New Zealand home prices rise in October but remain lower year-on-year

[WELLINGTON] New Zealand home prices increased in October, in a sign the market has stabilised, although it remained lower on year, the Real Estate Institute of New Zealand (REINZ) said on Monday.

Seasonally adjusted median house prices edged 0.7 per cent higher from September but were down 1.2 per cent on the previous year, REINZ data showed. National home sales rose 3.6 per cent from September and were 5.0 per cent higher compared with October 2024.

“The rise in market confidence, combined with the typical spring surge, has driven increased sales,” REINZ CEO Lizzy Ryley said in a statement. “Most regions show a positive shift, indicating that October performed better than expected,” she added. REUTERS