The Real Estate Institute of New Zealand (REINZ) has published May data showing that although sales have risen compared to the same month last year, this increase coincides with a drop in the national median price and the number of new properties being listed.
New Zealand’s median price has decreased by 0.9% compared to last year, reaching $763,000.
Excluding Auckland, New Zealand’s median price held steady over the past year at $689,000. In contrast, Auckland recorded a 3.5% annual decrease, bringing its median price down to $975,000.
Southland tops the list among the eight regions—out of sixteen—that have reported a rise in median prices compared to May last year. The region saw a 10.0% increase, with prices climbing from $450,000 to $495,000.
Meanwhile, the largest year-on-year drop in median price occurred in Manawatu-Whanganui, falling by 5.4% from $560,000 to $530,000.
NZ property sales and listings
In May 2025, property sales in New Zealand increased by 8.9% year-on-year, rising from 6,579 to 7,166 transactions.
Excluding Auckland, sales rose by 11.3%, increasing from 4,593 to 5,114.
In terms of regions, Northland reported the highest annual increase (33.3%) from 171 to 228 sales. Tasman has also recorded sales increases (up 29.7%), Marlborough (up 23.1%), and Manawatu-Whanganui (up 18.7%).
New Zealand also saw a 2.9% rise in listings compared to the previous year, reaching a total of 9,489. However, excluding Auckland, listings slightly decreased by 0.9%, amounting to 5,835.
Across the country, 875 properties were sold at auction, making up 12.2% of all sales. Excluding Auckland, New Zealand recorded 434 auction sales, which accounted for 8.5% of total sales.
The median time to sell properties in New Zealand has also lengthened by three days, reaching 47 days. Excluding Auckland, this median increased by four days, also reaching 47 days.