Coined as ‘the perfect market’ last November, the rare stability of ample stock and steady prices has continued into 2025. With rising confidence and declining interest rates, many are wondering: when will the market shift?
Key Takeaways
- New listings have returned to levels not seen since January 2015.
- National stock levels have risen by 18.9% year-on-year, nearing 2015 benchmarks.
- Auckland’s stock levels reached a 13-year high for January.
Key Figures
- New listings surged by 21.2% year-on-year, totaling 8,904 nationally.
- The national average asking price stands at $868,969, reflecting a 1.3% decrease year-on-year but a 2.9% increase since December 2024.
- Total stock reached 32,412 properties, marking an 18.4% increase compared to last January.
Recent data shows a significant rebound in new listings after December’s record low. January saw nearly 9,000 new listings—levels not experienced since 2015—while stock levels remained robust, closer to figures from that same year, and average asking prices stayed relatively stable.

New Listings Surge to 2015 Levels
January saw a notable uptick in new listings, with nearly 9,000 properties hitting the market—a 21.2% year-on-year increase. This surge reflects a strong entry into 2025 by sellers.
While an increase in new listings is typical for January, this year stands out:
Historically, January feels like a collective holiday for sellers, but this year marks the first time we’ve seen around 9,000 new listings since 2015.
The most significant year-on-year growth in new listings occurred in the West Coast (up 100.0% to 70 listings), Otago (up 52.4% to 352 listings), and Gisborne (up 45.7% to 51 listings).

Auckland Reaches 13-Year High in Stock
January stock levels remained robust, with a national increase of 18.9% year-on-year to 32,412 properties. Every region reported stock level increases compared to January 2024, with Auckland offering 11,465 properties—the highest figure for January since 2012.
We haven’t seen this level of housing stock in Auckland for over a decade. This could present a valuable opportunity for buyers in the region.
Average Asking Prices Remain Steady
The national average asking price has maintained a range between $840,000 and $890,000 for two years, providing stability for both buyers and sellers. January’s average asking price was $868,969, a slight 1.3% decline year-on-year. The West Coast saw the most substantial growth, increasing 6.3% to $505,151, while Coromandel experienced the largest drop, down 20.3% to $1,004,312.
Several regions, including Auckland, Hawke’s Bay, Nelson & Bays, and Southland, saw price increases both month-on-month and year-on-year, while others like Coromandel, Waikato, Wairarapa, and Wellington witnessed declines.
With decreasing interest rates and a wide array of properties available, the strong start to 2025 presents an excellent chance for those ready to act.

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