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House prices up for the first time in over a year

Property Pulse Report - August 2025

By Gavin Lloyd 9 September 2025

The national average asking price for a property has shown positive movement for the first time since June 2024.

In August, the average asking price was $820,800, which is up 0.5% year-on-year.

"The increase, while modest, isn't something to be sniffed at, particularly not at the tail end of the winter season,” says Trade Me Customer Director Gavin Lloyd.

“If we look at the market this time last year, prices were down 2.3% year-on-year, so to show forward momentum ahead of spring suggests building confidence, both from buyers and sellers."

Annual Change in the Property Price Index

+1.3% increase excluding Auckland

Property prices have increase by 1.3% not including Auckland.

Auckland prices dip further

Auckland's average asking price dropped to $984,600 in August, down more than $14,000 (-1.4%) on July and 1.1% year-on-year. The fall marks the second consecutive month of house prices in Tāmaki Makaurau sitting below the million dollar mark.

“Diving deeper there’s a couple of stand-outs, at opposite ends of the spectrum illustrating the diversity of the housing market in New Zealand’s biggest city.

“If we take Waiheke island as an example, it’s seen a couple of months of fairly significant year-on-year falls with the average asking price down 14.8% in August, which followed a decline of more than 20% in July.

“On the other hand, Papakura was the only Auckland area we monitor to show positive momentum in August with the average asking price up 3.1% year on year to $802,900. It marks the fourth consecutive month of increases for the South Auckland suburb.”

Property Price Index (August 2025 vs August 2024)
RegionProperty Price IndexYoY % change
Auckland Auckland $984,600$984,600-1.1%-1.1%
Bay of Plenty Bay of Plenty $873,450$873,450-0.4%-0.4%
CanterburyCanterbury$705,750$705,7503.1%3.1%
GisborneGisborne$679,600$679,60010.1%10.1%
Hawke’s BayHawke’s Bay$737,150$737,1500.0%0.0%
Manawatuū/Whanganui Manawatuū/Whanganui $581,150$581,1501.6%1.6%
Marlborough Marlborough $705,050$705,050-4.6%-4.6%
Nelson/TasmanNelson/Tasman$811,050$811,0503.4%3.4%
NorthlandNorthland$748,800$748,8002.0%2.0%
OtagoOtago$847,850$847,850-1.7%-1.7%
SouthlandSouthland$537,150$537,1506.7%6.7%
TaranakiTaranaki$655,850$655,8500.8%0.8%
WaikatoWaikato$799,800$799,8001.7%1.7%
WellingtonWellington$755,250$755,250-2.6%-2.6%
West Coast West Coast $467,650$467,65015.7%15.7%

Gisborne, the West Coast and Southland outperform

While the colder months tend to coincide with a cooling housing market, three regions across Aotearoa have shown strong resilience despite the falling temperatures.

Both Gisborne and Southland saw consecutive year-on-year asking price increases from June through August. The latest data shows Gisborne recorded a 10% increase in August, following a close to six per cent increase in July. The average asking price in Tairāwhiti currently sits at $679,600.

It’s a similar story further down the motu with Southland also showing strong performance over the winter season, recording year-on-year growth of 6.7% in August, following a 4.4% increase in July. With an average asking price of $537,150, Southland remains one of the country’s more affordable regions.

The West Coast has shown two months of consecutive increases in both July and August 2024. In August, the average asking price rose close to 16% to $467,650, the increase followed an eight per cent increase in July.

Supply and demand

Supply fell when compared with July, down 4% however, it remains 1% ahead of August 2024. Demand is up 4% month-on-month but down 2% year-on-year.

Author

Gavin Lloyd
Gavin Lloyd

Customer Director, Property - trademe.co.nz

Gavin Lloyd, Customer Director at Trade Me Property, is a real estate market expert with fifteen years experience. He shares his insights on property market data and trends through media and news outlets.