PHOTO: This is the first time since September 2024 that the Tāmaki Makaurau market has slid under seven figures. FILE
The average asking price in Auckland has slipped under the million-dollar mark for the first time in nearly a year — creating a rare buying window in one of the country’s most expensive housing markets.
In a notable market shift, Trade Me Property’s latest Pulse Report reveals that Auckland’s average asking price dropped to $989,250 in July 2025, marking a $17,000 dip (1.7%) from June and a significant fall from March’s high of $1.057 million.
This is the first time since September 2024 that the Tāmaki Makaurau market has slid under seven figures — a psychological price point often used as a barometer for buyer confidence and affordability in the region.
The Most Comprehensive NZ Real Estate Agent Database Ever Compiled – Order Now | August 2025
Could Auckland Stay Below the Million-Dollar Mark Longer This Time?
According to Trade Me Property Customer Director Gavin Lloyd, the seasonal price pattern in Auckland has arrived earlier than expected.
“This dip has occurred earlier than last year,” said Lloyd, “suggesting that we may see a more prolonged period of prices under the million-dollar threshold in 2025.”
In 2024, prices remained below $1 million for just two months. This year, that window could last longer, especially as winter activity and economic caution keep prices suppressed.
NZ House Prices: National Trends in July 2025
While Auckland headlines the downturn, national house prices also fell, albeit slightly. The average asking price across New Zealand now sits at $821,750, down 1% from June and 0.4% year-on-year.
Regional Breakdown: Who’s Up, Who’s Down
🔻 Bay of Plenty:
-
Down 3.0% month-on-month to $829,950
-
Prices are down more than 2% annually
🔻 Taranaki:
-
One of the largest falls, with a 4.1% dip to $661,900
-
Year-on-year prices down 1.9%
🔼 Canterbury:
-
Up 0.5% to $701,800
-
Prices up 1.2% compared to July 2024
🔼 Southland:
-
Flat month-on-month (-0.4%)
-
But up 5% year-on-year — the strongest annual growth across NZ regions
Buyer’s Market: Good Supply, Lower Prices, and Time to Think
While prices continue to ease, inventory levels remain solid. The number of residential properties for sale fell 3% from June to July but held steady compared to the same time last year.
Meanwhile, buyer demand is starting to pick up, with total listing views up 3% month-on-month.
“This is a golden opportunity for buyers,” Lloyd said. “You’ve got easing prices, time to think, and a broad selection of properties available.”
Takeaway: Rare Opening for First-Time Buyers and Upsizers
For those who were priced out of Auckland last year, 2025 could be your moment. With market sentiment cooling and competition lower, savvy buyers could secure homes that were previously out of reach — without the frenzy of FOMO-fuelled bidding wars.
Video Insight: New Zealand’s Housing Crash is a Lesson for Australia – Watch Now
