“Some vendors were realistic regarding the asking price, motivated to sell, and met market expectations, while others expected to obtain a price they thought was right, which was always on the higher end of the scale. Attendance at open homes varied across the region; while some may have numerous walk-throughs, others may have none – particularly with existing stock," the REINZ statement for the Auckland region said.
Auckland auction room attendance varied. Economic conditions, lending criteria and buyer confidence influenced market sentiment. Local agents are cautiously optimistic that the market will improve in a gradual, incremental manner, REINZ said.
Northland’s median sale price was down nearly 0.6% to $695,000.
Waikato’s median declined 1.6% to $745,000 and Taranaki’s stayed unchanged at $600,000.
Bay of Plenty prices were down 0.3% to a median $650,000 and Hawke’s Bay’s median was down 3.4% to $700,000.
Gisborne was one of the few areas to buck the rent, prices there rising 4% annually to a median $650,000.
Wellington’s median fell 2.4% to $800,000. Canterbury prices were unchanged in the March year at a median $695,000 while Otago’s fell 8.8% to $661,000.
Unsold inventories are rising too.
“More properties hit the market than in March 2024, with an increase of 5% nationally, from 11,455 to 12,029 listings,” REINZ said.
Acting chief executive Rowan Dixon was upbeat.
“The market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don’t sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community.”
The West Coast region experienced the highest increase, rising by 11.5% from $370,000 to $412,500.
Two regions had no change from March 2024: Canterbury at $695,000 and Taranaki at $600,000. Nelson’s median price significantly declined year-on-year from $722,000 to $640,000 which was down 11.4%.
“New Zealand’s property market remains the same: high listings result in decreased buyer urgency. If a buyer misses out on a property, they can easily find a similar one for sale,” Dixon said.
Michael Gordon, Westpac chief economist, said house prices had been ticking higher in recent months, as lower interest rates have helped to revive buyer interest.
The REINZ House Price Index rose by 0.2% in March, the fifth straight month of similarly-sized gains, he noted.
Sharon Zollner, ANZ chief economist, said sales were lifting but prices were constrained by high inventories of unsold stock.
“New listings lifted slightly in March and are around decade highs, meaning there is still plenty of choice for buyers. That means price tension remains limited. Despite strengthening sales, recent data suggest downside risk to our forecast for house prices to rise 6% over 2025,” Zollner said.
This month, the Herald reported Auckland’s largest real estate agency pushing up sales in March but its glut of unsold homes has now hit a record.
Barfoot & Thompson’s unsold stock numbers have been climbing lately, with 5300 places unsold in January and 5900 in February but 6200 last month.
Peter Thompson, managing director, said: “The Auckland housing market has responded aggressively to improved buying conditions with turnover in March hitting the highest number of sales in a month for more than three years, and with prices at their highest this calendar year. The long-anticipated housing market recovery has finally arrived.”
The agency sold 1213 properties in March, the most since July 2021.
Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas.
