New Zealand House Prices Rise in February as Market Gains Momentum

New Zealand’s housing market showed signs of stability in February, with rising prices and increased buyer activity, according to the Real Estate Institute of New Zealand (REINZ). Seasonally adjusted median home prices edged up 1.7% from January, though they remained 0.6% lower year-over-year.

Home sales surged, climbing 12% from the previous month and 20.7% compared to February 2024, indicating a growing appetite among buyers. REINZ Acting CEO Rowan Dixon noted strong attendance at open homes and steady auction participation, signaling increasing confidence in the market.

“Sales have risen nationally year-on-year, and activity is picking up. These are encouraging signs of a positive and stable market,” Dixon said.

The rise in home sales is partly attributed to vendors setting more realistic prices that align with current market conditions. This pricing adjustment has helped drive demand, bringing more buyers into the market and increasing transaction volumes.

The data suggests a shift towards a more balanced housing market, with both buyers and sellers adjusting to evolving economic conditions. With growing stability and increased market activity, experts anticipate a more confident housing sector in the months ahead.