Market Report.
APARTMENT & RESIDENTIAL
Part of the group with a family factor. AUGUST 2025
CITY REALTY GROUP CREATE RECOGNISE GROW
Contents.
04.
Market CommentHow low can it go? 06.
Auckland Central Sales & Statistics - July 2025
10.
Grafton & Eden Terrace Sales & Statistics - July 2025
18.
Article – Tony Alexander: What the surprise OCR split means for mortgages and house prices
24.
Article – Kelvin Davidson: Cut, cut, cut, but house prices still going nowherehere’s why
28.
16.
Auction Update with Cameron Brain
20.
Our month in Review Top Stories & Events from the City Realty Group
26.
LoanMarket Update: Reserve Bank back into cutting mode again
Our Awards & Accolades 30. Ray White Auckland Central & Wynyard Quarter
How low can it go?
The Reserve Bank cut the Official Cash Rate (OCR) on 20 August from 3.25% to 3%. This marks a 2.5 percentage point drop since the easing cycle began exactly a year ago.
In May, the bank anticipated the OCR would bottom out at 2.9% in 2026. It has now revised that outlook, expecting the low point to be 2.5%. Notably, two members of the Monetary Policy Committee pushed for a larger cut of 0.5 percentage points, though the majority settled on a 0.25-point reduction.
Finance Minister Nicola Willis welcomed the cut, commenting that “Lower interest rates support businesses to expand and grow, support increased construction activity, create jobs and put more money in people’s pockets.”
Market Confidence Building
Daniel Horrobin, Director of City Realty Ltd, says the move was expected but is still encouraging:
“Although no surprise, it’s another positive step in the right direction and will hopefully inject further confidence into what has been a relatively subdued marketplace. Many of the major banks had already moved ahead of the Reserve Bank, proactively reducing lending rates — a decision applauded by many. For those sitting on the fence, this latest cut should provide added confidence for both buyers and sellers.”
Auction and Open Home Activity
While the auction room has been quieter through August, momentum is building:
15 Auctions are scheduled for the final auction
day of the month, creating a strong launchpad into spring.
A notable highlight was the sale of a onebedroom apartment at 2 Beach Road, reported by NZ Herald’s OneRoof. Opening at just $15,000, the property ultimately sold for $34,700 after 51 bids.
Open home attendance has also shown resilience. Mid August data revealed that although the number of open homes held was down week-on-week, buyer numbers per open home were up by 6%.
Industry Outlook
The Real Estate Institute of New Zealand (REINZ) also reports steady buyer interest.
Chief Executive Lizzy Ryley noted “We’re seeing the usual seasonal patterns play out, with buyers still active in the market even as listing volumes tighten ahead of spring. The lift in sales compared to last July suggests there’s a solid level of interest despite fewer new listings.”
Looking Ahead
Daniel Horrobin remains positive as the market heads into warmer months:
“We remain optimistic that as spring approaches, those who have been hesitating will feel the time is right to act. We look forward to helping both sellers and buyers take the next step in their real estate journey.”
For those sitting on the fence, this latest cut should provide added confidence for both buyers and sellers.”
Auckland Central Market Statistics.
Total Sales
July 2025
47
July 2024
There was a 9% increase in the total number of sales year on year.
Total Sales Value Median Sales Price Median Days On Market
July 2025
$18,428,500
July 2024
July 2025
$302,000
July 2024
43 $15,028,000 $279,000
There was a 22% increase in the total sales value year on year.
Source: REINZ
There was a 8% increase in the total median sale price year on year.
July 2025
65
July 2024
60
There was an 8% increase in the total median days on market year on year.
Recent Sales.
STATEMENT:
Ray White repeatedly achieves higher sales prices than other agencies, and it’s not just our claim— here are the facts:
301/83 Halsey Street, ‘Lighter Quay’
1 1 0
SOLD WITH RAY WHITE
Sale Price: $150,000 + GST
($172,500 incl GST)
Sale Date: 24th of October 2024
201/83 Halsey Street, ‘Lighter Quay’
1 1 0
SOLD BY ANOTHER AGENCY
Sale Price: $50,000
Sale Date: 6th November 2024
* IMPORTANT NOTE: Both units are identical with just one floor level separating them, yet Ray White sold for $122,500 more than the other agency.
Request an appraisal today.
Ray White Auckland Central is your home for apartments.
