$63 Million Wiped Off NZ Property Market: Where Prices Are Dropping Fastest in 2025 | REPORT

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:

1. Auckland: –$604,500 (from $4.9M to $4.29M)

2. Queenstown: –$400,000

3. Northland: –$360,000 (from $950K to $590K – over one-third off!)

4. Mount Maunganui: –$346,000

5. 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

💥 Regions with the Largest Average Price Drops Per Listing

🧊 Regions with the Smallest Average Price Drops Per Listing

🏡 Top 5 Individual Property Price Drops (Q1 2025)