Regional Market Commentary - Spring 2025
Regional Market Commentary - Spring 2025
We collate property market data from a range of trusted sources and provide seasonal updates for general information purposes only. While we endeavour to provide accurate insights, we do not warrant the accuracy of the data relied upon. Sources include: Quotable Value (QV), Real Estate Institute of New Zealand (REINZ), Reserve Bank of New Zealand (RBNZ), Stats NZ, and Cotality.
Christchurch City
Christchurch has maintained a steady residential market, with pricing holding near recent levels. According to REINZ data, the median sale price in Christchurch was $710,000 as at August 2025, showing modest annual growth. Listing volumes have improved through spring, and well-presented properties in established suburbs continue to attract buyer competition, particularly in the first-home and upgrader segments. The city benefits from strong infrastructure, consistent employment opportunities, and ongoing urban development that supports long-term value resilience.
Recent value movements in Christchurch have been minor, with the QV House Price Index showing a quarterly decline of just 0.2% as of September 2025. Buyer sentiment remains generally positive, supported by improved affordability and declining fixed mortgage rates.
Selwyn District
Selwyn continues to perform strongly, with sustained population growth and new development activity underpinning buyer demand. Popular growth areas such as Rolleston, West Melton, and Lincoln have seen steady sales turnover, driven by affordability relative to Christchurch and availability of modern housing stock.
REINZ figures show the median sale price in Selwyn was $745,000 in August 2025, with properties in new subdivisions typically selling faster than older stock. The district’s proximity to Christchurch, combined with lifestyle appeal and modern infrastructure, contributes to its attractiveness among families and remote workers.
Waimakariri District
Waimakariri mirrors many of the trends seen in Selwyn, with Rangiora and Kaiapoi continuing to experience high levels of residential activity. The district remains a popular option for buyers seeking newer homes at more affordable prices than central Christchurch.
REINZ reported a median sale price of $675,000 in August 2025, with days to sell tracking slightly below national averages. Anecdotal evidence suggests that properties priced in line with market expectations are selling well, while overpricing may result in prolonged marketing periods. Overall, the district has shown a high level of stability.
West Coast Region
The West Coast remains a low-volume, niche market characterised by variable demand. Sales tend to be driven by local employment, relocation, and investor interest in tourism-linked locations such as Hokitika, Greymouth, and Westport. Market momentum is sensitive to wider economic confidence and seasonal activity.
According to QV, property values on the West Coast have remained relatively stable over the past quarter. REINZ reports indicate moderate turnover with longer time on market, particularly for lifestyle and rural properties. While affordability remains a drawcard, value growth is generally modest, and buyer caution is more apparent in higher-value segments.
Dunedin
Dunedin’s residential market remains stable, with demand strongest for well-presented properties in central and family-friendly suburbs. According to REINZ, the median sale price was $600,000 in July 2025, reflecting a 4.8% annual increase. While total sales volumes remain moderate, competition has increased for quality stock, particularly in the entry-level bracket.
Time on market has shortened slightly, indicating increased buyer activity heading into spring. According to QV (September 2025), Dunedin saw a 0.7% quarterly decline in average value, suggesting minor softening in some sub-markets, though overall trends remain steady.
Clutha District
Clutha’s market activity continues at a slower pace. REINZ data shows the median sale price was $355,000 in July 2025 — a year-on-year decrease of 11.3%. Only 26 sales were recorded, with a median time to sell of 78 days, indicating cautious buyer sentiment and weaker demand.
The rural and service-town character of Clutha continues to influence market behaviour, with affordability a key driver. Buyers tend to be price-sensitive, and vendor flexibility is often needed to secure sales. Balclutha and Milton remain the most active sub-markets in the district.
Queenstown Lakes District
Queenstown Lakes continues to outperform the national trend. According to QV’s House Price Index (October 2025), the district recorded a 2.5% increase in residential values over the quarter — one of the strongest results nationally. Buyer interest has remained high, especially for dual-income properties, units with Visitor Accommodation consent, and homes in the upper-value range.
REINZ data supports this, noting multiple-offer scenarios are increasingly common, and open home attendance remains elevated. The easing of mortgage rates and changes to the overseas buyer policy have also contributed to growing confidence among domestic and international purchasers.
Central Otago District
The Central Otago market — particularly areas such as Cromwell, Clyde, and Alexandra — continues to show resilience. Buyer activity is largely driven by lifestyle appeal, proximity to Queenstown, and internal migration from other parts of New Zealand.
Stock remains tight, especially in the $800,000 to $1.5 million range. While value growth has moderated compared to the peak years, the market is active and competitive, supported by retirees, professionals, and second-home purchasers. According to QV, the broader Otago region (excluding Queenstown) has remained relatively flat, but localised demand remains solid in Central Otago.
Southland Region (incl. Invercargill)
Southland’s residential market remains stable with limited stock in many locations. According to QV (September 2025), average home values declined by 0.3% over the quarter — one of the smaller decreases nationally. Invercargill in particular is seeing solid enquiry levels, especially for tidy, well-priced homes, which are attracting pre-auction offers in some cases.
REINZ data notes a median sale price of $490,000, unchanged from the prior year, with a median time to sell of 42 days. The region continues to attract investors and home buyers drawn to affordability and yield potential. Buyer confidence has lifted slightly heading into spring, but the market remains sensitive to interest rates and access to finance.