PHOTO: Vanessa Williams, spokesperson for realestate.co.nz
New Data Reveals Regions with the Deepest Cuts and What It Means for Buyers & Sellers
More than $63 million was slashed from asking prices across New Zealand’s property market in the first quarter of 2025, according to new data released by realestate.co.nz. The latest figures reveal that vendors are adjusting their expectations to match reality, with more listings seeing significant price reductions as the market continues to stabilise.
“Nationally, we’re seeing sellers come to market with more realistic price points right from the outset,” says Vanessa Williams, spokesperson for realestate.co.nz. “This helps reduce the need for major cuts down the line.”
National Discounting Totals $63 Million
In Q1 2025, total asking price reductions hit $63,044,313—a slight dip from $69.6 million in Q1 2024.
1,686 properties had price reductions this quarter (up from 1,624 last year). Average drop per listing: $37,393
Regions with the Biggest Total Price Drops
-
Auckland: –$9.82 million
-
Waikato: –$7.01 million
-
Wellington: –$5.93 million
“All up, that’s millions of dollars no longer circulating. Buyers aren’t paying it, and sellers aren’t receiving it,” Williams notes.
Where Sellers Cut the Most Per Listing
-
Auckland: –$59,175
-
Coromandel: –$58,602
-
Wellington: –$54,385
At the other end:
-
Wairarapa: –$24,346
-
Otago: –$26,220
-
Hawke’s Bay: –$26,490
These numbers offer a reality check for vendors—and negotiation power for savvy buyers.
The Listings with the Biggest Drops
The top five listings with the largest dollar-value cuts included:
-
Auckland: –$604,500 (from $4.9M to $4.29M)
-
Queenstown: –$400,000
-
Northland: –$360,000 (from $950K to $590K – over one-third off!)
-
Mount Maunganui: –$346,000
-
Whitianga: –$300,000
“At the peak in 2022, bidding wars drove prices above asking. That market is gone. Today, sellers need to meet buyers where they’re at,” says Williams.
Why It Matters for Kiwis
High listing levels + slower market = more buyer power
Sellers are more flexible and responsive to demand
These reductions don’t reflect final sale prices, but are an indicator of where expectations are shifting
Glossary Snapshot
Asking Price Drop: Difference between original listing and revised asking price Total Price Drop: Combined reduction amount across all discounted listings Average Price Drop per Listing: Total drops divided by number of listings Listings That Dropped Prices: Total discounted properties
Total Listings: All listings during Q1 2025, with or without price cuts
NZ Property Market Infometrics – Q1 2025
Source: realestate.co.nz
Total Asking Price Reductions (Q1 2025)
$63,044,313 Value trimmed from asking prices across NZ Slight decrease from Q1 2024 ($69.6 million)
Discounted Listings
1,686 listings
Up from 1,624 in Q1 2024 Average reduction per listing: $37,393
Top 3 Regions with Highest Total Price Drops
| Region | Total Drop |
|---|---|
| Auckland |
–$9.82 million |
| Waikato |
–$7.01 million |
| Wellington |
–$5.93 million |
Regions with the Largest Average Price Drops Per Listing
| Region | Avg. Drop per Listing |
|---|---|
| Auckland | –$59,175 |
| Coromandel | –$58,602 |
| Wellington | –$54,385 |
Regions with the Smallest Average Price Drops Per Listing
| Region | Avg. Drop per Listing |
|---|---|
| Wairarapa | –$24,346 |
| Otago | –$26,220 |
| Hawke’s Bay | –$26,490 |
Top 5 Individual Property Price Drops (Q1 2025)
| Location | Drop Amount | From → To |
|---|---|---|
| Auckland | –$604,500 | $4.9M → $4.295M |
| Queenstown | –$400,000 | $3.9M → $3.5M |
| Northland | –$360,000 | $950K → $590K |
| Mount Maunganui | –$346,000 | Not specified |
| Whitianga | –$300,000 | Not specified |