REINZ reports strong growth in sales and auctions in February
The Real Estate Institute of New Zealand (REINZ) has observed a notable uplift in property market activities as the country moves past the holiday season and returns to normal routines.
February’s data showed that the market is not only recovering but also displaying signs of burgeoning confidence among buyers and sellers alike.
Rowan Dixon (pictured), REINZ acting chief executive, remarked on the market dynamics.
“Sales have increased nationally year-on-year, and activity is ramping up as we move out of summer,” said Dixon, who recently succeeded Jen Baird as REINZ CEO after her resignation.
“Attendance at open homes remains strong, and auction numbers are comparable to those in February 2024. These are encouraging signs for a positive and confident market ahead.”
Sales and auction activity
Nationwide, property sales rose 3.4% year-on-year, with a significant monthly jump of 59.5% from January.
Excluding Auckland, the increase was even more pronounced in regions such as the West Coast and Taranaki, where sales surged by over 20%. This reflects a widespread resurgence across various regions, contrasting with the usual January lull.
Seasonal adjustments and price movements
Dixon explained the seasonal influence on the market.
“Sales in New Zealand generally rise from January to February, though the exact shift becomes clearer once seasonal trends are accounted for,” he said.
“For instance, New Zealand experienced a 59.5% increase in sales, but when adjusting for seasonality, that is 12% higher than anticipated.”
The median price data tells a mixed story, with the national median price decreasing by 2.4% year-on-year to $772,000. However, six out of 16 regions bucked this trend, showing increases in median prices, with the West Coast leading at a 16.3% rise.
Inventory and listings
Despite the increase in sales, overall listings dipped slightly by 3.6% nationwide, with minimal changes outside Auckland.
The inventory levels, however, rose by 13.6% year-on-year, suggesting a greater availability of properties for sale, REINZ reported.
Outlook and auction data
Dixon concluded with an optimistic outlook: “Reports show a positive outlook with most vendors setting realistic prices and aligning to market conditions.”
February’s auction statistics support this, with 1,163 properties going under the hammer, marking a subtle increase from the same period last year.
Market metrics
The House Price Index (HPI) for New Zealand stands at 3,655, reflecting a slight annual decrease of 1.2% but an improvement from January 2025, suggesting a tentative recovery in the housing market values.
This comprehensive review of February’s real estate activity highlighted a market that is adapting and growing, buoyed by renewed confidence and strategic rate adjustments by the RBNZ.
For more details, read the full Monthly Property Report and the House Price Index (HPI) Report.
