Winter Chill or Market Thrill? What July Tells Us About NZ Property

July’s market stats are in—and while winter usually brings a cool-down, the property scene is quietly simmering. So what’s really going on out there? Let’s unpack the data, ditch the jargon, and give you the lowdown.

Auckland Still Has Game

Despite the chilly weather, Auckland didn’t hit the snooze button. Barfoot & Thompson clocked their strongest July in almost a decade (excluding pandemic oddities), with 957 properties sold and a solid 14% lift in new listings month-on-month. Nearly half of those sales were over $1 million, and 16 homes went for over $3 million—proof that high-end buyers aren’t hibernating.

But don’t mistake strong sales for soaring prices. Average sale prices dipped slightly (down 2.5% from June), and the median slipped too. It’s a classic mid-winter story: plenty of activity, but buyers still calling the shots.

Nationwide: Still a Bit Wobbly

Zooming out, Westpac’s June data paints a slightly less perky picture. Sales volumes dipped 4.2% nationwide and the REINZ House Price Index slid by 0.3%—the first monthly fall since late 2024. Days-to-sell are up again, averaging nearly 48 days, and buyers are picky, with little urgency to commit.

That said, we’re still ahead of last year’s volumes, and mortgage applications remain solid. So while the market isn’t leaping ahead, it’s not collapsing either. Think of it more as a cautious shuffle forward.

Rentals Flip to a Renter’s Market

On the rental front, it’s officially a renter’s market in Auckland. Barfoot & Thompson says rental price growth is the slowest it’s been in five years, with average rent inching up just 0.53% since January. More properties are available, fewer tenants are on the move, and landlords are hosting more viewings to stay competitive.

Tony Alexander and Crockers confirm the shift: a record 41% of landlords say it’s hard to find good tenants, and only 17% are considering buying more rentals anytime soon. Many are eyeing the exit, citing costs, legislation changes, and low returns as deal-breakers.

Spring Is Coming… So What Now?

All signs point to a market in wait-and-see mode. Stock levels are healthy, buyers are cautious but engaged, and first-home buyers are still showing up (especially in that sub-$800k sweet spot). What’s missing? A bit of confidence—and maybe a little help from the Reserve Bank.

If you're selling, now’s the time to prep. Spring listings will flood the market soon, so standing out will matter more than ever. If you're buying, there's less pressure than usual. No FOMO, just plenty of choice and time to find the right fit.

Final Thought: Balanced, Not Boring

This isn’t a boom. It’s not a bust either. It’s a balanced market—boring to some, but golden for those who know how to play it. Real deals are happening, especially where buyers and sellers are ready to meet in the middle.