Wellington average property asking price rises nearly $95,000 in a year - realestate.co.nz

Tuesday, 3 June 2025

Wellington's average property asking price has surged by nearly $95,000 compared to this time last year, marking a 12.9 per cent year-on-year rise, according to realestate.co.nz’s latest data.

The company's May Property Report shows the capital is one of six regions that recorded both month-on-month and year-on-year price increases. The average asking price in Wellington reached $828,531.

At the same time, new listings in Wellington dropped 32.1 per cent compared to the same month last year, a possible driver behind the price rise.

Across the country, the national average asking price remained steady during may – up a marginal 0.8 per cent year-on-year and 1.4 per cent month-on-month. Southland stood out, reaching an all-time high of $564,291 – the highest since records began 18 years ago.

Other notable regional increases included Taranaki (up 13.1 per cent to $756,271), Otago (up 7.4 per cent to $645,788), and Northland (up 3.6 per cent to $850,725).

Meanwhile, nine regions saw year-on-year declines, including the West Coast (down 9.8 per cent to $494,855), Gisborne (down 6.3 per cent to $634,604), and Central Otago/Lakes District (down 6.0 per cent to $1,382,741).

National stock levels rose 5.6 per cent compared to May 2024, sitting at 34,415 listings.

However, five regions recorded year-on-year stock declines: Northland, Waikato, Taranaki, Southland, and Manawatū/Whanganui. All 19 regions reported month-on-month decreases in stock, led by Gisborne (down 16.3 per cent), Southland (down 15.3 per cent), and Otago (down 12.0 per cent).

Nationally, new listings were up 2.9 per cent year-on-year, in line with seasonal expectations. The biggest increases were seen in the West Coast (up 30.4 per cent), Central Otago/Lakes (29.3 per cent), and Central North Island (26.5 per cent). Wellington was the outlier, with new listings down significantly.