The price of residential property in New Zealand was the highest in the Auckland region in March 2025, with an average sale price of around *********** New Zealand dollars. The most populated city in the country, Auckland, has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world. Auckland residential market The residential housing market in Auckland is competitive. Prices have been slowly decreasing; the Auckland region experienced an annual decrease in the average residential house price in March 2025 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the North Shore City district, with an average sale price of around **** million New Zealand dollars. Home financing Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, previously under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand were able to apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. Nonetheless, the scheme was discontinued in May 2024. Furthermore, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.

Average House Prices in New Zealand decreased to 913772 NZD in May from 914504 NZD in April of 2025. This dataset includes a chart with historical data for New Zealand Average House Prices.

Graph and download economic data for Real Residential Property Prices for New Zealand (QNZR628BIS) from Q2 1962 to Q4 2024 about New Zealand, residential, HPI, housing, real, price index, indexes, and price.

Housing Index in New Zealand decreased to 2320 Points in May from 2322 Points in April of 2025. This dataset provides - New Zealand House Prices MoM Change - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about House Prices Growth

• New Zealand house prices dropped 0.9% YoY in Sep 2024, following an increase of 1.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Dec 1990 to Sep 2024, with an average growth rate of 5.3%.
• House price data reached an all-time high of 30.5% in Sep 2021 and a record low of -12.1% in Mar 2023.

The Real Estate Services industry has faced mixed conditions over recent years. Despite the recent improvement in housing supply and the piling up of inventory, prices remain elevated relative to pre-pandemic levels, offsetting revenue declines for real estate agents. A demand-supply imbalance led to historically high housing prices in 2021-22, though tighter loan-to-value ratio (LVR) regulations and heightened interest rates curbed real estate activity and weakened prices over the two years through 2023-24. The bright-line test extension in 2021 cooled speculative investment, diminishing property investors' interest. Residential property transactions plunged in 2022-23 as cost-of-living pressures and soaring borrowing expenses weighed on mortgage affordability. As inflation moderates and the official cash rate has come down since August 2024, sales volumes and demand will pick up. That's why revenue is forecast to climb 2.8% in 2024-25. However, a plunge in property transactions is why revenue is expected to have dipped at an annualised 0.4% over the five years through 2024-25 to $6.2 billion. The commercial market has faced shifting tenant preferences, particularly around remote work arrangements, contributing to elevated office vacancy rates. Nonetheless, booming demand for industrial space and interest in green buildings has yielded new opportunities. Concurrently, the widespread adoption of artificial intelligence has boosted operational efficiency for many real estate agencies, underpinning growth in their profit margins and alleviating some wage pressures. The Coalition government’s reinstatement of 80% interest deductibility for residential investment properties in April 2024, with a plan to reach 100% by April 2025, alongside the rollback of the bright-line test from 10 to 2 years, will spur investor activity and escalate property prices. These policy changes will entice property investors, expanding this market's revenue share over the coming years and benefiting real estate agencies. Consecutive cuts to the official cash rate to counter subdued economic activity will strengthen mortgage affordability and promote a resurgence in the residential property market. However, an expanding housing supply – aided by funding for social housing units and relaxed planning restrictions – will temper price escalation and slow agencies' commission growth over the coming years. Rising competition among real estate agencies and the continued adoption of digital tools, from big data analytics to advanced customer management solutions, will intensify market dynamics, creating opportunities and challenges for prospective and existing agents. Overall, revenue is forecast to climb at an annualised 2.2% over the five years through 2029-30 to $6.9 billion.

Monthly real estate statistics for Auckland including median prices, days on market, and sales volumes.

The House Construction industry plays a vital role in New Zealand's economy, meeting a need for home ownership and rental accommodation while stimulating economic growth. A shift in housing preferences towards medium-to-high-density apartments and townhouses, reflecting an escalation in house and land prices and modern lifestyle choices, is constraining the industry’s long-term performance. Changing government policies on first-home buyer grants, mortgage payment taxation and the promotion of social housing also profoundly affect the industry's performance. During the COVID-19 pandemic, the industry benefited from strong population growth, higher household savings and record-low mortgage rates. Government measures like first-home buyer stimulus, easing loan-to-value (LTV) restrictions and Housing Acceleration Fund (HAF) investments further supported growth. Still, a hike in mortgage interest rates as the Reserve Bank of New Zealand attempted to rein in inflation has choked off housing investment in recent years and slashed new dwelling consents. Given the rollercoaster that homebuilders have been on over the past five years, industry revenue is only expected to edge up at an annualised 0.3%, to $21.0 billion, over the past five years despite contracting by an estimated 2.5% in 2024-25. While some builders thrived during a 2022-23 housing boom, industry profit margins have plummeted in recent years with slumping housing investment. Many builders saw their profit shrink amid climbing input prices and supply chain disruptions, and some builders on fixed-price contracts struggled to absorb the higher input costs. Looking ahead, homebuilders face harsh conditions over the next few years, losing ground to the Multi-Unit Apartment and Townhouse Construction industry. Mounting population pressures support constructing new accommodation, and easing mortgage interest rates will encourage investment in residential building construction and are projected to drive total dwelling consents up by an annualised 2.3%. However, continued growth in house and land prices will drive investment towards medium-to-high-density dwelling options, like duplexes, townhouses, flats and apartments. In light of this, industry revenue is forecast to fall marginally at an annualised 0.2% to $20.9 billion through the end of 2029-30.

