2025 NZ Property Market Review: Prices, Sales Volumes, Listings and Regional Trends

More buyers came back. More listings popped up. More deals got done. And yet, for most of the year, prices didn’t run away on anyone. That combination is exactly what a “more balanced” market looks like : steadier, more negotiable, and a lot more normal than what we’ve been used to in previous years!

This deep dive expands on our overall 2025 review and 2026 outlook, you can read that here.

What changed most in 2025

Sales volumes lifted (confidence returned, cautiously)

One of the clearest “green shoots” signals in 2025 was higher sales activity. Not because everyone suddenly got excited again — more because buyers stopped waiting for perfect conditions and started acting when the numbers made sense.

For borrowers, that’s an important clue: it tells you the market was finding its feet again, even while affordability stayed front and centre.

Listings and inventory gave buyers breathing room

2025 wasn’t a stock-starved market in the way some earlier years were. And when buyers have choice, behaviour changes:

• people take time

• due diligence becomes normal again

• negotiation comes back into play

If you were a prepared buyer in 2025, you often had options. If you weren’t prepared, you could still buy, but you probably felt like you were playing catch-up.

Prices stayed “contained” (even while activity improved)

Here’s the part that surprised some people: more sales didn’t automatically mean higher prices everywhere.

Instead, 2025 looked like a market stabilising:

• prices steady in many places

• pockets of improvement (especially where affordability was stronger)

• and some areas lagging as debt and income constraints did their work quietly in the background

Prices vs volumes: why they didn’t surge together

Higher volumes + steady prices usually means negotiation is doing the work

When demand returns in a tight-stock environment, prices lift fast. In 2025, stock improved and buyers stayed disciplined - so the market moved, but didn’t overheat.

That’s a healthy dynamic for borrowers because it rewards:

• preparation (pre-approval, clean paperwork)

• patience (being able to walk away)

• and good decision-making (buying on value, not vibes)

Practical takeaway: in balanced markets, you don’t always “win” by shaving $10,000 off the price. Often the win is:

• a better settlement date

• stronger conditions (or fewer conditions, if you’re competitive)

• repairs/inclusions

• or not overpaying in the first place

Regional affordability kept shaping outcomes

Even in the same year, different parts of NZ can have completely different “market temperatures”. Where repayments were more manageable, demand returned sooner. Where budgets were still stretched, momentum stayed softer.

That’s why we talk about “the NZ market” with a bit of caution — it’s never just one story.

Listings and days-to-sell: what market temperature looked like

Days-to-sell is the quiet signal we watch closely

Price headlines get all the attention, but days-to-sell is often the better reality check:

• falling days-to-sell suggests competition is building

• rising days-to-sell suggests buyers have leverage

For borrowers, this is one of the most practical indicators because it tells you what kind of “game” you’re walking into:

• if homes are taking longer to sell, you can usually negotiate harder

• if days-to-sell compress quickly, clean offers and strong finance become more valuable

The big 2025 pattern: more normal negotiation

With better stock levels, 2025 brought back a more normal rhythm:

• more conditional offers

• more time for builders reports and LIMs

• fewer “panic decisions”

That’s good news for most owner-occupiers — and especially for first-home buyers, who benefit from time to think.

If you’re buying in 2026, getting your approval position sorted early is still a big advantage you can control, read more about that here.

The regional story: why “the NZ market” isn’t one market

Auckland often behaves differently (and it’s not mysterious why)

Auckland tends to be more sensitive to:

• debt-to-income constraints

• changes in investor activity

• shifts in confidence

So it can lag while some regions firm up — and then it can also move quickly once demand and affordability align again.

“Outside Auckland” can be steadier (and sometimes surprises people)

A lot of regional markets are more tightly linked to affordability and local supply/demand than to big sentiment swings. When the repayments work, activity comes through. When listings build, buyers negotiate.

Practical takeaway: if you’re buying for lifestyle or work flexibility, 2025 reinforced the value of comparing regions through:

• repayments at today’s rates

• job stability/income prospects

• stock levels (choice) and market liquidity (how easy it is to sell later)

What this suggests for 2026 buyers and sellers

For buyers: preparation beats speed (most of the time)

If 2026 continues the “steady rather than spectacular” theme:

• you’ll still see opportunities to negotiate (especially where stock is healthy)

• the best properties will still attract competition

• and “clean” buyers will keep the advantage

The basics that matter most:

• Serviceability (what a bank will actually lend), read more on that here.

• Policy constraints if they apply to you:
  DTI explainer
  LVR explainer

For sellers: pricing and presentation do the heavy lifting

When buyers have choice, they compare harder — and they’re more willing to walk away.

In practice, that means:

• realistic pricing gets traction faster

• properties needing work often need sharper pricing to move

• flexibility on settlement can widen your buyer pool

The 2025 property story in summary

2025 was the year the market got its rhythm back: more sales, more choice, and more normal negotiation — without a broad-based price sprint.

If 2026 stays on the current track, the likely setup is continued gradual improvement with regional differences and affordability constraints keeping things honest.

Talk to an adviser

If you’re planning to buy in 2026, the goal isn’t just “can we get approval?” It’s “can we get approval that fits your life, and a structure that won’t feel tight if conditions change?”

Our advisers can help you:

• Confirm your borrowing range early and strengthen your approval position

• Structure your loan to fit your cashflow (including split terms or offset where appropriate)

• Sense-check deposit options and policy constraints (DTI/LVR)

• Build a plan for negotiating confidently when you find the right property

Get in touch and we’ll walk you through your options in plain English.