WATCH: Perspectives Property Report April

Hello and welcome to Perspectives.

February's numbers are in, and the headline is one of resilience. The national median price reached $795,000 in February, up 3.2% year-on-year and continuing a run of month-on-month gains. So the market has stabilised and the question is: what comes next.

The honest answer is: a measured recovery, but not without headwinds.

Buyers are active. Auction rooms are filling up. New listings nationally rose nearly 8% year-on-year, and that choice is keeping buyers analytical. They're not sitting on their hands but they are taking their time. We're seeing the classic profile of a market in transition: vendors who've aligned with reality, and buyers who know value when they see it, but won't be rushed.

Interest rates are part of that calculation. The OCR held at 2.25% in February, and while rates fell through late 2025 and into early this year, banks are now beginning to price in future hikes on longer-term products. If global inflationary pressure flows through here, the Reserve Bank will face a difficult call. The last thing this recovery needs is stagflation - rising costs, weak growth, softening employment. We're watching that carefully.

It's worth noting that February's data predates the escalation in Iran at the end of the month. The market is currently moving in the right direction and the hope is it's resilient enough to absorb whatever the months ahead may bring.

The uncertainty of the current geopolitical climate is real. But there's a compelling flip side: New Zealand is looking extraordinarily attractive to the world right now. Our web enquiry data tells that story - significant spikes in traffic from the United States, the UAE, and Europe. People are looking at this country as a place to live, to invest, to build something of lasting value. That's an opportunity our market is well placed to meet.

Regionally, the South Island is the standout story of the moment. Canterbury saw their highest February sales count since 2021. Otago led the nation with a 13.2% year-on-year price increase. This isn't a short-term spike. The South Island is performing across the board - economy, employment, agriculture, tourism and migration. The fundamentals are genuinely strong, and real estate is reflecting that, and our recent results reflect that with Christchurch, Wanaka and Queenstown leading the way.

Three of Wellington's most significant homes have just come to market and together they speak to a meaningful shift in the capital's prestige property landscape. Buyer confidence at the top end is returning, and these listings reflect the quality of what's available.

66 Onslow Road, Khandallah, is a 900 square metre sanctuary of six bedrooms and five bathrooms commanding 180-degree views stretching from the Hutt Valley to Wellington City. It is Mediterranean in spirit, and quite possibly the most luxurious private residence the capital has seen come to market in years.

34 Lookout Road, Roseneath, designed by Novak + Middleton, is perched at the very summit of Mount Victoria. It spans 585 square metres, four-bedrooms, four-bathrooms and more a landmark than it is a residence.

3 Maramanui Way, Karakas Bay is a superbly modernised Ian Athfield residence - unmatched in seclusion, and carrying all the hallmarks of his mid-60s signature style.

And finally an announcement we've been looking forward to sharing.

New Zealand Sotheby's International Realty has partnered with TVNZ's Grand Designs New Zealand. It's a natural fit: two names that believe exceptional homes deserve to be experienced as stories, not simply listed as addresses. Make sure to tune into watch on TVNZ when it launches.

Until next month — take care.