The national property scene is holding its ground with the kind of quiet resilience you’d expect from a well-seasoned bach that’s weathered a few storms.  According to realestate.co.nz, the average property value in May held steady at $970,000, which is within the narrow range we’ve been hovering at for the last two years.

Prices are calm, stock levels are healthy… but the flurry of sales we might expect in such conditions hasn’t quite materialised.  It’s more of a ‘pause and ponder’ market right now, plenty of buyers and sellers watching, waiting, and weighing up their next move.

OCR: Cut Again, But Will It Cut Through?

Now to this week’s big economic headline: the Reserve Bank trimmed the OCR by another 25 basis points, bringing it down to 3.25%. That’s the second cut this year, though from the sound of it, the Monetary Policy Committee wasn’t exactly spoilt for choice. They only considered holding or trimming. So, while this move was expected, don’t expect the floodgates to open just yet.

Economists are having a bit of a friendly disagreement about where things go from here. Kiwibank’s Jarrod Kerr sees the OCR possibly dipping to 2.5%, which could lead to lower mortgage rates. But others, like Tony Alexander and Westpac’s Kelly Eckhold, reckon we’ll be parked at 3% for the foreseeable future.

So far, this easing hasn’t stirred the market much. Tony Alexander reports fewer punters at auctions and open homes, with prices gently trending downward. In short: buyers are taking their sweet time, listings are piling up, and vendors may need to reset expectations to meet the market where it’s at.

ASB’s Nick Tuffley also weighed in, pointing out that global trade tensions, especially those US tariffs, are muddying the waters. While further OCR cuts are possible, international uncertainty is making it tricky to predict what’s next.

First-Home Buyers: Peeking Back In

On the bright side, first-home buyers are starting to sniff around again. The lower OCR and softer prices have boosted confidence, with the Finance and Mortgage Advisers Association of New Zealand (FAMNZ) reporting a steady stream of hopefuls entering the market. They haven’t exactly stampeded the gates, but there’s definitely some toe-dipping going on, especially in Hauraki.

Local Snapshot: A Tale of Two Coasts

Over on the east coast, things have been… well, a bit mixed. Open homes have been quieter than usual, and May was more ‘soggy’ than ‘super’, with the weather doing its best to put a dampener on activity (though the full water tanks and smiling farmers are a win). Buyer enquiry has been on the gentle side, and many are still in ‘wait and see’ mode—especially those needing to sell elsewhere first, which is taking longer than anyone would like.

That said, it’s not all flat. We’ve seen an encouraging lift in interest around some of the higher-end properties in Pauanui, Matarangi and Whitianga, with a few motivated buyers stepping up. So, while the pace is slower overall, there are still pockets of activity ticking along nicely.

We’d hoped the OCR cut might spark more momentum, but so far it’s been more of a polite nod than a rush of offers. Builders and tradies are also noticing things softening, with fewer jobs on the books and a bit of belt-tightening in local spending.

Some vendors saw Easter as their final push before winter, and since then we’ve seen a few price adjustments and even the odd pause in marketing—particularly for properties that have been sitting for a while (think hot cross buns in May).

There’s still a bit of a disconnect between falling interest rates and overall market sentiment, likely driven by the ongoing global uncertainty. Market hibernation may carry through the cooler months, but don’t rule out a spring reset. While summer used to be the east coast’s golden window, in recent years sales have become more evenly spread throughout the year—and that trend looks set to continue.

Meanwhile, the Hauraki side of the Peninsula is serving up a very different vibe. The market there is ticking along nicely, with solid activity across various price points. First-home buyers are still active in the $500K–$650K range, and there’s renewed interest in both lifestyle properties and higher-end homes. Multiple offers are back on the table (always a good sign of growing momentum), and listing/appraisal enquiries remain steady.

The golden rule still applies; well-presented, well-priced homes attract attention and deliver results.

Final Thoughts

So, while the national market keeps cruising in neutral and global uncertainty plays backseat driver, we’re seeing two very different stories unfold across the Coromandel. The east coast may be doing it a bit slow, but the Hauraki side is wide awake and making moves. Whether you’re thinking about selling, buying, or just watching from the sidelines with a cuppa, it’s clear that local expertise matters more than ever.