Source: Brainchild PR for RealEstate.co.nz
- More than $82 million was cut from asking prices in Q2 2025, nearly $20 million more than in Q1
- National average reduction per listing was $40,310
- Steepest single price cut was $750,000 on an Auckland lifestyle property.
Vendors across New Zealand collectively reduced their asking prices by $82 million in the second quarter of 2025, according to new data from realestate.co.nz. This was almost $20 million more than the $63 million in price reduction during the first quarter, but well below the $108 million trimmed from asking prices in the same period last year.
In Q2 2025, 2,040 properties listed on realestate.co.nz recorded a price drop, a 21.0% increase on Q1 2025 (1,686).
Vanessa Williams, spokesperson for realestate.co.nz, says the $80 million cut from property prices in Q2 suggests vendors are having to make bigger adjustments to meet market expectations.
“In Q2, we saw both the number of properties with price drops and the size of those reductions increase compared to the start of the year. While cuts aren’t as steep as they were in 2024, sellers are clearly making bigger moves to meet buyers and get deals across the line. This tells us buyers are in a strong position and many vendors are more willing to negotiate to secure a sale.”
The data compares the difference between a property’s initial asking price when listed on realestate.co.nz and its price at the point of sale or withdrawal. Although this isn’t the same as the final sale price, it does provide a clear signal of how much sellers have adjusted their expectations to meet buyer interest.
Premium markets lead price drops per listing
Nationally, there was an average of $40,310 trimmed from the 2,040 listed properties which reported a price drop in Q2.
The region with the largest total price drop was Auckland with $20,529,579, followed by Waikato with a total price drop of $9,443,509, and Wellington with $8,203,001. The regions with the lowest price drops in Q2 were: West Coast, $248,000; Gisborne, $270,000; and Wairarapa, $1,026,500.
The five largest single reductions were all in premium markets; the greatest of which was a property in Auckland, listed for $6,500,000 with a final asking price of $5,750,000, a price drop of $750,000. In Q1 2025,the largest price drop was also in Auckland. The property was originally listed for $4,899,500 and then reduced to $4,295,000 – a reduction of $604, 500.
“The biggest cuts are happening at the top end of the market, where a single adjustment can run into hundreds of thousands of dollars,” says Williams. “At the same time, many regional markets are seeing only modest reductions, showing just how varied price movement is across the country.”
Williams says although the market is stagnant, it doesn’t mean well-priced properties aren’t selling. If sellers meet buyers’ price expectations, the market will move, she adds.
Buyers using realestate.co.nz to search for a property will be notified of any price reduction to their saved listings.
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