Market stable ahead of 2025 Budget

Prices dropped just 1.1 per cent to $781,000, still firmly within the stable $750,000-$801,000 range. This April pattern is nothing new; we've seen similar March-to-April dips nine times in the last decade. This tends to happen in April as school holidays, Easter, ANZAC Day and shorter days all combine to put house hunting on the back burner.

The number of transactions have likewise dropped 17.5 per cent from March (from 7,797 to 6,427), but while this represents a significant month-on-month decline, it actually outperformed the usual April results. The typical March-to-April sales decline over the past decade has been 25 per cent, making this year's 17.5 per cent drop considerably less severe than usual. Even more telling, this April's transaction volume exceeded last year's figure by 9.5 per cent, with 556 more properties sold than in April 2024.

The message is clear: we're still in a solid buyer's market with plenty of choices, stable prices, and falling interest rates.

Christchurch stands out as the strongest performer among major cities. It's the only major urban centre showing annual price growth, with minimal depreciation over three years. This contrasts sharply with Wellington and Auckland, both down four per cent from last year and a substantial 13 per cent from three years ago.

The West Coast, our most affordable region, continues its rollercoaster ride. After surging 11.5 per cent from February to March, prices dropped back by 11.4 per cent in April. Despite these dramatic swings, the region sits 6.9 per cent below its values from three years ago.

Only three regions have managed positive growth both annually and over the three-year period: Southland, Otago, and Canterbury. Meanwhile, Tasman and Nelson show promising signs of recovery.

However, the broader regional picture remains mixed, with 9 of our 16 regions still working through price corrections.