Described by spokesperson Vanessa Williams as a rare “Goldilocks market,” current conditions (stable prices, rising stock levels, falling interest rates, and increased buyer activity) are creating a unique moment of opportunity in the property sector.
“After 18 years of tracking the property market, this is one of those rare moments where certainty and opportunity align,” said Ms Williams. “It’s a steady uptick that provides confidence for both buyers and sellers—ideal circumstances for making one of the biggest purchases of your life.”
Property prices have remained remarkably steady for nearly two years, with the national average asking price hovering between $850,000 and $890,000.
In November, the average dipped slightly to $846,150, a 2.8% year-on-year decline and a 1.1% month-on-month drop. This price stability has offered buyers the predictability they crave while ensuring sellers can plan with confidence.
Some regions, such as Central Otago/Lakes District and Wairarapa, bucked the trend with modest price increases. Central Otago/Lakes District saw a 4.8% rise month-on-month and 2.5% year-on-year, while Wairarapa posted a 9.2% month-on-month and 1.4% year-on-year increase.
Conversely, regions like Bay of Plenty, Wellington, and Marlborough experienced small declines, reflecting a balanced but regionally varied market.
Buyers benefit from more stock
Stock levels have surged, reaching their highest point since April 2015. Nearly 34,000 properties were available nationwide in November, up 21.3% compared to the same time last year.
Every region except Gisborne and Coromandel saw growth in available listings, with the latter two experiencing slight month-on-month declines of 9.5% and 4.2%, respectively.
“There’s plenty of choice, but properties are starting to move—it’s a win/win,” says Ms Williams. She also notes the popularity of listings with displayed prices, which accounted for 29.4% of all November listings.
“This gives buyers a clearer indication of the price expectation and results in more informed, prepared buyers,” she explains.
Adding to the positive outlook, the Reserve Bank has reduced the Official Cash Rate (OCR) for the third consecutive time, bringing it down to 4.25%. Lower borrowing costs have made home loans more accessible, boosting buyer confidence.
Ms Williams also highlights the absence of election-year uncertainty, which traditionally dampens market activity.
“This isn’t a frantic rebound,” she said “It’s a steady, measured growth that ensures both buyers and sellers feel secure.”
New listings grew by just 3.9% year-on-year in November, marking the first single-digit increase after months of double-digit growth throughout 2024. This slowdown signals a stabilising market, providing both buyers and sellers with much-needed predictability.
“This is about more than just numbers,” says Williams. “It’s about giving people confidence to make one of the biggest decisions of their lives. Right now, this market is as good as it gets.”
