WELCOME TO THE May 2025
PUBLISHER
Century 21 New Zealand Ltd
CONTRIBUTORS
Rowan Dixon, REINZ
Julius Capilitan
EDITORI a L ENQUIRIES
Century 21 New Zealand +64 9414 6041
a DVERTISING ENQUIRIES
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DISCL a IMER
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a UTUMN CHILL HITS PROPERT y M a RKET
BY RO WAN DIXON , REINZ ACTING CEO
The Real Estate Institute of New Zealand (REINZ) has released figures for April, revealing a slightly slower and more subdued market as the cooler months arrive. Although sales have increased compared to April 2024, the national median price has declined. Additionally, new listings entering the market have also reported a drop.
“THIS APRIL, THERE WERE MANY FACTORS THAT INFLUENCED THE PROPERTY MARKET, SUCH AS SCHOOL HOLIDAYS, ANZAC DAY, AND EASTER. SOME SALESPEOPLE MENTIONED THAT THERE WERE FEWER ATTENDEES AT OPEN HOMES AND FEWER SUCCESSFUL AUCTIONS, ” SAYS ACTING CHIEF EXECUTIVE ROWAN DIXON.
New Zealand’s median price declined by 1.1% year-on-year to $781,000. In New Zealand, excluding Auckland, the median price remained unchanged yearon-year, at $700,000. Auckland’s median price declined by 4.0% year-on-year, at $1,000,000.
Seven out of the sixteen regions reported an increase in median prices compared to April 2024.
Tasman recorded the highest yearly increase of 8.4%, to $875,000 from $807,550. Southland followed with an increase of 6.6% compared to April 2024, reaching $485,000, up from $455,000.
The number of properties sold in New Zealand in April 2025 increased by 9.5% compared to April 2024, rising from 5,871 to 6,427 sales. Excluding Auckland, sales increased 11.1% year-on-year from 4,023 to 4,470. At a regional level, the highest year-on- year increase was achieved by Southland, up 28.7% from 115 to 148 sales. Other regions that experienced notable increases were Manawatu/ Whanganui (+19.0%), Waikato (+17.3 %), and Gisborne (+15.9%).
“There has been a notable increase in sales across the country. However, despite this upward trend, property prices continue to decline due to a significant number of properties still available on the market. Real estate professionals report that buyers are seeking properties at lower price points, and they are willing to explore alternative options if they view prices as being excessively high,” says Dixo n.
Fewer properties were listed for sale this April compared to both the previous month and the same period last year. New Zealand experienced an 11.6% decline in listings from April 2024, totalling 8,518 listings. Excluding Auckland, a 5.7% decline was reported in listings, bringing the total to 5,739. Inventory levels for New Zealand increased by 6.2% year-on-year to 35,924 properties for sale.
Nationally, there were 912 auction sales reported. Excluding Auckland, there were 424 auction sales. There was no change year-on-year for the median days to sell in New Zealand, sitting at 42 days.
Sales often decline in winter or over the holidays, so month-to-month changes may reflect seasonal behaviour rather than true market shifts. Seasonally adjusted (SA) data eliminates these seasonal effects and shows the actual trend.
“Looking at sales activity across New Zealand, the raw data shows a 17.6% drop in activity from March to April 2025,” notes Dixon. “However, when seasonally adjusted, this substantial decline becomes just a 0.5% decrease. This reveals that while transaction numbers have fallen as expected for this time
ANNUAL MEDIAN PRICE CHANGES
of year, the actual market activity remains stable when seasonal patterns are taken into account.”
This month, market sentiment is largely influenced by easing interest rates and concerns about job security. 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 advises.
The House Price Index (HPI) for New Zealand is currently at 3,621, showing a year-on-year and month-on-month decrease of 0.3%. Over the past five years, the average annual growth rate of New Zealand’s HPI has been 4.0%.
Southland remains the highestranked region for HPI movement, taking the top place for 10 consecutive months.
The Real Estate Institute of New Zealand (REINZ) has the latest and most accurate real estate data in New Zealand, for more information and data on national and regional activity visit the REINZ’s website.
Source: REINZ Monthly Property Report 15 May 2025.
yOUR GUIDE TO WEEKEND HOME PROJECTS
TH aT a CTU a LLy SPa RK JOy
Weekends are sacred. They’re our time to slow down, reset, and sometimes finally get to those little home projects we’ve been putting off. But here’s the thing, not every project needs to be a renovation marathon. Some of the most satisfying changes you can make at home are small, thoughtful, and actually enjoyable to do.
