Property market takes a cautious canter into 2026

January 2025: The New Zealand Property Report

Key figures

• National average asking price down 1.5% year-on-year but West Coast records all-time asking price high of $585,881
• All eyes on Gisborne as the region records 45.1% year-on-year increase in new listings  
• Strong end to 2025 with over 6,000 properties sold in December  

It may be the year of the horse, but the New Zealand property market hasn’t bolted just yet.

Latest data from realestate.co.nz shows the market has kicked off at a measured pace, showing early signs of momentum that reflect the caution which characterised much of last year - a slight increase in new listings and a January stock level-decade high, but a dip in the national average asking price.  

Vanessa Williams, spokesperson for realestate.co.nz, says the new year has started slower than expected, but that doesn’t mean things aren’t moving.  

“We’re seeing strong listings and solid sales volumes, but buyers are still taking their time. Banks are busy with mortgage pre-approvals, so buyers are getting ready, but they remain cautious. If they’re waiting for pre-election promises or further OCR cuts, they could miss out. There’s plenty of stock on the market to choose from, which makes the new year a good time to transact,” she said.  

What happened with property prices in January? 

The national average asking price dropped 1.5% year-on-year to $856,730 in January, but some regions remained strong.

The West Coast led the charge with an all-time record asking price high of $585,881 in January, up 17.4% from $498,909 in January 2025. Three other regions recorded January highs: Gisborne rose 8.2% year-on-year to $705,145, Canterbury edged up 0.2% to $719,184, and Central Otago/Lakes District climbed 12.0% to $1,621,022.

At the other end of the scale, Marlborough experienced the largest drop in average asking price, falling 12.6% from $773,711 in January 2025 to $676,223 in January 2026, the first time the region has dipped into the $600k bracket since October 2021.

Williams says although the national average has softened slightly, regional highs reflect ongoing buyer interest and vendor confidence, particularly in lifestyle-driven markets.

“After a long period of price stability, the market is finding its feet again. What we’re seeing is confidence returning in areas where lifestyle, value and long-term appeal align. Buyer activity is up too - visits to realestate.co.nz are tracking 12.4% higher than this time last year - so for those ready to make a move, the conditions are favourable and there’s good stock at realistic price points.”

New listings off to a slow start, but double-digit growth still recorded in the regions 

Total new listings were up just 1.3% year-on-year in January to 9,019. Gisborne began the new year with 74 new listings, a 45.1% increase compared to January 2025. Hawke’s Bay also started the year strong with 319 new listings, 21.8 % more than last year. Only two other regions recorded double-digit growth: West Coast, 14.3% with 80 new listings and Northland at 10.0% with 296 new listings.

At the other end of the scale, Marlborough recorded the greatest year-on-year decline in new listings with a drop of 27.4%. The region had just 90 new listings in January 2026 compared to 124 same time last year.

Other regions that experienced a double-digit year-on-year decline in new listings were:

• Central Otago/Lakes District down 21.4% from 234 in January 2025 to 184 in January 2026 

• Coromandel down 18.3% from 131in January 2025 to 107 in January 2026 

• Wairarapa down 16.7% from 120 in January 2025 to 100 in January 2026 

• Otago down 14.2% from 352 in January 2025 to 302 in January 2026. 

• Southland down 12.0% from 209in January 2025 to 184 in January 2026. 

• Central North Island down 10.2% from 147 in January 2025 to 132 in January 2026. 

Williams says the double-digit growth seen in some regions is a positive sign of vendor confidence.  

“Gisborne, Hawke’s Bay and Northland have really hit the ground running in 2026, but it’s not the same story everywhere. Parts of the South Island and holiday hotspots like Coromandel have had a quieter start, suggesting some sellers may still be waiting to see how the year unfolds.” 

Are there more homes on the market? 

National stock levels rose 2.3% year-on-year to 33,149 in January 2026, up from 32,412 in January 2025 – the first time stock has hit more than 33,000 in a January since 2014. 

Gisborne led the country with a 15.1% year-on-year increase in stock (157), the only region to record double-digit stock growth in January. Nine other regions saw single-digit growth: Northland, 9.8%; Auckland, 8.8%; Hawke’s Bay 9.5%; Wellington, 6.2%; Coromandel, 6.2%; West Coast, 4.9%; Manawatu/Whanganui, 3.6%; Bay of Plenty, 2.9%; and Wairarapa, 2.2%. 

Southland recorded the largest year-on-year decline for the seventh month in a row, down 19.1% to 497 listings. Central Otago/Lakes District and Otago also saw double-digit drops, down 15.1% and 10.3% respectively. 

What can we expect from buyers in 2026? 

Despite buyer caution, REINZ sales data from December showed 6,628 properties were sold in the final month of 2025, up from 5,511 in December 2024, 5,142 in December 2023, and 4,309 in December 2022, making it one of the strongest December sales periods in recent years. 

Williams says this shows the market still has life. “We may not be seeing a dramatic rebound, but properties are selling. December's sales numbers suggest buyers are active, just more considered in their approach.” 

“Overall, it’s a patchy but promising start to the year for New Zealand’s property market – more of a steady jump from the gates than a full‑blown sprint. Some regions are showing strong momentum, while others are still finding their stride. It’s a reminder that while national figures can indicate overall stability, local market conditions are still playing a big role in shaping vendor behaviour.”

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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