There have been a growing number of indicators that New Zealand’s property market may be on the cusp of a sustainable lift.

Cotality’s latest Home Value Index showed that property values edged up by 0.1% in September breaking a run of five monthly consecutive falls. The national median property value now stands at  just over $810,000.

Cotality New Zealand Chief Property Economist, Kelvin Davidson, said that September’s rise was consistent with the impact of lower mortgage rates as well as “early tentative signs of an economic turnaround and an upward trend in property sales volumes”.

Noting it was a still a little bit early to firmly call an upturn, he said it was a good time to be a buyer, and that first home buyer remained a strong presence in the market and investors had returned in greater numbers as well.

New data released by the Real Estate Institute of New Zealand (REINZ) shows that sales counts have increased nationwide. National sales were up 3.1% year-on-year in September to 6,346 sales, and New Zealand, excluding Auckland, saw a rise of 7.5%, to 4,421.

In addition, the national median days to sell declined by six days year-on-year, reaching 43 days.

There was also an increase in new listings recorded around the country, with New Zealand up 1.3% year-on-year to 9,394. New Zealand, excluding Auckland, also recorded an increase, up 1.7% year-on-year to 6,068, REINZ data showed.

The Reserve Bank of New Zealand indicated it expected property market growth when it cut the Official Cash Rate by an aggressive 50 basis points from 3% to 2.5%, at its 8 October policy meeting.

“The average interest rate on existing mortgages is expected to continue to decline over the coming year as mortgage holders re-fix onto lower rates, reducing debt servicing costs for households. Construction activity is projected to recover from mid-2026 as demand for dwellings recovers and house price growth resumes,” the bank said. 

Raine & Horne New Zealand General Manager James Shepherd said Raine & Horne property professionals on the ground were reporting a noticeable lift in activity across the market and growing confidence among vendors. With the recent 50 basis point cut to the OCR likely to influence further interest rate reductions, combined with the usual spring sales rush and a consensus that 2026 should be a much better year, our salespeople are cautiously optimistic that activity will strengthen further into summer and beyond," James said.

Whether you want to buy, sell or rent a property, don’t hesitate to contact your local Raine & Horne office.