New figures from the Real Estate Institute of New Zealand (REINZ) show house prices across the country continue to ease, with the national median falling 1.1% in the year to April 2025. That brings the median down from $790,000 to $781,000 compared to April last year.
Biggest Drops:
- Auckland: Down 4% to $1 million
- Wellington: Down 5.5% to $775,000
But it’s not all doom and gloom — 7 of 16 regions saw price gains.
Standouts:
- Tasman: Up 8.4% to $875,000
- Otago: Up 6.4% to $745,000
- Canterbury: Up 4% to $697,000
Sales Activity on the Rise:
Despite the price dip, more people are buying. Property sales in April jumped nearly 10% compared to last year — from 5,871 to 6,427.
REINZ acting chief executive Rowan Dixon said there’s strong buyer interest, especially in more affordable homes. “People are shopping smarter — if prices feel too high, they’re happy to walk away,” he noted.
Seasonally adjusted, sales dipped slightly (0.5%) from March to April, which is normal for this time of year.
What About the Market Outlook?
The House Price Index (HPI) — which smooths out short-term volatility — edged up 0.4% in April. Westpac senior economist Michael Gordon said while prices are still down from a year ago, the gap is closing.
“Lower mortgage rates are bringing buyers back, but with so many homes still on the market, price pressure remains muted — for now,” Gordon said. He expects house price growth to slowly return later in 2025 as supply tightens.
📆 On average, it’s still taking 42 days to sell a home — quicker than earlier this year, but slower than historic norms.
- House prices still falling, but slowly
- Sales are up as buyers re-enter the market
- Price growth expected later in 2025 as supply drops
Thinking of buying or selling? Now might be the time to watch the market closely.
