REINZ House Price Index rises 0.8% in September month-on-month, salespeople 'cautiously optimistic'

Patchy spring weather conditions were reflected in the housing market in September, with mixed results around the country.

The Real Estate Institute of New Zealand recorded 6346 residential property sales in September, up 3.1% compared to September 2024.

However, the news wasn't so good in Auckland, where 1925 residential properties were sold. That was down 5.6% year-on-year.

Around the rest of the country, excluding Auckland, sales were up 7.5% compared to a year ago.

Sales also looked a bit grim on a seasonally adjusted basis, dropping 2.5% nationally, down 8.4% in Auckland and 2.9% lower across the rest of the country.

Price movements were generally up for the month, with the national median selling price increasing to $770,000 in September from $761,000 in August (+1.2%), but still down 1.5% compared to September last year.

The REINZ House Price Index (HPI), considered the most reliable measure of house price movements because it adjusts for movements in the mix of properties sold each month, was up 0.8% for the month.

The HPI recorded increases in September compared to August in all regions except Taranaki and Wellington. See the table below for the full regional HPI figures.

"Some local salespeople are reporting a noticeable lift in activity across the market, with first home buyers and owner-occupiers still the most active," REINZ Chief Executive Lizzy Ryley said.

"With the recent OCR drop of 50 basis points likely to influence further interest rate reductions, combined with the usual spring rush, salespeople are cautiously optimistic that activity will strengthen further through spring and summer," she said.

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