The Real Estate Institute of New Zealand (REINZ) says confidence and positivity are becoming more evident in the housing market as new data points to stronger activity and stabilisation in prices. The organisation said the market appeared to have settled, with median prices remaining relatively level year-on-year and sales increasing across the country.
National sales rose 6.4% year-on-year to 7,505, while sales excluding Auckland increased 9.2% to 5,200. Month-on-month, activity edged higher at both national and regional levels, and REINZ said that even on a seasonally adjusted basis most regions were showing a positive shift. It said this suggested October performed better than would normally be expected at this point in the spring cycle.
Eleven regions recorded sales increases year-on-year, with the strongest percentage gains in Gisborne, up 70.3% to 63 sales, the West Coast, up 51.7% to 44 sales, and Taranaki, up 26% to 184 sales. The national median Days to Sell fell by one day to 41, while for New Zealand excluding Auckland it fell by two days to 41. Southland recorded the largest reduction, dropping 13 days from 44 to 31, while the West Coast saw the largest increase, rising 23 days from 24 to 47.
“The rise in market confidence, combined with the typical spring surge, has driven increased sales both year-on-year and month-on-month (up 15.4% nationally). Even after adjusting for seasonality, most regions show a positive shift, indicating that October performed better than expected. Feedback from local salespeople across the country supports this trend, with many reporting higher-than-anticipated activity, even if it occurred slightly later in the season than usual,” said REINZ chief executive Lizzy Ryley.
New Zealand’s median price decreased 1.1% year-on-year to $786,000, while excluding Auckland the median rose 0.6% to $710,000. Ryley said prices had remained “fairly steady” in recent months. She noted that Auckland’s median had climbed back above $1m for the first time since March 2025, the West Coast set another record median, and Queenstown Lakes’ median reached more than $1.5m. “It really shows that demand isn’t just holding up, but actually lifting, especially in premium and regional areas,” she said.
Nine of the sixteen regions reported median price increases year-on-year. Auckland’s median rose 3.6% to $1,033,000 and the West Coast hit a new record of $460,000, up 17.9%. Queenstown Lakes also set a new Territorial Authority record with a median of $1,590,000, up 2.3% from August.
New listings increased 5.5% year-on-year to 12,209, and listings excluding Auckland rose 4.2% to 7,783. Inventory levels increased 3.9% year-on-year to 33,588, returning supply to more than 33,000 properties. Ryley said first home buyers remained a dominant force in the market, supported by easing interest rates and more favourable lending criteria. “Salespeople are telling us that the warmer weather, lower interest rates, and easing lending criteria have brought more people back into the market and boosted activity in many regions, which we can see from the data,” she said.
Auction activity also lifted, with 1,310 auction sales nationally in October, accounting for 17.5% of all sales. Excluding Auckland, 636 auction sales represented 12.2% of the market, while Auckland recorded 674 auction sales, representing 29.2% of transactions and increasing both year-on-year and month-on-month.
The House Price Index (HPI) reached 3,627, marking a year-on-year increase of 0.3% and a month-on-month rise of 0.6%. The index remains 15.2% below its peak, although the average annual growth rate over the past 5 years sits at 2.3%. Two regions reached new HPI highs: Otago, at 4,209, and Southland, at 4,959.