The house wins!

Property activity lifts in early 2025.

New Zealand’s housing market continues to show signs of recovery, with national sales activity and dwelling values both lifting in March, supported by easing mortgage rates and renewed buyer confidence, according to CoreLogic NZ’s April Housing Chart Pack.
Sales volumes were 11% higher in March compared to the same time last year, more than offsetting February’s brief dip.

This marks nearly two years of gradual growth in transaction activity. “Clearly confidence levels are growing, no doubt reflecting the falls in mortgage rates,” said CoreLogic NZ Chief Property Economist Kelvin Davidson.

“The recovery in property values and activity levels is becoming clearer, but it remains measured. Higher stock levels are still giving buyers plenty of choice, which will keep a lid on price growth in the near term,” says Kelvin.

Overall, March saw a year-on-year increase in sales nationally, however median prices remain steady. The total number of properties sold in New Zealand increased by 12.8% compared to March 2024, from 6,774 to 7,640, according to REINZ.

Cautious Canterbury

Here in Canterbury, things differed a little from national trends. While figures from REINZ show that six out of 16 regions reported an increase in median prices compared to last year, Canterbury was one of two regions, along with Taranaki, that had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. As well, Nelson’s median price significantly declined
year-on-year from $722,000 to $640,000 (11.4%).

Overall, the green shoots of recovery are becoming more geographically widespread, extending beyond the main centres into key regional towns and cities.

“If current momentum continues, we anticipate around 10,000 more residential sales this year compared to 2024. That means more opportunities for everyone – first home buyers, investors and upgraders alike,” Kelvin says.

Housing Chart Pack Highlights April 2025:

• New Zealand’s residential real estate market is worth a combined $1.62 trillion.
• The total sales count over the 12 months to March is 83,543.
• Total listings on the market were 30,524 in March.
• Rental market conditions still favour tenants, as net migration (demand) eases down from its very high peak, and the stock of available rental listings (supply) on the market stays elevated.