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New Zealand's housing market recorded a slight rise in home prices during October, indicating that conditions have begun to stabilise after an uneven past year. Fresh data from the Real Estate Institute of New Zealand (REINZ) showed a small month-on-month increase in the seasonally adjusted median price, even though values were still lower compared with the same period last year. National sales activity picked up as well, supported by stronger buyer sentiment and the usual lift seen during the spring period. REINZ noted that most regions reflected an improvement in activity and overall confidence.
New Zealand's residential property market showed a mild increase in home prices in October, reflecting improving stability after a period of softer demand across the past year. According to updated figures released by the Real Estate Institute of New Zealand (REINZ), the seasonally adjusted median house price rose by 0.7% compared to the previous month. However, the median price still remained 1.2% lower when measured against the same month last year, pointing to a market that is recovering but yet to regain earlier price levels. Advertisement
National home sales also strengthened, rising 3.6% from the previous month and standing 5.0% higher than in October 2024. This increase aligns with broader trends seen in the country during previous spring periods, where warmer weather typically brings more listings and stronger buyer participation. Over recent months, several regions had noticed gradual movement in enquiries and open-home activity, suggesting that the improvement didn't occur abruptly but had been building gradually.
REINZ CEO Lizzy Ryley said the ongoing lift in confidence, supported by the usual seasonal boost, had contributed to better sales momentum. She noted that many regions recorded positive shifts in activity and performance, and she emphasised that October's results were stronger than earlier expectations. The latest figures follow a year where the market experienced uneven pricing patterns, partly due to cautious buyer behaviour and broader economic adjustments.
Source Reuters
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