Whethe r you're looking to create a more beautiful space, add a splash of personality, or simply tick something off your to–do list, these weekend–ready ideas are all about bringing joy back into the process and your space.
Let’s dive into seven easy, feel–good home projects that don’t require a tradesperson, a budget blowout, or even that many tools.
REFRESH A TIRED CORNER WITH PAINT
You don’t hav e to repaint the entire house to make an impact. Pick one wall, a door, or even a piece of furniture and give it a fresh coat of paint.
Colour has a huge effect on mood, and a weekend spent choosing and painting can be incredibly satisfying. Try earthy greens, terracotta, or soft oat tones to instantly warm up a s p ace.
CREATE A MINI HERB GARDEN
A windowsill herb garden is a practical and beautiful addition to your kitchen. Even better, you’ll be growing ingredients you’ll actually use.
The smell of fresh basil, the satisfaction of snipping your own rosemary, pure pleasure, right from your kitchen window.
STYLE A “MOMENT” SHELF
Have a fl oating shelf or sideboard that’s become a bit of a dumping ground? Turn it into a styled vignette with books, candles, framed photos, and a small plant.
It’s like decorating a mini room. Instant mood–lifter every time you walk past.
SWAP YOUR SOFT FURNISHINGS
Switch out your cushion covers, throws, or even your bed linen for a new season look. You’ll be surprised how much a fresh textile palette can change a room.
Image: Mk S on Unsplash
Image: Amber Kipp on Unsplash
DECLUTTER ONE DRAW
Instead of trying to tackle the entire house, focus on that one drawer that’s always overflowing, like the “junk drawer” or your bathroom vanity.
CREATE A DIY HOME SPA MOMENT
Refresh your bathroom with a few well–placed items: a bamboo bath caddy, fluffy towels, a new soap dispenser, or a candle. Bonus points for adding eucalyptus in the shower.
TIDY UP YOUR OUTDOOR NOOK
Whether it’s a balcony, a front porch, or a backyard corner, give your outdoor space some love.
Clean it up, add a chair, pop in a pot plant, and maybe string up some solar lights.
IT DOESN’T HAVE TO BE BIG TO BE WORTH IT
Sometimes the most joyful updates are the ones that take just a few hours, not a whole weekend. The best part? These little projects often become the things you appreciate the most. They bring beauty, order, and a sense of calm to your everyday spaces and that’s something worth celebrating.
Got a favourite weekend project of your own? We’d love to hear
about it! And if you’re planning to refresh your space before selling, a few styling tweaks can go a long way. Get in touch with your local Century 21 agent for personalised tips on what makes the biggest impact in your home. Visit C21.co.nz/your-local-c21 to find your closest agent.
Image: Clay Banks on Unsplash
M a KE EVERy ME a L SPECI a L: DINING a RE a ST y LING FOR EVERy Day MOMENTS
In a world where busy schedules and screen time often take over, the simple act of sharing a meal deserves to be celebrated. Whether it's dinner with family or a solo lunch break, your dining area can be more than just functional, it can be a daily experience to look forward to. With a few thoughtful styling touches, you can elevate everyday meals into moments of connection, calm and joy.
SET THE MOOD WITH LIGHTING
Lighting plays a key role in creating a warm, inviting dining atmosphere. If you have overhead lighting, consider swapping in a pendant light or chandelier to make a statement. Add dimmable bulbs or candles for soft, ambient lighting that instantly makes the space feel more intimate.
MIX FUNCTION WITH STYLE
Your dining area doesn’t have to be fancy to feel special. A simple runner, placemats, or cloth napkins can add texture and elevate the space. Opt for durable, easy-to-clean materials that still feel stylish, linen, natural fibres, or ceramic accessories all bring a refined touch without the fuss.
MAKE USE OF WHAT YOU HAVE
You don’t need to buy new furniture or décor to give your dining area a fresh feel. Rearrange your layout, bring in a piece from another room, or rotate centrepieces. A small indoor plant, a bowl of fruit, or a vase with greenery can transform the table with minimal effort.
PERSONALISE THE SPACE
Think beyond the basics and include elements that reflect your personality. Whether it’s framed artwork, vintage dinnerware, or a playlist you play during meals, these small touches make the space feel more you.
