving to be the real standouts of the current market.

"It’s fantastic to see strong performance across both regions, which each offer a lifestyle and level of affordability that is becoming increasingly attractive to a wide range of buyers, from first-home hunters to those looking for a change of pace," says Mr Lloyd.

In Gisborne, the average asking price also surged to a record high of $737,300 in January, representing a more than 9 per cent increase on January 2025, and up 59 per cent from December.

Lloyd notes that because Gisborne is a smaller market with a lower volume of stock, prices can fluctuate more than in major cities.

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