TL;DR

  •       National price pulse: The NZ House Price Report highlights a steady national price pulse, with the REINZ House Price Index up +0.2% YoY for September 2025 (Auckland -1.0%, ex-Auckland +0.9%).
  •       Mortgage specials (end-Oct averages): 1-yr 4.43%, 2-yr 4.52%, 3-yr 4.80% (RBNZ B21). Next OCR decision: 26 Nov 2025. Reserve Bank of New Zealand
  •       Market flow: October new listings 12,209 (+5.5% YoY); national average asking price $862,563 (+1.1% YoY). Central Otago/Lakes hits a record $1.65m.
  •       Supply pipeline: 3,747 new homes consented in September (+27% YoY); trend turning up. Stats NZ
  •       What this means: Rates are easing from their peaks while spring stock rebuilds—expect steadier prices nationally with stronger pockets in parts of the South Island.
  •       Monthly dwelling consents (Stats NZ; highlight 3,747 in Sept, +27% YoY). Caption: “New supply is ticking up from 2024 lows.” Stats NZ

How to read this report (method & sources)

What we track (and why):

  •       Prices (benchmark): In compiling the NZ House Price Report, we use the REINZ House Price Index (HPI) as our core benchmark because it adjusts for mix and quality better than raw medians for month-to-month signals. The September 2025 HPI shows +0.2% YoY nationwide (Auckland -1.0%, ex-Auckland +0.9%).
  •       Asking prices & market flow: For seller sentiment and new stock hitting the market, we use Realestate.co.nz’s monthly Property Report (national average asking price $862,563, +1.1% YoY; 12,209 new listings, +5.5% YoY; Central Otago/Lakes record ~$1.65m in Oct 2025).
  •       Mortgage rates: We show RBNZ B21 “new special” mortgage rate averages (end-Oct 2025: 1-yr 4.43%, 2-yr 4.52%, 3-yr 4.80%) and note the following OCR announcement: 26 Nov 2025. These are official, government-published series suited to a “rates dashboard.”
  •       Supply pipeline: For near-term construction flow, we use Stats NZ building consents (Sept 2025: 3,747 new dwellings, +27% YoY), which we also visualise in the gov-source chart. Stats NZ

How we summarise change:

  •       Monthly (MoM) for the latest pulse, Quarter-on-Quarter (QoQ) to smooth seasonality, and Year-on-Year (YoY) for structural context. We’ll label each figure accordingly and prefer YoY when volatility is high.
  •       National vs regional: National numbers lead; regional tiles highlight outliers. Where suburb-level data is proprietary (e.g., OneRoof/Valocity), we reference it as commentary only and base our charts on public series (REINZ, RBNZ, Stats NZ, Realestate.co.nz).
  •       OCR timeline (RBNZ) and monthly dwelling consents (Stats NZ) so readers see policy + supply context at a glance.

National Market Pulse

The NZ House Price Report shows the national housing market remains steady but uneven, with price momentum sitting close to flat overall while some regions show noticeably stronger activity than others. The latest House Price Index points to a mild annual rise nationally, with Auckland still slightly below last year’s levels and most regions outside Auckland showing modest year-on-year gains. Sales activity has been improving through spring, supported by lower mortgage special rates and a lift in new listings, giving buyers more choice than they had through much of 2024–early 2025.

Key signals right now:

  •       Prices: The national price trend is stable, not surging. Think slow recovery, not boom.
  •       Sales pace: Properties are selling a little faster than in mid-2025, indicating a return to buyer engagement.
  •       Stock: Spring has increased available listings, reducing the intense competition buyers faced earlier.
  •       Sentiment: Buyer confidence is improving in markets where rates have come off their peak and employment remains firm.

In simple terms:
  The market has shifted out of “correction mode” and into “stabilisation mode.”
  But strength varies by region, and value-sensitive segments (e.g., first-home-friendly suburbs, parts of the South Island) are leading the recovery, while premium Auckland and coastal lifestyle areas continue to see uneven pricing.

Rates & Finance Check

Where rates are now :

  •       Upcoming OCR: As noted in the NZ House Price Report, the Reserve Bank’s next decision is on Wednesday, 26 November 2025 (Monetary Policy Statement).
  •       Bank “special” mortgage averages (end-Oct 2025): 1-yr 4.43%, 2-yr 4.52%, 3-yr 4.80% -sitting at multi-year lows based on RBNZ B21 data. These are the RBNZ’s official B21 averages across major banks.

What that means :

  •       Repayments on new fixed terms are lighter than a few months ago, which helps first-home buyers and upsizers qualify more easily. (Actual offers vary by deposit size, income, and bank criteria.)
  •       If the OCR is cut again or guidance stays dovish, specials can drift lower or hold near current levels; if the RBNZ signals caution, banks may pause cuts. The policy track is the backdrop; funding costs and competition set the exact carded rates.

