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Property Pulse Report March 2025
NZ property market ends Summer on a warm note
By Gavin Lloyd 9 April 2025
The tail end of Summer saw the country’s housing market continue to warm, with property prices up on February, and demand at a more than four year high.
Trade Me Property’s Property Pulse Report shows in March 2025 the average asking price increased by $10,000 (+1.2%) from February to $861,900. Year-on-year prices remain down 2.6%.
New Zealand Property Price Index
+1.2% month on month (+0.0% excluding Auckland)
Month-on-Month Change in Average Asking Price
The national average asking price increased 1.2% from February, bringing it to $861,900.
| Region | Property Price Index | MoM % change | |||
|---|---|---|---|---|---|
| Auckland | Auckland | $1,057,300 | $1,057,300 | +1.2% | +1.2% |
| Bay of Plenty | Bay of Plenty | $895,000 | $895,000 | -0.8% | -0.8% |
| Canterbury | Canterbury | $714,800 | $714,800 | +0.6% | +0.6% |
| Gisborne | Gisborne | $626,800 | $626,800 | -6.0% | -6.0% |
| Hawke’s Bay | Hawke’s Bay | $750,150 | $750,150 | +0.2% | +0.2% |
| Manawatuū/Whanganui | Manawatuū/Whanganui | $585,600 | $585,600 | +2.5% | +2.5% |
| Marlborough | Marlborough | $758,500 | $758,500 | -2.6% | -2.6% |
| Nelson/Tasman | Nelson/Tasman | $833,700 | $833,700 | +0.8% | +0.8% |
| Northland | Northland | $813,200 | $813,200 | -4.4% | -4.4% |
| Otago | Otago | $857,150 | $857,150 | -0.6% | -0.6% |
| Southland | Southland | $525,400 | $525,400 | -0.5% | -0.5% |
| Taranaki | Taranaki | $674,150 | $674,150 | -1.1% | -1.1% |
| Waikato | Waikato | $815,300 | $815,300 | -0.4% | -0.4% |
| Wellington | Wellington | $821,600 | $821,600 | 0.0% | 0.0% |
| West Coast | West Coast | $481,550 | $481,550 | -3.4% | -3.4% |
Metro centres bounce back
Trade Me Property’s Customer Director Gavin Lloyd said the average asking price in Auckland continues to grow and in March hit a 10-month high, up 1.2% on February to $1,057,300.
“Not since May of last year have we seen Tāmaki Makaurau prices where they are at currently. It was just six months ago the average asking price in Auckland dipped below one million,” says Mr Lloyd.
“While a $60-thousand dollar increase since September isn’t to be sniffed at, prices in Auckland remain 2.4% off where they were at the same time last year.”
The average asking price in Wellington also hit a 10-month high in March of $821,600. The seventh consecutive month of increases in Pōneke. In Canterbury prices hit a four month high of $714,800.
“Canterbury is the only one of the three big cities to show both month-on-month (+0.6%) and year-on-year (+0.2%) growth in March.
“While the increases in average asking prices in Canterbury are modest, they are in contrast to both Auckland where prices are down more than two%on last March, and Wellington which sits at 3.7% behind the same month last year.”
Supply and demand on the rise
The number of listings on Trade Me Property, which hit a decade high in February, continued to climb, up 6% in March, and 12% on the same month last year.
Gisborne (+31%), the West Coast (+26%), Otago (+24%) and Canterbury (+20%) led the way with the largest year-on-year increases in supply. While Southland listings are up 14% on March 2024, it’s the only region of the 15 monitored by Trade Me Property to show a decline in supply from February (-2%).
Mr Lloyd says since the start of the year, demand is also trending upwards.
“We’ve seen a fairly persistent imbalance between supply and demand in more recent times, with more homes available than demand, suppressing the big pricing gains we saw back in 2021.
“While it’s great to see demand momentum gaining, and we saw highs in March not seen since mid-2020, the current market still offers buyers a huge amount of choice.”
Price increases for big properties in Wellington
The price of larger sized properties continues to soften with homes of five or more bedrooms down 5.5% year-on-year.
“These more substantial-sized homes fell more than 14% in Auckland with an average asking price just shy of $2.4 million, while Wellington stands in stark contrast, recording a 7% increase in the prices of bigger properties.”
| Location | Property | Apartments | Townhouses | Units | |||||
|---|---|---|---|---|---|---|---|---|---|
| New Zealand | New Zealand | -2.3% $698,350 | -2.3% $698,350 | -2.8% $714,100 | -2.8% $714,100 | -3.0% $765,300 | -3.0% $765,300 | -2.6% $547,700 | -2.6% $547,700 |
| New Zealand (excl. Auckland City | New Zealand (excl. Auckland City | -2.9% $674,350 | -2.9% $674,350 | -7.4% $716,950 | -7.4% $716,950 | -3.0% $733,600 | -3.0% $733,600 | -2.5% $522,800 | -2.5% $522,800 |
| Auckland City | Auckland City | +0.8% $814,900 | +0.8% $814,900 | +3.0% $712,650 | +3.0% $712,650 | -7.9% $1,024,750 | -7.9% $1,024,750 | -1.0% $703,950 | -1.0% $703,950 |
| Wellington City | Wellington City | -10.3% $647,850 | -10.3% $647,850 | -18.0% $565,900 | -18.0% $565,900 | -0.5% $829,600 | -0.5% $829,600 | -12.8% $546,750 | -12.8% $546,750 |
| Christchurch City | Christchurch City | +2.2% $580,600 | +2.2% $580,600 | -6.5% $599,300 | -6.5% $599,300 | +0.7% $629,900 | +0.7% $629,900 | +0.2% $459,500 | +0.2% $459,500 |
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