Residential Property Prices in New Zealand decreased 1.81 percent in December of 2024 over the same month in the previous year. This dataset includes a chart with historical data for New Zealand Residential Property Prices.

House Price Index YoY in New Zealand decreased by 1.10 percent in May from -1.30 percent in April of 2025. This dataset includes a chart with historical data for New Zealand House Price Index YoY.

NZT Forecast: House Prices: YoY data was reported at 4.400 % in 2023. This records a decrease from the previous number of 5.000 % for 2022. NZT Forecast: House Prices: YoY data is updated yearly, averaging 6.500 % from Jun 2013 (Median) to 2023, with 11 observations. The data reached an all-time high of 9.300 % in 2017 and a record low of 3.700 % in 2020. NZT Forecast: House Prices: YoY data remains active status in CEIC and is reported by New Zealand Treasury. The data is categorized under Global Database’s New Zealand – Table NZ.EB003: House Price: Forecast: New Zealand Treasury.

The average rent in the housing market in Wellington, New Zealand was 625 New Zealand dollars per week as of December 2024. The Auckland and Bay of Plenty regions had the highest mean rents for residential housing across the country at 650 New Zealand dollars per week, respectively.

Source Code: Q:NZ:N:628

Coverage includes all types of new and existing dwellings in the whole country.

For more information, please see https://www.bis.org/statistics/pp_detailed.htm.

Any use of the series shall be cited as follows: "Sources: National sources, BIS Residential Property Price database, http://www.bis.org/statistics/pp.htm."

Copyright, 2016, Bank for International Settlements (BIS). Terms and conditions of use are available at http://www.bis.org/terms_conditions.htm#Copyright_and_Permissions.

Real residential property prices Y-on-Y, percent change in New Zealand, December, 2024 The most recent value is -3.95 percent as of Q4 2024, a decline compared to the previous value of -3.26 percent. Historically, the average for New Zealand from Q1 1990 to Q4 2024 is 3.81 percent. The minimum of -17.19 percent was recorded in Q1 2023, while the maximum of 24.36 percent was reached in Q2 2021. | TheGlobalEconomy.com

Key information about New Zealand Gold Production

• New Zealand Real Residential Property Price Index was reported at 169.844 2010=100 in Mar 2024.
• This records a decrease from the previous number of 170.894 2010=100 for Dec 2023.
• New Zealand Real Residential Property Price Index data is updated quarterly, averaging 60.637 2010=100 from Mar 1970 to Mar 2024, with 217 observations.
• The data reached an all-time high of 216.278 2010=100 in Dec 2021 and a record low of 35.788 2010=100 in Dec 1970.
• New Zealand Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

This report analyses the price of residential housing in New Zealand. The data is presented as an index with a base year of 2022-23 and measures changes in residential house prices across New Zealand. The data for this report is compiled by CoreLogic, sourced from the Reserve Bank of New Zealand (Te Putea Matua), or RBNZ, and is presented in financial years.

Market Size statistics on the Real Estate Services industry in New Zealand

The New Zealand On-Demand Home Services market was valued at USD 12.56 Million in 2024 and is expected to grow to USD 25.78 Million by 2030 with a CAGR of 12.73%.

AU and NZ Real Estate Advisory Service Market size was valued at USD 6.0 Billion in 2024 and is projected to reach USD 6.2 Billion by 2032, growing at a CAGR of 2.8% from 2026 to 2032.

AU and NZ Real Estate Advisory Service Market Drivers

1. Urbanisation and Economic Growth

In major cities like Sydney, Melbourne, Auckland, and Wellington, the economy is still expanding, which is driving up demand for real estate consultancy services.Opportunities are being created in both the residential and commercial sectors by urban sprawl and infrastructure development (such as transportation and commercial zones).2. Migration and Population Growth The need for housing, rental units, and mixed-use complexes is increasing due to the high rate of population increase, especially from immigration.

Advisory firms are assisting customers in locating investment possibilities and places with strong demand.

Market Size statistics on the House Construction industry in New Zealand