New data from the Real Estate Institute of New Zealand (REINZ) shows property sales increasing nationwide in September, with stronger activity in several regions despite a slight easing in national median prices.
National sales rose 3.1% year-on-year to 6,346, while sales outside Auckland increased 7.5% to 4,421. Eleven regions recorded annual sales growth, led by the West Coast, up 56% to 39 sales, Marlborough up 37.1% to 85, and Nelson up 32% to 66. Adjusted for seasonal patterns, overall national sales were down 2.5%, indicating steady but tempered momentum.
Median selling times shortened across most regions. The national median days to sell fell by six days to 43, with Nelson seeing the largest decrease, down 19 days to 32. The West Coast recorded the largest increase, up 45 days to 76. “This month’s higher sales counts contributed to a six-day reduction in the national median days to sell. Some regions bucked this trend; the West Coast and Marlborough saw longer selling times, potentially reflecting the completion of sales for properties that had been on the market for an extended period,” said REINZ chief executive Lizzy Ryley.
New Zealand’s national median price declined 1.5% year-on-year to $770,000, while excluding Auckland it fell 0.7% to $690,000. However, ten of the sixteen regions reported annual price increases. Auckland’s median rose 0.8% to $978,000, and both the West Coast and Southland reached record highs — up 14.6% to $447,000 and 7.8% to $525,000 respectively. “This is the first time since January of this year that there has been any record regional median price, and the first time in over three years that two or more regions had record median prices,” Ryley said. “This shows renewed confidence in parts of the property market, where local conditions and sustained demand are driving price growth despite a national-level balance.”
Listings also increased modestly, up 1.3% year-on-year to 9,394 nationwide and 1.7% to 6,068 excluding Auckland. Inventory rose 2.3% to 30,721 properties on the market. “Some local salespeople are reporting a noticeable lift in activity across the market, with first-home buyers and owner-occupiers still the most active participants,” Ryley said. “With the recent OCR drop of 50 basis points likely to influence further interest rate reductions, combined with the usual spring rush, salespeople are cautiously optimistic that activity will strengthen further through spring and into summer.”
Auction activity lifted, with 889 properties sold under the hammer nationally, representing 14% of all sales. Auckland led the increase with 454 auction sales, accounting for nearly a quarter of its transactions.
The national House Price Index (HPI) rose 0.2% year-on-year and 0.8% month-on-month to 3,606, marking a five-year average annual growth rate of 2.8%. Southland recorded the strongest annual HPI growth at 5.7%, followed by Canterbury at 2.8% and Otago at 2.5%.