305/8 Ronayne Street, ‘The Landings’
SOLD WITH RAY WHITE
Sale Price: $157,500
Sale Date: 1st August 2024
* IMPORTANT NOTE:
803/8 Ronayne Street, ‘The Landings’
SOLD BY ANOTHER AGENCY
Sale Price: $105,300
Sale Date: 7th August 2024
The unit sold by the other agency included a car park, yet it still sold for $52,200 less than the price Ray White achieved for a property without a car park.
110/8 Ronayne Street, ‘The Landings’
SOLD WITH RAY WHITE
Sale Price: $135,000
Sale Date: 12th September 2024
* IMPORTANT NOTE:
205/8 Ronayne Street, ‘The Landings’
SOLD BY ANOTHER AGENCY
Sale Price: $116,500
Sale Date: 21st August 2024
The unit sold by the other agency included a car park, yet it still sold for $18,500 less than the price Ray White achieved for a property without a car park.
There’s an old saying: “You get what you pay for.”
In these case studies, maybe saving a little on commission upfront led to a significantly higher loss in the end.
List with Ray White for the best results and more money in your pocket. And if fees are a concern for you - let’s talk.
Ray White CRG Auction Report - August 2025
July marked another strong month for Ray White City Realty Group, with open home activity and auction performance providing valuable insights into buyer behaviour and market momentum.
Group-Wide Performance
Across the City Realty Group, a total of 498 open homes were conducted in July, showcasing 283 properties to 378 buyers. While auction campaigns accounted for just 15.5% of all open homes, they attracted a disproportionately high level of engagement, with 36.5% of buyers coming through auction properties. By comparison, private treaty campaigns made up 84.5% of open homes, delivering 63.5% of buyers. This contrast reinforces the strength of auction as a method of sale, consistently delivering competitive buyer activity and deeper engagement.
Market Breakdown
Apartments:
318 open homes, 152 total attendees, averaging 0.48 buyers per open home.
Residential Homes:
180 open homes, 226 total attendees, averaging 1.26 buyers per open home.
While apartment attendance remains steady, residential properties continue to generate stronger interest per campaign. Encouragingly, August has already seen buyer engagement lift to 60%, signalling renewed confidence as we head into spring.
National Auction Insights
Ray White New Zealand’s Annual Auction Market Report, released by our Lead Auctioneer Sam Steele, highlighted the ongoing strength and adaptability of the auction process.
• 6,787 auctions were conducted nationally in the 2024/25 recognition year (down 2.6% YoY).
• Clearance rate lifted slightly to 52.7%.
• Average bidders per auction rose to 2.5 (+5.3%).
• 74% of buyers were owner-occupiers, reflecting confidence in the transparency and certainty auctions deliver.
• Ray White maintained a 29.02% market share, reaffirming our position as the clear leader in auction volume and influence.
The versatility of auctions was on full display— from a highly competitive 43-bidder campaign in Māngere East, to a record $6.6M Remuera sale, and even a $2,000 leasehold apartment in Auckland’s CBD. In every price range, auctions continue to deliver competition, clarity, and results.
Economic Outlook
Today’s 25 basis point OCR cut by the Reserve Bank of New Zealand brings the cash rate down to 3.00%, offering welcome relief for mortgage holders and aspiring buyers.
Ray White Chief Economist Nerida Conisbee noted the cut was in response to growing labour market pressures and population outflows:
• Unemployment has risen to 5.2% (highest since late 2020).
• 71,800 citizens departed NZ in the year to June 2025 (highest in 13 years).
• Inflation remains well-contained at 2.7%, within the RBNZ’s 1–3% target band.
With monetary policy easing, improved buyer sentiment, and vendor expectations adjusting, the fundamentals are aligning strongly in favour of auctions as the most effective pathway to successful outcomes.
Tony Alexander: What the surprise OCR split means for mortgages and house prices
The Reserve Bank’s committee members were divided on the size of the cut.
ANALYSIS: As had been near universally expected, the Reserve Bank this afternoon cut the Official Cash Rate from 3.25% to 3%. This means the rate has now dropped by 2.5 percentage points since the easing cycle started exactly a year ago.
To date, it is hard to see much positive impact on the economy from rate cuts. House prices have fallen in each of the past five months, consumer spending is decreasing, jobs growth is not occurring, consumer sentiment remains well below average, and Kiwis are leaving the country in high numbers.
However, monetary policy is not based on what the economy has just done, even though the Reserve Bank now thinks the economy shrank 0.3% in the June quarter, not the 0.3% growth it predicted. Policy is based on a combination of where growth looks like it is heading and the extent to which spare capacity exists in the economy to handle that growth.
