In Wairoa, the figure is almost one in two. In Auckland City, it’s more than four in ten. New Zealand’s weak housing market is showing up in the deals that never get done.
The photos are taken, the open homes are held, and the seller waits. Three months later, the listing is gone. There’s no sold sticker.
Cotality figures reported by Stuff’s Janika ter Ellen show 26.9% of New Zealand property listings in the year to August 2026 were withdrawn without selling within three months. That is the highest share since December 2018 and well above the 15.6% recorded in November 2021, near the peak of the last boom.
That’s an increase of 11.3 percentage points. And it exposes something a house-price index can’t show: how often a seller tests the market and walks away without a deal.
WHERE NZ PROPERTY SELLERS ARE PULLING THEIR LISTINGS
Wairoa District recorded the highest withdrawal share at 49.6%. But the result that should get Auckland’s attention is how close three of its areas came to the top. Auckland City was at 43.4%, the North Shore at 38.2%, and Manukau at 37.9%.
| Area | Listings withdrawn without a sale |
|---|---|
| Wairoa District | 49.6% |
| Auckland City | 43.4% |
| Auckland North Shore | 38.2% |
| Auckland Manukau | 37.9% |
| Taupō District | 37.4% |
| Hauraki District | 36.9% |
| Buller District | 36.0% |
| Rotorua District | 35.1% |
| Ōtorohanga District | 34.1% |
| Waitomo District | 33.9% |
| New Zealand | 26.9% |
Source: Cotality figures reported by Stuff, year to August 2026. Auckland labels follow the source breakdown.
At the other end of the scale, Invercargill City and Mackenzie District both recorded 14%. The national figure tells you the market is difficult. The local figures tell you how uneven that difficulty is.
WAIROA’S FLOOD EXPOSURE TELLS A DIFFERENT STORY
Wairoa’s result needs local context. Stuff reported that QV valuer Damien Hall estimated a loss of more than 35% in value for flood-affected properties on one side of the river in Wairoa township after Cyclone Gabrielle in 2023 and further flooding in 2024. That estimate relates to the affected properties. It should not be read as a 35% fall across the district.
For a buyer considering a flood-affected home, a lower price may still leave hard questions about insurance, future repairs and resale. That makes Wairoa an especially stark example. Auckland’s results show that high withdrawal rates are also a concern well beyond that local flood story.
HOUSE VALUES ARE FALLING. SOME OWNERS WOULD RATHER WAIT
The withdrawal data runs to August. The more recent price picture offers little sign of a turnaround. Cotality’s October Home Value Index fell 0.4%, its seventh consecutive monthly decline. The national median value slipped to $790,987, down 2.3% over the year and 19.1% below its January 2022 cyclical peak.
A seller may need a certain price to clear a mortgage and fund the next move. A buyer may be looking at recent comparable sales and seeing no reason to stretch. If the owner can afford to stay put, take the home off the market or rent it out, that gap can end the campaign without producing a sale.
That’s why a rise in withdrawn listings matters. A softer market doesn’t always reveal itself through a dramatic price cut. Sometimes it shows up as a listing that quietly disappears.
Related: NZ house prices are up 35% in a decade. So where did the gains go?
A WITHDRAWN LISTING ISN’T NECESSARILY A FAILED DEAL
The figures don’t tell us why each listing came down. An owner may have received no acceptable offers, changed plans, switched agents or decided to relaunch later. Some properties may still sell. The measure also misses homeowners who looked at the market and chose never to list in the first place.
There’s a historical reality check too. Stuff reported that during the global financial crisis, more than half of listings were being withdrawn. Today’s 26.9% is a clear sign of a tough market, but it remains well below that extreme.
THE QUESTION TO ASK BEFORE YOU LIST
If you’re selling, ask your agent to show you recent comparable sales, current competing listings and what you’ll owe for marketing if the property doesn’t sell. Agree upfront when you’ll review the campaign and what you’ll do if the strongest offer falls short. That’s a much easier discussion before you’ve paid for photography and spent several Sundays getting the house ready.
If you’re buying, a property that has been on the market for months may be worth a conversation. It doesn’t guarantee a discount. An owner who can wait can also say no. Base your offer on recent sales and what the property is worth to you.
Related: No price, no thanks: Should every NZ property listing show a price?
What would you do? If the best offer came in below your expectations, would you take it, rent the property out, or pull the listing and wait?