New Zealand Property Market Tracker

March's housing market reflected a resilient but increasingly cautious environment, as buyers continued to transact through the onset of the Iran conflict and petrol prices climbing. The national median price eased slightly to $788,000, while sales remained essentially flat year-on-year. Eleven of sixteen regions recorded price increases, with South Island markets standing out; Otago hit a record high HPI and Canterbury sits just a fraction below its own peak.

What moved the market this month:

• Median price $788,000: down 0.3% year-on-year nationally, though excluding Auckland prices rose 1.4% to $710,000, highlighting regional divergence.
• Sales activity 7,853: flat year-on-year, with seasonally adjusted figures showing a slight dip from February, consistent with a more measured buyer environment.
• New listings up just 0.2% to 12,055, with inventory rising modestly 2.1% to 37,638