The Reserve Bank assessed that there was more spare capacity in the economy than it thought there would be three months ago, and that lack of momentum does count for something.
The Reserve Bank Cuts The OCR To 3%
The graph shows the OCR since its introduction in 1999.
Chart: OneRoof.co.nzSource: Reserve Bank of New Zealand
In May, the bank expected the cash rate to bottom out at 2.9% next year; now it believes the low will be 2.5%. In fact, the committee voting on what change to make had two members opt for a cut of 0.5 percentage points, but they were outvoted by the four who opted for a cut of just 0.25 points.
The discussion and support for a bigger cut, plus the lowering of the rate forecast, were not expected in the financial markets, and that means wholesale interest rates have rallied. This is good news for borrowers and means that there may be a tad more downside in the 1-3 year fixed mortgage rates than was previously the case.
Will these extra rate cuts cause much change in the economy this year? Probably not. It takes a while for rate cuts to feed through to changes in household cash flows and then changes in spending. But a stimulus to the economy is coming.
Next year is far more likely to be a year of reasonable economic growth than 2025 ever had capacity to be. But it pays to remember that there is no boom coming our way; not with high uncertainty about the world economy, weak migration flows,
and still well below average household sentiment levels.
For the housing market the scope for extra interest rate cuts (another 0.25 percentage point cut seems highly likely, but one after that less so) won’t have much impact until households regain their optimism about the labour market.
My most recent survey of real estate agents with NZHL showed that 54% can see buyers are worried about their job. This level stood at only 14% at the start of 2024 and peaked at 56% in the middle of last year. So, it can change quickly but for now worries about job security remain high and that will act to suppress home demand in the remainder of 2025.
Many factors are now in train for a better economy next year – election year. But for businesses, a focus on cash flow control and efficiency gains still remains. Margins are still very tight, and the risk that the return of customers will see businesses attempt to rebuild profitability by raising prices is something that encouraged one monetary policy committee member to advocate for no rate change this meeting.
- Tony Alexander is an independent economics commentator. Additional commentary from him can be found at www.tonyalexander.nz
@raywhiteaucklandcentral
@raywhitewynyardquarter
@raywhitesandringham
@raywhite.mtroskill
Ray White Auctioneering Championships!
Huge congratulations to Cameron Brain on his epic performance at the Ray White Auctioneering Championships!
We’re all incredibly proud of you and the energy you bring to every auction. What a talent!
Team Building with Ray White Mt Roskill
Our Ray White Mt Roskill family came together — not just as colleagues, but as friends and partners united by a shared purpose
We pressed pause on the hustle — to focus on what matters most: our people We built stronger connections, found fresh inspiration, and proved once again that together, we shine the brightest.
Google Review Champs!
Members of our Ray White Mount Roskill team excepting their awards for a Google Review office championship. Winners were given something special.
Our local turned 10!
Happy 10th Birthday to @bluerosesandringham!
We are so lucky to have this gem in our neighbourhood, our go-to for great food and daily coffee fix. We love supporting local businesses, try one of their award winning pies if you haven’t already, you won’t be disappointed!
Pictured: Our Ray White Sandringham agents - Susan Woods-Markwick and Hugh Free
Welcome to the family!
Daniel & Claire are over the moon to welcome their beautiful baby boy Harry Horrobin to the world!
Born 3rd of July, this little legend arrived safe and sound.
Kelvin Davidson: Cut, cut, cut, but house prices still going nowherehere’s why
The five things you need to know about the housing market this week.
1. More OCR cuts to come
The biggest economic news last week?
The lowering of the Official Cash Rate to 3% and a clear signal from the Reserve Bank that another two cuts in 2025 are potentially on the cards. Both actions are a reaction to weak economic growth and a potential undershoot of the 1-3% inflation target. Granted, inflation is currently at the upper end of the target, and may push closer to 3% in the next few months, but the Reserve Bank expects it to drop as spare productive capacity weighs on prices.
The near-term impact of the OCR cuts on the housing market could be fairly muted because even if mortgage rates fall further,
because weaknesses in the labour market are still acting as a restraint. That said, with the stock of listings now trending lower and the unemployment rate set to drop over the first few months of next year, there may be some modest increases in property values as we get into 2026. This is emphasised by about half of all existing mortgage-holders being set to reprice to new, typically lower interest rates by Christmas.