For sellers:

  •       Softer mortgage costs support buyer demand, but pricing remains sensitive to quality and location. Expect more viewings and offers in segments aligned with first-home and family budgets (most benefitting from 1–2-year fixes).

For investors:

  •       Yield math improves modestly as debt costs ease. Pair this with your local rent trend and vacancy/listings before pulling the trigger (we summarise this in the “Investor & Rental Snapshot” later).
     .

Supply Pipeline (Construction & Consents)

The NZ House Price Report confirms that new-home building activity has kicked up from last year’s lows. September’s consent print was strong, and the quarter as a whole points to a recovery in the pipeline.

What the latest numbers say

  •       3,747 new homes were consented in September 2025, +27% YoY. That’s a solid jump versus September 2024.
  •       Within the mix, multi-unit dwellings (townhouses, apartments, retirement units) were a key engine: 2,146 multi-units in September, +37% YoY. Stats NZ
  •       On a broader lens, the September quarter totalled 10,079 dwellings consented (+9.8% YoY) — the highest seasonally adjusted level since June 2023, signalling momentum rather than a one-off spike.
  •       Over the year to September 2025, 34,882 new homes were consented (+3.6% YoY), confirming the upturn in trend terms.

Why this matters for prices

  •       A rising consent pipeline tends to ease future price pressures (more stock coming), but there’s a time lag between consent and completion. Near-term, the lift mainly improves builder pipelines and confidence, while buyers will feel the effect more clearly in mid-2026 as completions arrive.
  •       The multi-unit surge helps entry-level and investor segments, where more compact homes can ease affordability constraints.
     .

Listings & Buyer Demand

Spring is doing its job: fresh stock is flowing and giving buyers more choice than they’ve had in a while, according to the latest NZ House Price Report.

What the latest flow data shows

  •       New listings: 12,209 properties came to market in October 2025, +5.5% YoY — the highest October since 2018. Real Estate.co.nz notes 15 of 19 regions lifted year-on-year.
  •       Month-on-month pulse: New listings rose ~30% from September to October, and total stock on market increased ~9.3% MoM, pointing to a healthier selection for buyers.
  •       Asking prices (context): The national average asking price held at $862,563 (+1.1% YoY); Central Otago/Lakes set a record average of $1.65m in October. These are asking (vendor) prices, not final sale prices, but they’re a timely signal of sentiment.

What this means for buyers

  •       More listings + steady asking prices = stronger negotiation power in many regions than in early 2025. Expect more conditional periods and a bit more time to compare options (though well-priced, quality homes still move quickly).

What this means for sellers

  •       With buyers having more choice, sharp pricing and presentation matter. Regions with above-average stock growth may see longer days-to-sell unless pricing matches recent comps and buyer budgets.

How to read the signals

  •       Rising new listings improve choice now; persistent stock growth can cap price momentum if demand doesn’t match the inflow. Pair this section with the price trend (REINZ HPI) to judge whether increased choice is translating to softer sale prices or simply more balanced conditions.

Regional Snapshots

The NZ House Price Report breaks down regional conditions below — each tile pairs market flow (listings/stock, asking prices) with a quick read on buyer/seller balance. Figures are from October 2025 (Realestate.co.nz) with the latest REINZ trend for the national context.

Auckland — more choice for buyers

  •       Stock on market: +10.6% YoY (biggest increase nationwide).
  •       Read: Extra choice is tempering urgency; presentation and sharp pricing matter to secure offers.

Wellington — stock rebuilding

  •       Stock on market: +8.9% YoY.
  •       Read: Conditions are more balanced than early 2025; realistic vendor expectations help deals over the line.

Canterbury / Christchurch — steady, with solid buyer activity

  •       Flow: Listings lifted nationally; Canterbury is one of the larger markets benefiting from spring inflows.
  •       Read: Stable asking levels and good depth of demand keep well-presented homes moving.

Bay of Plenty / Tauranga — active spring, selective demand

  •       Flow: Listings up nationally; vendors in coastal hotspots still test premium pricing.
  •       Read: Buyers have options; premium stock must justify price with quality and location.

Otago / Queenstown-Lakes — price leader

  •       Average asking price (Central Otago/Lakes): $1.65m (record; +18.9% YoY) — NZ’s first region above $1.6m.
  •       Read: Tourism/lifestyle demand underpins the top end; expect a continued two-speed market within the region.

Waikato / Hamilton — balanced conditions

  •       Flow: Spring stock improving choice; pricing is competitive for family segments.
  •       Read: Value-oriented suburbs see the most traction.

Gisborne — standout lift in new listings

  •       New listings: +22.8% YoY (largest gain).
  •       Read: More options for buyers; sellers should price to the increased competition.

