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The Latest Property Pulse Report
House prices and listings fall, but demand up.
By Gavin Lloyd 13 June 2025
The national average asking price has retracted with property prices dropping 1.2% to $845,250, according to our latest data.
Our Customer Director, Gavin Lloyd, said that this marked the second consecutive month-on-month decline in the average asking price, following a 0.8% drop in April.
“We saw prices fall across most of the motu in May, with only four exceptions of the 15 Trade Me Property monitors. Southland (+1.2%), Taranaki (+1.5%), the West Coast (+1.4%) and Manawatū/Whanganui (+0.1%) were the only regions showing some signs of growth.”
Metro centre prices hit eight month lows
Auckland, Wellington and Canterbury all recorded their lowest prices since September 2024.
In Tāmaki Makaurau prices fell 1.5% on April and 2.5% year-on-year to $1,030,850. In Wellington the average asking price in May was $805,100, a 0.6% fall on the previous month and down 2.9% on May 2024.
In Canterbury the average asking price fell to $705,650, representing a 0.6% decline both month-on-month and year-on-year.
Gavin Lloyd says alongside price decreases, time onsite is starting to increase.
“Buyers tend to take a little more time in the winter months and the current market is already showing signs of this slow down with median days onsite sitting at 70 in May, up from 62 in April,” said Lloyd.
New Zealand Property Price Index
-1.2% month on month (-1.1% excluding Auckland)
Month-on-Month Change in Average Asking Price
The national average asking price decreased 1.2% from April, bringing it to $845,250.
| Region | Property Price Index | MoM % change | |||
|---|---|---|---|---|---|
| Auckland | Auckland | $1,030,850 | $1,030,850 | -1.5% | -1.5% |
| Bay of Plenty | Bay of Plenty | $869,350 | $869,350 | -2.7% | -2.7% |
| Canterbury | Canterbury | $705,650 | $705,650 | -0.6% | -0.6% |
| Gisborne | Gisborne | $635,050 | $635,050 | -0.2% | -0.2% |
| Hawke’s Bay | Hawke’s Bay | $739,050 | $739,050 | -2.0% | -2.0% |
| Manawatuū/Whanganui | Manawatuū/Whanganui | $586,600 | $586,600 | 0.1% | 0.1% |
| Marlborough | Marlborough | $728,200 | $728,200 | -2.8% | -2.8% |
| Nelson/Tasman | Nelson/Tasman | $821,900 | $821,900 | -0.8% | -0.8% |
| Northland | Northland | $791,250 | $791,250 | -1.4% | -1.4% |
| Otago | Otago | $850,600 | $850,600 | -1.4% | -1.4% |
| Southland | Southland | $518,650 | $518,650 | 1.2% | 1.2% |
| Taranaki | Taranaki | $691,250 | $691,250 | 1.5% | 1.5% |
| Waikato | Waikato | $800,900 | $800,900 | -0.9% | -0.9% |
| Wellington | Wellington | $805,100 | $805,100 | -0.6% | -0.6% |
| West Coast | West Coast | $452,250 | $452,250 | 1.4% | 1.4% |
Supply and demand
The number of listings on Trade Me Property in May fell 1.3% month-on-month but remained five per cent up on May last year.
Auckland and Taranaki were the only two regions to show listings growth, albeit modest at one per cent. All other regions monitored by Trade Me Property saw a decline in supply between April and May.
In contrast, demand continued to grow, recording a 2.4% increase on April, and up four per cent year-on-year.
Auckland, Canterbury, Southland and Taranaki all saw demand growth of between five and six per cent from April.
“A plentiful supply of properties, coupled with more affordable loan repayments is giving buyers a sense of renewed confidence and motivation,” said Lloyd.
| Location | Property | Apartments | Townhouses | Units | |||||
|---|---|---|---|---|---|---|---|---|---|
| New Zealand | New Zealand | -0.4% $701,150 | -0.4% $701,150 | -1.4% $714,350 | -1.4% $714,350 | -1.3% $767,800 | -1.3% $767,800 | -0.6% $544,700 | -0.6% $544,700 |
| New Zealand (excl. Auckland City) | New Zealand (excl. Auckland City) | -2.0% $672,200 | -2.0% $672,200 | -6.2% $700,850 | -6.2% $700,850 | -2.3% $730,800 | -2.3% $730,800 | -0.6% $521,300 | -0.6% $521,300 |
| Auckland City | Auckland City | +3.8% $838,550 | +3.8% $838,550 | 5.0% $735,050 | 5.0% $735,050 | -6.4% $1,022,250 | -6.4% $1,022,250 | -0.3% $697,450 | -0.3% $697,450 |
| Wellington City | Wellington City | -9.1% $651,200 | -9.1% $651,200 | -11.7% $593,450 | -11.7% $593,450 | -0.4% $812,350 | -0.4% $812,350 | -23.5% $529,100 | -23.5% $529,100 |
| Christchurch City | Christchurch City | -0.4% $574,600 | -0.4% $574,600 | 13.4% $681,350 | 13.4% $681,350 | -1.0% $620,750 | -1.0% $620,750 | -1.5% $455,200 | -1.5% $455,200 |
Previous Property Pulse Updates
Catch up on previous Property Pulse Report updates and commentary.