2. When will movers get busier again?
$10,000 were excluded to remove outliers and non-market sales.
In last week’s column, I touched on Cotality’s latest buyer figures, which highlighted strong activity by first-home buyers and multiple property owners with a mortgage. One other interesting aspect,
Recent mortgage rate cuts have yet to ignite the housing market. Photo / Getty Images
though, is the relative absence of owneroccupiers in the market - movers just aren’t moving.
There are several possible explanations for this: homeowners are cautious, and getting a sale at a desired price is a challenge in the current flat market. Life does roll on in the meantime, though, and living needs do change over time. I suspect there is some pent-up demand from movers, but it hasn’t yet spilled into the market.
3. Bank switching is still a trend to watch
The first set of data to monitor this week is the Reserve Bank’s mortgage lending figures for July, due on Tuesday. The important breakdowns include the split by interest-only and high/low LVR, with DTIs also worth watching at present, too, as the internal servicing test interest rates at the banks decline. But perhaps the most focus lately has been on bank switching or ‘refi’, with people chasing cashbacks at a new lender, and also simply more able to switch than before (without break fees) due to the short-term structure of a lot of loans. This
could remain a key issue for a few months yet.
4. Desperately seeking positive job news
Next up, on Thursday, will be Stats NZ’s filled jobs data for July. We’ve had a run of weak jobs figures this year, and there is a good chance July’s figures will also be soft. Firms are still cautious about hiring and the Reserve Bank doesn’t expect any meaningful drop in the unemployment rate until early next year.
5. Economy still in a funk
On Friday Stats NZ will publish July’s NZ Activity Index. This timely measure of economic activity rebounded in June, but softer results in April-May still point to a negative result for official GDP in Q2. That’s consistent with other indicators, such as the Reserve Bank’s Kiwi-GDP measure, currently projecting a -0.2% fall. In other words, the economy is not showing clear signs of a revival just yet.
Cotality chief economist Kelvin Davidson: “There may be some modest increases in property values as we get into 2026.” Photo / Peter Meecham
Jamie Maclennan
027 742 5227
jamie.maclennan@loanmarket.co.nz
Reserve Bank back into cutting mode again
The Reserve Bank has cut the Official Cash Rate (OCR) again today, dropping it from 3.25% to 3%. Just 12 months ago, the OCR was sitting at 5.50%, showing how much the Bank has leaned on rate cuts to try to stimulate the economy.
The message from today’s announcement was clear: the economy is struggling. Growth is flat, unemployment is edging higher, and more momentum is needed. What wasn’t clear is whether more cuts are coming—the Bank left that door open but gave no confirmation.
What this means for interest rates: The banks had already priced in today’s cut, so most short-term mortgage rates (1–2 years) moved lower in recent weeks.
If your fixed rate is coming up soon:
Right now, borrowers are roughly split:
About half are locking in short terms (6–12 months), betting that rates will fall further.
The rest are choosing 2–3 year terms, taking advantage of rates under 5% for longer-term certainty.
A blended approach—splitting across different terms—can also make sense, especially if you have a larger mortgage, so your loan doesn’t all roll over at once.
One thing to watch:
Don’t leave it too late. If inflation starts creeping back up in 2026, the Reserve Bank may be forced to reverse course and lift rates quickly.
There are two more OCR announcements between now and Christmas, on October 8th and November 26th. If we are lucky we might get one more cut before Christmas, but I wouldn’t hold your breath waiting for it.
As always, if you wish to discuss anything with us, we are just a phone call away.
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Meet the team.
SALES TEAM - AUCKLAND CENTRAL OFFICE
AML Officer
& Auctions
Daniel Horrobin Cameron Brain
Pauline Bridgman Mike Richards
Ady Huang
Craig Warburton
Dom Worthington
Dusan Valenta
Habeeb Urrahman
Carlos Del la Varis
Chris Cairns
Grant Elliott
Joon Kim
Jeong Lee
Chris Guilford Sales Manager
Wynyard Quarter & Sandringham
Belinda Henson
Casey Chen
Manager
Claire Firmin
Central
Neil Dayal
Judi Yurak
Anchit Sharma
Erin Dayal
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Ryan Bridgman
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Steve Kirk
Jamie Maclennan
Luke Crockford
Ella Ross
Andrew Bond
Ainsley Lewis
Tony Warren
Renuka Bisht
Neil Dayal
Ash Patel
Michelle Yurak
Leo Zhu
Gabriela Galateanu
Jayde Ryan
Krister Samuel
