National Average Asking Price Hits Two-Year High

New Zealand’s property market continues its post-holiday recovery, with the national average asking price rising to $883,800 in February, according to the latest Trade Me Property Pulse Report.

Following a strong start to the year, February data shows a sustained 3.1 per cent month-on-month increase, marking a 1.7 per cent growth compared to this time last year and the highest average asking price since early 2024.

Trade Me Property Customer Director Gavin Lloyd says it’s good to see some positive momentum at this stage of the year.

“It’s not just one or two regions of the 15 we monitor, but the majority that are seeing increases both when compared to the same period last year, and month-on-month. The South Island in particular is looking solid across the board”.

Mr Lloyd says while this upward movement is a welcome sign for market confidence, it's important to keep expectations grounded.

“Given the current economic climate, we’re unlikely to see a return to the rapid growth of previous years. Instead, we are seeing a measured, sustainable recalibration, and while the tide has turned in a positive direction, the market is likely to favour steady, incremental growth as opposed to sharp spikes.”

Key regional highlights

Tāmaki Makaurau continued its upward trajectory, with the average asking price reaching $1,096,000, a 5.4 per cent jump from January.

“For the first time in more than a year, prices in Auckland are up year-on-year with February increases sitting 2.5 per cent ahead of where they were in February 2025. Prices in Auckland are now the highest they have been since October 2024.”

Further south, the Otago region hit its highest average asking price since December 2023 at $915,000 in February.

Christchurch city has reached a significant milestone in the month, setting a record-high average asking price of $749,000 for all properties, with the popular 3-4 bedroom category also hitting a record of $822,800 in February.

Market sentiment

Gavin Lloyd says the February data shows a market energised by a wave of new year activity, as motivated buyers return to secure their next home.

“Our data shows a highly active market from a demand perspective, with year-on-year searches up around 18 per cent, however supply remains flat, which will also be factoring into pricing.”

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