Coromandel — strong seller return

  •       New listings: +20.6% YoY.
  •       Read: Holiday/lifestyle stock is back; time-to-sell depends on pricing realism.

West Coast — fewer fresh listings, stock higher

  •       New listings: -16.7% YoY (biggest fall). Stock: +8.9% YoY.
  •       Read: Slower new flow, but elevated available stock, creates patient buyer conditions.

Context anchor (national): REINZ HPI shows +0.2% YoY nationally (Sept 2025), Auckland -1.0% YoY, ex-Auckland +0.9% YoY—i.e., gentle national trend with regional variation.


 Curious what this means for your place? Get a free estimate on Price My Property and see today’s value range for your address.

Leaderboards & Notables

Top regions by asking-price change (YoY)

  1. Gisborne: +28.7% YoY (most considerable rise).
  2. Central Otago/Lakes: +18.9% YoY to a record $1.65m (first NZ region over $1.6m).
      National average asking price: $862,563 (+1.1% YoY).

Top regions by new listings change (YoY)

  •       Gisborne: +22.8% (most significant lift) — strong seller return.
  •       Coromandel: +20.6% — lifestyle/holiday stock rebounding.
  •       West Coast: -16.7% — sharpest decline in fresh supply.
     National new listings: 12,209 (+5.5% YoY), the highest October since 2018.

Regions with stock on market shifts (YoY)

  •       Rising stock: Auckland +10.6%, Wellington +8.9%, West Coast +8.9% — more choice, more price sensitivity.
  •       Falling stock: Southland -11.8%, Otago -7.3%, Manawatū-Whanganui -5.5% , Some lower South Island regions continue to show tighter supply, with well-priced listings still moving quickly.

Affordability & First-Home Lens

Bottom line: The NZ House Price Report notes that affordability has improved modestly as mortgage specials ease and credit rules loosen at the margin, but deposit size still does most of the gating.

What’s moving the needle

  •       Mortgage specials are lower: Bank “special” fixed rates (official RBNZ averages) at end-October were about 4.43% (1-yr), 4.52% (2-yr), 4.80% (3-yr) — down from mid-year peaks.
  •       Credit settings are a touch easier: From mid-October 2025, the RBNZ signalled eased LVR speed limits: banks may do up to 25% of owner-occupier lending above 80% LVR (was 20%), and 10% of investor lending above 70% LVR (was 5%). Banks phase this in via their conditions of registration—translation: a little more room for low-deposit borrowers, subject to bank criteria.Effective from 1 December 2025, as announced by the Reserve Bank on 14 October 2025.

What this means in dollars (illustrative only)

  •       On a $600k loan over 30 years at the RBNZ B21 averages:
     • 1-yr 4.43%: ≈ $3,015/month
     • 2-yr 4.52%: ≈ $3,047/month
      • 3-yr 4.80%: ≈ $3,148/month

(Your actual rate depends on deposit, income, and bank offers.)

How buyers can use this

  •       Deposit pathway: With LVR easing, more <20%-deposit loans may be available, but banks still test income carefully; expect scrutiny on expenses and existing debts.
  •       Fixing strategy: Many first-home buyers favour 1–2-year fixes to capture current specials while retaining flexibility if rates fall further after the 26 Nov 2025 OCR decision.
  •       Price expectations: National prices are broadly steady on annual comparisons, so negotiation power comes from local stock levels and days-to-sell rather than fast-rising prices. Pair your suburb search with current comps.

For sellers

  •       Entry-level segments are more rate-sensitive. If your home sits in popular first-home price bands, easing rates + spring listings can mean more viewings — but buyers remain value-driven. Price to recent settled sales, not just asking prices.

Ready to sanity-check your target suburb and price band? Run your suburb on Price My Property to see typical value ranges and recent comps — then tweak your deposit and rate to see repayments.

Investor & Rental Snapshot

The NZ House Price Report finds that renters have a bit more leverage right now, asking rents are down, and listings are up—while bond data and CPI context help explain regional differences.

What the latest rental stats say

  •       September 2025 average advertised rent: $624/week (−3.1% YoY).. Regions leading the declines include Wellington (-9.6% YoY) and Auckland (-3.4% YoY). October focus: new rental listings +11.4% YoY to 6,750, and rental stock +21.2% YoY..
  •       Supply backdrop: September also showed abundant choice: new rental listings +18.1% YoY and rental stock +23.6% YoY.
  •       Bond & “market rent” references: MBIE’s rental bond data and Market Rent tool provide suburb-level medians over the last six months—useful for grounding yield assumptions (e.g., Avondale median $650/week for Mar–Aug 2025).
  •       Inflation context: The September 2025 CPI printed 3.0% YoY; housing components (including rents) contributed, but advertised rents are easing as supply lifts useful nuance for investors assessing near-term rent growth.

