The New Zealand property market remained steady overall in June 2025, but beneath the surface, regional dynamics are beginning to tell a very different story. While the national median house price held firm at $770,000 compared to June last year, figures from the Real Estate Institute of New Zealand (REINZ) reveal growing disparities between the country’s largest city and its smaller regions.
Auckland, long regarded as the engine of New Zealand’s housing market, saw its median house price fall once again. Compared to June 2024, the region’s median declined by 3.4% to $990,000.
Outside of Auckland, the median price for the rest of New Zealand actually rose by 1.7% year-on-year, reaching $691,500. In fact, 10 out of the country’s 16 regions recorded increases in median prices over the past year, painting a picture of renewed strength in provincial markets.
The most dramatic growth was seen on the West Coast, where the median price surged by 35.5% from $310,000 to $420,000. Southland, another smaller region, also achieved a significant milestone by reaching a new record high median price of $502,500,the first time any region in New Zealand has hit a record since January. These figures underscore how momentum has shifted away from traditional urban centres to more affordable and potentially more attractive regional areas.
According to REINZ Chief Executive Lizzy Ryley, the national stability in prices belies an undercurrent of change.
“We’re seeing a market that is steady on the surface but with some movement underneath at a regional level.
“The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year,” she said.
The contrast becomes even clearer when looking at sales activity. Nationally, the number of properties sold increased by 20.3% year-on-year, from 4,877 in June 2024 to 5,865 in June 2025.
When Auckland is excluded, that growth was even higher at 21.4%, highlighting strong buyer interest across the rest of the country.
Some of the most notable increases came from Gisborne, where sales jumped by 70.0% from 20 to 34 properties. Other significant rises were recorded in Southland (+34.9%), Bay of Plenty (+33.3%), and Marlborough (+32.7%).
Even though June is typically a slower month due to seasonal factors, Ryley noted that sales came in slightly below early winter expectations. Seasonally adjusted, the number of sales nationally fell by around 5%, suggesting some caution among buyers. Still, she emphasized that compared to this time last year, the market is clearly more active.
One of the key shifts appears to be in buyer behaviour and pricing expectations. The median number of days to sell a property across New Zealand increased by three days to 50.
Excluding Auckland, it rose by four days to reach the same 50-day mark. This indicates that buyers are taking more time to consider their options and negotiate, especially with more inventory available. Total available listings across the country rose by 2.0% year-on-year, to 32,384 properties.
“While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach.
“This shift probably reflects a broader sense of caution, with many buyers feeling they have the time to explore their options, especially with the amount of choice they have.” Ryley explained.
At the same time, sellers appear to be adjusting to these new conditions. Many are coming to the market with more realistic price expectations, although offers are often coming in below what sellers had hoped. This has led some vendors to delay listing or relisting their homes until the traditionally busier spring and summer months, when market activity may pick up again.
Despite Auckland’s continuing decline, the national House Price Index (HPI) posted a slight year-on-year increase of 0.3%, reaching a level of 3,580. However, the HPI dropped by 0.8% compared to May 2025. Over the past five years, the HPI has seen an average annual growth rate of 3.9%, signalling overall long-term stability, even if short-term fluctuations remain.
The shifting patterns in the housing market suggest that the dominance of Auckland is no longer a given. As more affordable regions show signs of strength, and buyers look beyond the traditional property hotspots, New Zealand’s housing market is entering a new phase, one where regional areas are not just keeping pace, but in some cases, leading the way.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
