Confidence and positivity are increasing across most parts of the country, according to the latest data from the Real Estate Institute of New Zealand, with median house prices continuing to edge higher.
Only three regions recorded year-on-year price declines, while salespeople report pockets of strong enquiry at a regional level, suggesting improving sentiment even as buyers remain cautious.
Looking at a seasonally adjusted view across the three months ending November 2025, REINZ data shows the market sitting slightly ahead of the same period last year.
Nationally, sales volumes were up 2.4% and the median price was marginally higher at 0.2%. Excluding Auckland, the improvement was more pronounced, with sales up 4.1% and the median price rising 1.5%.
REINZ chief executive Lizzy Ryley said: “Comparing November 2025 to November 2024 still matters, but looking at the three-month trend helps smooth out monthly ups and downs.
“Taken together, the seasonally adjusted figures suggest the market is continuing to edge in the right direction.
“While the improvement is gradual, the underlying trend remains more positive than it was a year ago.”
On an annual basis, November’s data shows the national median price increased 2.3% year-on-year to $808,000.
Excluding Auckland, the median price rose 4.3% to $730,000. Twelve of the 16 regions recorded annual price growth, with Canterbury reaching a new record median of $720,000, up 3.0% year-on-year.
Territorial Authority records were also set in Wairoa District in Hawke’s Bay at $725,000, up 16.7%, and Waimate District in Canterbury at $549,000, up 6.6%.
Ryley said: “Median sales prices continued to rise across many regions in November, with the national median reaching $808,000 this month.
“Auckland’s median price is above $1m ($1,050,000) for the second month in a row, and Canterbury recorded a new high, with the median price hitting $720,000.
“The broader trend indicates that, despite some local variations, the property market remains resilient, with activity nationwide helping to support price growth.”
Sales activity, however, softened in November. National sales declined 5.7% year-on-year to 7,268, while sales excluding Auckland fell 5.3% to 5,034.
Only three regions recorded annual increases in sales volumes: Northland, up 12.0% to 234 sales; Waikato, up 2.9% to 768; and Nelson, up 25.8% to 78.
Month-on-month, seasonally adjusted sales were down 4.6% nationally, with Auckland down 9.1% and New Zealand excluding Auckland down 3.3%, highlighting mixed conditions across regions.
Despite the softer sales volumes, market efficiency improved slightly. The national median days to sell decreased by one day to 40 days, while excluding Auckland it fell by two days to 40.
Otago recorded the largest annual improvement, down 12 days to 33, while the West Coast saw the largest increase, up 16 days to 47. Ryley said November was unusual from a seasonal perspective.
She said: “This November marked only the sixth time in 33 years that New Zealand’s November sales count was below October’s, underscoring how unusual it is for activity to ease at this point in the seasonal cycle.
“Despite the slower sales pace, median prices have remained largely resilient, supported by a stable underlying demand.”
Listings continue to build, with new listings up 10.9% year-on-year nationally to 12,339 and inventory levels rising 4.0% to 35,345 properties.
Ryley said first home buyers and owner-occupiers remain the dominant force in the market.
She said: “With plenty of choice available, some buyers remain cautious and are taking time before deciding to purchase.
“However, salespeople around the country have reported a growing sense of optimism in the market.
“They’ve also observed that while sales have decreased slightly, some buyers – and some vendors who are selling and buying in the same market – are finding it easier to manage, due to easing interest rates, the November OCR cut, and more flexible lending criteria.
“These all seem to be contributing to a cautiously optimistic view heading into 2026.”