Property sales slowed sharply in October, new data from the Real Estate Institute shows.
The figures recorded a 23.5 percent drop in the number of sales nationally at 5840 for the month. On a seasonally adjusted basis, sales numbers dropped 10.3 percent from September.
In Auckland, sales were down 30 percent on the year before – the eighth-lowest sales count of any October in the past 35 years of records.
REI chief executive Lizzy Ryley said the drop looked fairly dramatic, “but if you break it up, about 30 percent of the fall is the trend already in place, so August, September and so on.
“We had one fewer working day in October, that’s 18 percent of the drop, and then October 2025 was unusually strong, that’s 38 percent of the drop. Then, the fact this October is below a normal October was only 12 percent of the drop… we can’t point to it, but I think everybody knows that the month of October had a massive focus around the uncertainty of the election.”
She said the effect of the election could be seen in the fact that all 16 regions were muted in the month, whereas previously, the picture was patchier.
The national house price index, which smooths the variations that can happen in median sales price, dropped 2.1 percent.
The national median sale price for the month was down 3.4 percent to $763,000.
Auckland’s prices were up 0.5 percent over three months, according to the index, but down 3.9 percent over a year. Wellington was down 0.1 percent over three months and down 4.1 percent over a year.
Canterbury was up 1 percent over three months and 2.4 percent over a year.
Ryley said Real Estate Institute members were still confident the market would improve, but the traditional spring pick-up might be delayed.
“If it is the election [holding people back], we’re not hearing anything until, at the earliest, 27 November,” she said. “It’s hard to say whether we still see that normal spring pick-up or whether we’ll see it a bit more pick-up in summer.
“October’s data shows a market that remains measured,” she said.
“Greater choice is allowing buyers to assess their options carefully, while our members observed a measured approach among some vendors and buyers in the lead-up to the general election. At the same time, well-priced properties continued to attract interest, with sales progressing where expectations aligned.”
She said the official cash rate being on hold was welcome news, but it could take some time for the signals to flow through to confidence and activity.
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