New listings activity across New Zealand has remained stronger than many would normally expect for this time of year. Instead of a typical winter lull followed by a modest spring lift, the latest data shows listing volumes holding up relatively well compared with recent years.

This steady flow of new stock suggests sellers are increasingly willing to test the market — even as buyers remain selective.

National Listings: Close to Long-Term Norms

Over the four weeks ending 7 December 2025, there were 11,457 new listings nationally. While this is lower than the same time last year, it sits very close to the five-year average of 11,635.

In context, this points to a market that is no longer constrained by a lack of stock, but also not overwhelmed by excessive supply.

Auckland Follows a Similar Pattern

Auckland’s listing activity mirrors the national trend. New listings have tracked at levels broadly consistent with recent years, with seasonal rises and falls playing out much as expected.

While volumes dipped in the final weeks of the year, this aligns with normal end-of-year behaviour rather than a sudden shift in sentiment.

No Clear Sign of Forced Selling

Importantly, the data does not point to widespread forced selling. There has been little evidence that:

• The shortening of the Brightline Test
• Or changes to interest deductibility rules

have triggered a wave of investor exits.

Instead, listings appear to be coming from a mix of discretionary sellers — homeowners responding to stabilising prices and renewed buyer interest.

Balancing Listings and Sales Will Be Key

The final months of 2025 and early 2026 will be important in determining market direction. If sales volumes continue to rise faster than new listings, stock levels could tighten again.

Conversely, if seasonal listing increases outpace demand, price growth may remain muted for longer.

A Market Finding Its Rhythm

Overall, listing activity suggests a market that is functioning normally again. Sellers are listing when it suits them, buyers have choice, and conditions are far removed from both the frenzy of the boom years and the stagnation of the downturn.

The big takeaway

New listings are neither flooding the market nor drying up. Instead, they’re sitting close to long-term averages — a sign of balance returning.

As we move into 2026, the key question will be whether rising sales volumes are enough to absorb new supply. If they are, tighter conditions and firmer prices could follow.

Source: Cotality – NZ Monthly Housing Chart Pack, December 2025