Property prices cool across the motu
April 2025
Property prices have fallen for the second time this year, according to our monthly Property Pulse Report.
The average asking price for a property in April was $855,150, down 0.8% on March and 2.6% year-on-year.
Trade Me Property Customer Director, Gavin Lloyd says house prices dipping at this stage of the year is somewhat typical and can largely be attributed to seasonal fluctuations.
“Historically, as we move into the colder months of the year we see a dip in buyer activity, and this is reflected in the most recent data. House hunting is a lot more appealing when the sun is shining and properties look and feel their best,” says Mr Lloyd.
New Zealand Property Price Index
-0.8% month on month (+0.6% excluding Auckland)
Month-on-Month Change in Average Asking Price
The national average asking price decreased 0.8% from March, bringing it to $855,150.
| Region | Property Price Index | MoM % change | |||
|---|---|---|---|---|---|
| Auckland | Auckland | $1,046,900 | $1,046,900 | -1.0% | -1.0% |
| Bay of Plenty | Bay of Plenty | $893,900 | $893,900 | -0.1% | -0.1% |
| Canterbury | Canterbury | $710,150 | $710,150 | -0.7% | -0.7% |
| Gisborne | Gisborne | $636,200 | $636,200 | 1.5% | 1.5% |
| Hawke’s Bay | Hawke’s Bay | $754,450 | $754,450 | 0.6% | 0.6% |
| Manawatuū/Whanganui | Manawatuū/Whanganui | $586,100 | $586,100 | 0.1% | 0.1% |
| Marlborough | Marlborough | $749,300 | $749,300 | -1.2% | -1.2% |
| Nelson/Tasman | Nelson/Tasman | $828,550 | $828,550 | -0.6% | -0.6% |
| Northland | Northland | $802,700 | $802,700 | -1.3% | -1.3% |
| Otago | Otago | $862,250 | $862,250 | 0.6% | 0.6% |
| Southland | Southland | $512,500 | $512,500 | -2.5% | -2.5% |
| Taranaki | Taranaki | $680,900 | $680,900 | 1.0% | 1.0% |
| Waikato | Waikato | $807,850 | $807,850 | -0.9% | -0.9% |
| Wellington | Wellington | $810,300 | $810,300 | -1.4% | -1.4% |
| West Coast | West Coast | $446,150 | $446,150 | -7.4% | -7.4% |
Drop in supply, and demand
The number of listings on Trade Me Property, which hit a decade high in March, fell 4% between March and April. Demand was also down 13% month-on-month.
“Of the 15 regions we monitor at Trade Me Property, each one recorded a decline in supply from the month prior with the biggest drops recorded on the West Coast (-7%), Nelson/Tasman (-7%), Canterbury, Gisborne and Taranaki all down 6% respectively.”
Lloyd says while the number of listings on Trade Me Property fell between March and April there remains plenty of choice for house-hunters.
“To give some perspective, we had several thousand more properties listed onsite in April of this year compared to April 2024. That means buyers continue to have plenty of leverage and to secure a sale, vendors are going to need to meet the market, particularly in regards to realistic price expectations.”
Auckland records largest decline this year
Tāmaki Makaurau property prices fell -1.0% on March and represent the biggest month-on-month decline in eight months. Year-on-year prices in the country’s largest city are down -3.2%.
“Property prices in Auckland have been consistently inconsistent in recent months. In March we saw the average asking price reach a 10-month high, and for April prices recorded the largest fall since August 2024.
“After dipping below the million dollar average last August, many will be keeping a watchful eye on the city of sails as to how things play out as we move closer to winter.”
The number of days properties spent onsite also increased from an average of 56 days in March to 62 days in April, but remains well down on the average 85 days in January.
“The rule of thumb is that the longer properties spend on the market, the more sellers need to adjust their expectations, particularly when it comes to price. This is especially true in a market where there’s plenty of supply to choose from,” says Mr Lloyd.
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