What this means for investors

  •       Gross yields: With asking rents softening and prices broadly stable, yields are holding or edging up in value-focused regions. Pair local market rent medians (MBIE tool) with actual purchase price to compute suburb-level gross yields rather than relying on national averages.
  •       Vacancy risk: Rising rental stock means longer letting times in some metros. Budget for realistic days-to-let and maintain presentation/pricing discipline.
  •       Financing: Debt costs have eased from the peak (1-yr/2-yr/3-yr mortgage specials around 4.43% / 4.52% / 4.80%, end-Oct), improving serviceability for geared investors.

Policy & credit settings to watch

  •       The RBNZ’s next OCR decision is 26 Nov 2025; guidance there will influence bank specials and debt-servicing tests.
  •       The RBNZ has announced plans to ease LVR speed limits from 1 Dec 2025 (greater allowance for <20% deposits on OO loans; <30% on investor loans), increasing flexibility at the margin. Banks’ implementation/credit appetite will determine how much this helps.

 

 What to Watch This Month

Dates & releases on deck (mark your calendar):

  •       OCR decision — Wed, 26 Nov 2025 (2–4 pm): The Reserve Bank’s following Monetary Policy Statement. Any shift in tone or track will flow through to bank “specials” and serviceability tests.
  •       REINZ monthly update (mid-Nov): Follow-through on spring sales pace and the HPI trend after September’s +0.2% YoY print will show if stabilisation is broadening.
  •        Real Estate.co.nz November preview (early Dec): Did October’s 12,209 new listings (highest October since 2018) set the tone for a sustained stock rebuild, or was it a one-off surge?
  •       Stats NZ — next building consents (late Nov): After 3,747 dwellings in September (+27% YoY), watch whether the pipeline keeps climbing — a medium-term cap on price pressure.

Signals to interpret (and why they matter):

  •       Bank mortgage “specials”: If the OCR tone is dovish, 1–2-year carded rates may drift lower or hold — crucial for entry-level demand and upgrade chains. (Track RBNZ B21 series.)
  •       Listings vs. sales: If new listings keep outrunning sales, total stock will rise into summer, improving buyer leverage; if sales absorb the inflow, pricing stabilises faster.
  •       Regional dispersion: Central Otago/Lakes’ record $1.65m average asking price underscores ongoing two-speed dynamics; watch whether big-city stock growth (e.g., Auckland, Wellington) continues to temper urgency.

FAQs

1) Is now a good time to sell?
  If your property sits in popular first-home or family price bands, easing fixed rates and stronger spring activity generally help demand. Focus on presentation and price to recent settled sales in your suburb (not just asking prices) to shorten days on market.
  Tip: sanity-check the range with Price My Property before you list.

2) How reliable are asking-price stats vs sale-price stats?
  Asking prices reflect vendors’ expectations and show early sentiment; sale prices reflect what buyers actually paid but arrive with a lag. Read them together: asking prices for direction, sale prices (and HPI) for confirmation.

3) Why do regions move differently?
  Local jobs and migration, new-build supply, tourism/lifestyle demand, and affordability bands vary widely. A region with fast new listings and ample stock can feel “buyer-friendly” even if national prices are steady.

4) How do interest rates flow through to prices?
  Lower fixed rates improve borrowing power and confidence first; price effects are typically gradual and uneven—strongest in entry-level segments and suburbs with tight stock.

5) Where can I see the raw data you’re citing?
  Government and official sources you can trust include the Reserve Bank of New Zealand (OCR and average mortgage rates) and Stats NZ (building consents). Industry sources include REINZ (HPI, medians) and Realestate.co.nz (asking prices, listings). We visualise the govt series near the TL;DR each month in this report.

Quick action: Not sure how your home stacks up against nearby sales? Get your free estimate on Price My Property and compare it to current listings in seconds.

Conclusion

New Zealand’s housing market has shifted into stabilisation mode: prices are broadly steady on an annual view, mortgage specials are easing, and spring has rebuilt buyer choice. The story is still regional—with Central Otago/Lakes leading on asking prices, while big-city stock rebuilds keep conditions more balanced. Heading into summer, keep an eye on the OCR decision, bank specials, and whether new listings continue to outpace sales or get absorbed.

Thinking of selling in the next 3–6 months?
  Get your property’s value range and track it monthly with Price My Property; it’s fast and free.

 

Methodology: We summarise monthly YoY and QoQ shifts for context, use HPI for price trends (mix-adjusted), asking prices & listings for market flow, mortgage rates/OCR for financing conditions, and consents for future supply. Suburb-level insights from proprietary sources (e.g., OneRoof/Valocity) are treated as commentary only; our charts use public/official series.