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Auckland house prices dip below million dollar mark
Property Pulse Report - July 2025
By Gavin Lloyd 8 July 2025
The average asking price for a house in Auckland has dipped below the million-dollar mark, falling to $989,250 in July, according to the latest Trade Me Property Pulse Report.
This represents a decrease of nearly $17,000, or 1.7 per cent, from June and is a significant drop from the March average of $1,057,300. This marks the first time since September 2024 that the average asking price in Tāmaki Makaurau has fallen below $1 million.
Gavin Lloyd, Trade Me Property's Customer Director, said the shift illustrated a clear seasonal pattern for the region and has been seen before. "This dip has occurred earlier than last year, suggesting that we may see a more prolonged period of prices below the million-dollar threshold in 2025.
“Last year, prices remained under $1 million for two months, and we anticipate this year's trend could last a little longer, offering a unique opportunity for buyers."
The national average asking price also saw a decrease in July, dropping to $821,750, a 1 per cent drop from June and a 0.4 per cent decline compared to July last year.
Annual Change in the Property Price Index
-1.1% decrease in Auckland
Property prices have decreased by 1.1 percent in Auckland compared to 2024.
The regional highs (and lows)
The Bay of Plenty experienced a notable month-on-month decrease of 3.0 per cent, with the average asking price at $829,950 in July. Year-on-year prices are down more than 2 per cent.
Taranaki saw one of the most significant monthly decreases in the motu with the average asking price falling 4.1 per cent on June to $661,900. Year-on-year prices are down 1.9 per cent in the region.
Canterbury saw a slight increase in price, rising 0.5 per cent from June to $701,800.
“If we take Canterbury and compare average asking prices to a year ago it’s faring well, with prices up 1.2 per cent on July 2024.
“Southland is another region to call out, while prices are flat month-on-month (-0.4%) it’s showing solid growth on last year with the average asking price up more than 5 per cent - the strongest year-on-year growth of all regions we monitor.”
| 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% |
Favourable conditions for buyers
Despite the overall easing of prices, the market still has a healthy number of properties available.
"The current market dynamic is a golden opportunity for buyers," says Mr. Lloyd. "With prices moderating and a good selection of homes available, buyers have the time to conduct their due diligence and make a confident, well-informed purchase."
The number of residential properties for sale fell by 3 per cent between June and July but remained flat year-on-year. Meanwhile demand, as measured by total listing views, increased by 3 per cent month-on-month.
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