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House prices hit nine month low in June.
By Gavin Lloyd 8 July 2025
The national average asking price has fallen to its lowest since September 2024. In June the average asking price was $829,650, down more than $15,000 (-1.8%) on May and -1.4% year-on-year.
Trade Me Property Customer Director Gavin Lloyd said Auckland prices have taken the largest hit.
“Tāmaki Makaurau has seen the largest decline in the average asking price, from both a month-on-month (-2.4%) and year-on-year perspective (-2.7%).
“If we look at the price in June, and compare it to the same time last year it shows a fall of close to $28,000. That said, the average asking price of property in Aotearoa’s largest city continues to hold above the million dollar mark (at $1,005,950), $150,000 more than the Bay of Plenty, which is the next most expensive region,” said Lloyd.
New Zealand Property Price Index
-1.4% year on year (-0.1% excluding Auckland)
The national average asking price decreased 1.4% compared to the same time last year.
| Region | Property Price Index | YoY % change | |||
|---|---|---|---|---|---|
| Auckland | Auckland | $1,005,950 | $1,005,950 | -2.7% | -2.7% |
| Bay of Plenty | Bay of Plenty | $855,350 | $855,350 | 0.2% | 0.2% |
| Canterbury | Canterbury | $698,200 | $698,200 | -0.6% | -0.6% |
| Gisborne | Gisborne | $676,500 | $676,500 | 5.5% | 5.5% |
| Hawke’s Bay | Hawke’s Bay | $742,300 | $742,300 | 3.8% | 3.8% |
| Manawatuū/Whanganui | Manawatuū/Whanganui | $574,950 | $574,950 | -0.1% | -0.1% |
| Marlborough | Marlborough | $719,450 | $719,450 | -1.0% | -1.0% |
| Nelson/Tasman | Nelson/Tasman | $814,450 | $814,450 | -1.5% | -1.5% |
| Northland | Northland | $777,850 | $777,850 | -1.0% | -1.0% |
| Otago | Otago | $850,350 | $850,350 | 6.7% | 6.7% |
| Southland | Southland | $522,400 | $522,400 | 3.4% | 3.4% |
| Taranaki | Taranaki | $690,300 | $690,300 | 5.2% | 5.2% |
| Waikato | Waikato | $790,600 | $790,600 | -0.2% | -0.2% |
| Wellington | Wellington | $788,200 | $788,200 | -1.9% | -1.9% |
| West Coast | West Coast | $463,650 | $463,650 | -4.8% | -4.8% |
Deep South, good gains
The average asking price for a property in Otago has grown by close to $54,000 in the year to June, a 6.7% increase.
There are four districts within the region driving the increase, Waitaki where prices are up 2.8% year-on-year, Dunedin (+2.2%), Queenstown Lakes (+1.8%) and Wānaka (+1.3%).
“Otago is a huge and diverse region, it’s laid-back, incredibly scenic and is particularly appealing for lovers of the great outdoors, a wonderful place to call home.
“With recent Census figures showing increasing Kiwi to be moving south it will be interesting to see if the growth in house prices in Otago continues its steady upward trajectory,” says Mr Lloyd.
Outside of Otago, Southland has also made good gains across the year with the average asking price up 3.4% or around $17,000.
“The average price in Southland in June was just over $522,000, so while it’s on the up, it still remains one of the most affordable regions across the motu.”
Further north, both Hawkes Bay and Taranaki show strong year-on-year growth. The average asking price in Taranaki is up 5.2% or close to $35,000, while Hawkes Bay prices have increased 3.8 per cent year-on-year, the equivalent of more than $27,000.
Supply and demand down both fall
The number of listings on Trade Me Property, which hit a decade high in March, fell nine per cent between May and June but remained four per cent up year-on-year. Demand was also down 12% on the month prior but flat compared to June 2024.
“Seeing supply dip at this stage of the year isn’t unexpected, but there remains plenty of choice in the market for those house hunting with several thousand more properties listed on site than the same month last year,” says Mr Lloyd.
The median number of days onsite increased from 70 in May to 78 in June.
Previous Property Pulse Updates
Catch up on previous Property Pulse Report updates and commentary.
House prices and listings fall, but demand up
May 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.
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