Hello Coasties! It seems there’s a bit of good news in the air for the New Zealand housing market.

Following five consecutive months of declines, the latest Trade Me Property Price Index shows a bounce-back in property prices this September.

It’s the first time since March that prices have ticked upward, with the national average asking price now sitting at $823,550—an increase of 0.6% from August.

Several regions led this resurgence, with the West Coast seeing a notable 3.1% month-on-month (MoM) increase, followed by Northland at 2% and Bay of Plenty at 1.9%.

Even Auckland, which saw house prices dip below the million-dollar mark in August for the first time in four years, saw an increase, climbing from $986,750 to $996,350 in September.

Gavin Lloyd, Trade Me Property’s Customer Director, weighed in on the significance of the rise.

“While 0.6 per cent isn’t a big number, it is significant to see positive growth in prices at this point in the year,” he said. “It suggests that while we’ve endured a challenging winter period, there’s renewed optimism in the housing market.”

It’s not all sunshine, however.

Of the 15 regions monitored by Trade Me Property, four saw a drop in the average asking price.

Nelson/Tasman led these decreases, with a decline of 2.3% to $793,850.

Taranaki followed closely, dropping 2.2% to $631,550, while Gisborne and Southland also experienced declines of 1.4% and 1.2%, respectively.

Christchurch made headlines for different reasons, particularly for one- to two-bedroom properties, which hit a record high of $549,050 in September—up 3.4% from the same time last year.

Units in the city also saw a notable increase, rising by 6.1% year-on-year to $471,150.

Comparing the larger urban centres, Lloyd highlighted differences between Auckland and Wellington in five-bedroom property prices.

Auckland has shown strong growth, with an impressive 7.2% year-on-year increase for larger homes.

Wellington, on the other hand, saw a considerable decrease of 17.5% for similar-sized properties.

“There’s also a substantial price difference between those larger properties,” Lloyd added. “In Auckland, the average asking price for a five-plus bedroom house is nearly a million dollars more than a similar-sized property in Wellington.”

In terms of housing supply, there was a notable 23% increase year-on-year, with a 1% rise from August.

Gisborne recorded the most significant increase in available properties, up a whopping 64% compared to last September.

Wellington and Otago also saw substantial boosts in supply, rising 44% and 35%, respectively.

Demand for properties cooled slightly, with a 2% drop from August.

However, compared to last year, interest remains high, with Gisborne, Auckland, and Hawke’s Bay seeing significant year-on-year spikes of 35%, 24%, and 22%, respectively.