CREATE RITUALS AROUND MEALTIMES
Styling isn’t just about what you see, it's about how the space makes you feel. Try lighting a candle before sitting down to eat, using a special set of dishes on week nights, or having a no-phones-atthe-table rule to make meals more mindful. These little rituals turn everyday dining into something more meaningful.
KEEP IT FLEXIBLE
If your dining space is part of an open-plan living area or a multipurpose zone, aim for style choices that are flexible. Stackable chairs, benches with storage, or a round table that expands for guests can keep your space practical and beautiful.
YOUR EVERYDAY ESCAPE
Your dining area doesn’t need to be reserved for special occasions. With a few small changes, you can make every meal feel like a moment worth savouring. Whether you're eating solo, with your family, or hosting a friend, thoughtful styling helps create a space where connection happens and memories are made.
Sometimes the smallest changes create the biggest impact.
A well-styled dining space brings more than beauty, it invites conversation, connection, and a moment to pause in the day.
Thinking about refreshing your space before putting it on the market?
A few thoughtful tweaks can make all the difference. Reach out to your local Century 21 agent for personalised advice on what styling choices attract today’s buyers.
W H aT THE BUDGET a ND
OCR CUT ME a N FOR yOU
BY JULIUS CAPILITAN , C21 FINANCIAL
May has delivered two big headlines for Kiwis watching their wallets: the upcoming New Zealand Budget and the Reserve Bank’s latest interest rate cut. Both play a big role in shaping the financial landscape for anyone looking to buy a home, refix their mortgage, or grow their small business.
So what’s actually hap pening and how could it affect you?
BUDGET 2025: LEAN, FOCUSED, AND ALL ABOUT GROWTH
Finance Minister Nicola Willis is calling this the “Growth Budget” – and not just because it sounds
good. This year’s Budget is one of the tightest in recent memory, with very little room for new spending. Instead of handing out sweeteners, the government is prioritising long-term stability, infrastructure, and supporting productivity
KEY TAKEAWAYS FOR BUYERS AND HOMEOWNERS:
• No new grants for first-home buyers – The First Home Grant was scrapped last year, but the First Home Loan (5% deposit option backed by Kāinga Ora) is still available.
• More social and affordable housing supply – An extra $140m has been committed to deliver 1,500 new homes through community housing provid ers.
• Stri cter control on spending – This helps keep inflation down, which supports lower interest rates.
FOR PROPERTY INVESTORS:
You’ll benefit from recent tax changes already in play:
• Mortgage interest is once again fully tax-deductible.
• The bright-line test (a type of capital gains tax) has been reduced from 10 years to just 2 years.
• Lending rules have relaxed slightly – including lower deposit requirements in some cases.
Julius Capilitan of Century 21 Financial says:
“THIS BUDGET ISN’T ABOUT HANDOUTS – IT’S ABOUT CREATING AN ENVIRONMENT WHERE GROWTH IS SUSTAINABLE AND INFLATION STAYS DOWN. THAT’S WHAT ALLOWS INTEREST RATES TO KEEP FALLING, WHICH IS GREAT FOR HOME BUYERS.”
OCR
DOWN TO 3.50% – AND STILL FALLING
On 9 April, the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) to 3.50% – the fifth rate cut since August last year.
This matters because the OCR helps determine what banks charge on your home loan or business overdraft. And here’s the good news: more cuts are expected
The RBNZ is widely tipped to lower the OCR again in late May – possibly down to 3.25% , with the rate falling even further later in 2025.
WHAT THIS MEANS FOR YOU:
• Floating mortgage rates are already falling.
• Fixed rates (especially 1- and 2-year terms) are sitting around 4.99% , and could drop again if banks anticipate further OCR cuts.
• Some homeowners with less than 20% deposit may now qualify to refinance at a better rate – potentially saving hundreds per month Julius says:
“We’re helping a lot of clients refinance into better structures – especially those who bought in 2021–22 with high rates or low
deposits. Lenders are more flexible now, and repayments are starting to drop.”
IN SUMMARY
May’s developments give us cautious optimism:
• The Budget keeps inflation in check – helping interest rates fall.
• The OCR is expected to keep dropping – meaning lower repayments for borrowers.
• Home prices are steady, lending is a little easier, and tax settings favour long-term property investors. If you’re unsure whether to buy, sell, refinance or restructure – now’s the time to talk to someone . At Century 21 Financial, we help you understand the market, crunch the numbers, and make confident decisions so you can make your Move Of the Century.
a NEW HOUSING ER a IN NEW
ZE a L a ND
Home ownership has become a distant dream for many Kiwis, particularly in high-demand urban centres like Auckland and Wellington. Against this backdrop, a quiet revolution is underway that’s reshaping the country’s residential property landscape: Build-to-Rent (BTR).
