However, Dixon noted that seasonal factors distorted the raw sales data.
“Looking at sales activity across New Zealand, the raw data shows a 17.6% drop in activity from March to April 2025,” he said. “However, when seasonally adjusted, this substantial decline becomes just a 0.5% decrease.”
Interest rates ease, but inventory still high
Market sentiment was mixed in April as buyers responded to lower interest rates, yet vendors faced a slower adjustment in pricing expectations.
New listings dropped 11.6% nationally, and inventory climbed 6.2% year-on-year, bringing total inventory to 35,924 properties.
“As interest rates decrease, we can expect an increase in market activity. However, vendors should be aware that prices haven’t yet aligned with these changes and should be ready to adapt to evolving market dynamics,” Dixon said.