The Market May Have Found Its Floor – But Buyers Are Playing It Cool
The NZ property market in May 2025 has shown early signs of stabilisation and may be entering calmer waters. According to the latest CoreLogic Home Value Index, national property values dipped just −0.1% in May 2025, following a modest +0.3% lift in April. It’s a small change, but it signals a shift—from volatility to stability.
At the same time, economist Tony Alexander’s monthly survey of real estate agents paints a picture of cooling urgency. Open-home attendance is down, auction activity is softer, and a net 38% of agents report falling prices in their area.
So, is this the bottom? Are values about to turn upward? And what’s happening locally here in West Auckland?
Let’s break it down.
NZ Property Market Stats – May 2025
Monthly Price Change (CoreLogic HVI)
- National: −2.1%
- Auckland: -0.3%
- Waitākere: -1.7%
- Comment: Flatlining, which may signal a pricing floor
Median NZ Value
- National: $763,000
- Auckland: $975,000
- Waitakere: $860,000
- Comment: Still 10% below the 2022 peak
Number of Sales (May)
- National: 7,166
- Auckland: 2052
- Waitākere: 317
- Comment: More choice for buyers
Rental Yield (Gross)
- National: 3.9%
- Auckland: 2.50%
- Waitākere: 3.0% (est)
- Comment: Highest since 2015
First-Home Buyer Activity
- National: 27% of all purchases
- Comment: Strong demand in Glen Eden & New Lynn under $900k
Auction Crowd Sentiment (Tony Alexander)
- National: Softening
- Waitākere: Quiet
- Comment: Less urgency, longer campaigns
https://www.corelogic.co.nz/news-research
West Auckland in the NZ Property Market – May 2025
In Waitākere, the data suggests prices are holding steady. Values in May were flat (0.0%), unlike some parts of Auckland that saw further drops.
- Titirangi‘s median sits around $1.02 million
- Glen Eden and New Lynn continue to attract first-home buyers, especially under the $900k mark
- Investor interest is slowly rising again as rental returns lift
Locally, buyers are cautious but engaged. Sellers who price correctly and present well are still achieving good results.
Tony Alexander’s Market Pulse: What Agents Are Saying
Economist Tony Alexander’s May 2025 survey adds some valuable context:
- Open-home attendance is falling – net 16% of agents said fewer people are turning up
- Auction attendance is weak – net 20% of agents saw smaller crowds
- FOMO is gone, and FOOP (Fear of Overpaying) is rising
- First-home buyers remain strong, with net 29% of agents seeing increased interest
In short, confidence is low, but activity hasn’t disappeared.
“Buyers are more cautious than panicked,” Alexander writes. “They’re taking their time and waiting for the right deal.”
For Sellers, Buyers & Homeowners – My Advice
Sellers – Be realistic. The market is stable but still competitive. Good marketing and a sharp price guide are critical.
Buyers – You have time and options. Get finance pre-approved and don’t be afraid to negotiate.
Investors – Yields are rising. Now’s the time to revisit the numbers on 3-bed homes in Titirangi and Glen Eden.
Homeowners – Your home’s value may have stopped dropping. Want to know your current equity position? Let’s check in.
Want Local Suburb Data or a Free Appraisal?
- We use CoreLogic, REINZ, PropertySmarts, OneRoof, and Tony Alexander’s insights to create personalised suburb reports.
- If you want the latest on your street, your suburb, or a rental yield breakdown—just flick us a message or book a free appraisal here.
- Request your free appraisal
- Or email us on teamlarsen@scottlarsen.co.nz