Long popular overseas in markets like the UK, Australia and the US, BTR is now gaining traction in New Zealand. With rising demand, policy shifts, and new investment appetite, developers and institutional investors are increasingly asking the same question: Why wouldn’t you build to rent in New Zealand?
1. DEMAND IS SURGING
New Zeala nd’s population is growing faster than it can be housed. A potent mix of strong net migration, lifestyle changes and unaffordable housing has left many residents – espec ially younger people, retirees and professionals – relying on the rental market for the long haul.
Consider the stats:
• Over 1 .5 million New Zealanders rent – and that number is rising.
• Home ownership rates have dipped to around 65% nationally and are far lower in urban centres.
• New Zealand has a shortfall of more than 100,000 homes , especially in areas like Auckland, Hamilton and Christchurch.
For developers, this is more than a crisis – it’s a clear market signal.
2. RELIABLE INCOME AND SOLID RETURNS
BTR flips the traditional build-to-sell (BTS) model on its head. Instead of cashing in at the point of sale, BTR generates predictable, long-term rental income – a significant advantage in volatile markets. Steady cash flow means a lower risk, while high demand means low vacancy rates – especially if the development includes sought-after amenities.
There is an economy of scale when it comes to BTR. Management is more cost-effective when multiple units are on one title. Unlike traditional residential properties, BTR can be managed and valued like commercial real estate.
With banks offering 5-10 year interest only loans this is looking positive for investor s.
3. BUILT FOR PURPOSE, DESIGNED FOR TENANTS
BTR developments are not just apartment blocks for rent – they’re purpose-built communities. That means:
• Modern design tailored to renters’ lifestyles
• On-site management and security
• Amenities like gyms, co-working spaces, communal lounges and landscaped areas
Continued over page
This leads to higher tenant retention, lower vacancy, and the ability to command premium rents – a win-win for landlords and renters alike.
4. FAVOURABLE POLICY WINDS
The New Zealand government has signalled growing support for BTR, especially as a means to alleviate housing shortages without relying solely on social housing.
Key enablers include:
• Kāinga Ora partnerships: Public-private developments are now common, particularly for larger-scale BTR projects.
• Zoning reforms: Policies like the National Policy Statement on Urban Development (NPS-UD) promote medium- and high-density housing near transport hubs.
• Evolving tax settings: Although BTR has historically faced unfavourable tax treatment, change is afoot. Watch for improved depreciation rules, interest deductibility, and GST considerations.
For developers who understand how to navigate planning and policy, this is a golden window of opportunity.
5. MATCHING DIVERSE TENANT NEEDS
6. URBAN GROWTH, SMART INTENSIFICATION
New Zealand cities are shifting toward higher-density, transit-oriented development. BTR fits this perfectly.
Developers can:
• Capitalise on newly rezoned land for multi-unit builds
• Create vibrant communities near employment hubs
• Partner with councils to regenerate underused land
As land becomes scarcer and more expensive, scalable, high-density rental projects are the future.
7. A MAGNET FOR INSTITUTIONAL CAPITAL
Perhaps most significantly, BTR is drawing the eye of big-money investors – including superannuation funds, iwi trusts, and real estate investment trusts (REITs). These investors favour:
• Stable, annuity-style income
• Inflation protection via rent indexing
• Asset appreciation in growing cities Because BTR can be valued similarly to commercial property (using capitalisation rates), it opens the door to large-scale funding and long-term holds.
BTR is uniquely positioned to cater to a wide range of tenant profiles:
Tenant Type Needs
Design Opportunities
Young Professionals Convenience, flexibility Near CBDs & transport
Families Larger units, schools nearby Suburban BTR with green space
Students Affordability, community
Retirees Low maintenance, security
University adjacent co-living
Quiet, high-quality units with support options
With flexible configurations and tailored services, BTR can create a more stable, inclusive rental market that grows with its residents
IT’S ABOUT TIME
While New Zealand is behind the curve compared to other developed markets, the momentum behind BTR is undeniable. The question is no longer if Build-to-Rent has a place in our housing strategy – it’s how fast it can be scaled.
For developers, investors, and policymakers alike, BTR is not just a property play – it’s a nation-building strategy.
