NZ ASKING PRICES TURN UP – BUT AUCKLAND BUYERS STILL HOLD THE CARDS

New Zealand property asking prices have risen for a second consecutive month, but the latest figures reveal a divided market rather than a nationwide return to booming conditions.

Trade Me Property’s September Pulse Report puts the national average asking price at $835,050, up 0.8% during the month and 0.4% compared with September last year.

The increase follows five consecutive monthly declines between March and July.

However, the national average remains approximately 5% below February’s peak, searches are weaker than last spring, and Auckland’s average asking price has spent four months below $1 million.

The emerging picture is one of improving seller expectations in some areas, with buyers retaining negotiating power in others.

NZ asking prices rise, but what does that tell us?

Two consecutive monthly increases offer a more encouraging signal for sellers after a softer winter.

Trade Me Property Customer Director Gavin Lloyd described the latest movement as a modest recovery from the mid-year dip.

But asking prices measure sellers’ expectations, rather than the prices buyers ultimately agree to pay.

The report does not establish that every home has increased in value or that completed sales are achieving higher prices.

Changes in the location, size and type of properties listed can also influence the average.

That distinction matters when assessing whether the September lift represents a lasting change in direction.

Property Noise previously examined the weaker conditions leading into spring in NZ property reality check: High stock levels and falling asking prices challenge market optimism.

Most surveyed buyers and sellers are looking past the election

The election is not the main influence on property decisions for most respondents in Trade Me’s survey.

The August survey of more than 2,000 active buyers and homeowners found that:

• 20% of sellers identified the election as a primary influence on their decisions.
• 22% of buyers identified it as a primary influence.
• Approximately a quarter of sellers surveyed planned to list in October regardless of election activity.

Those results suggest many respondents are continuing with their plans rather than waiting for a political outcome.

However, “not a primary influence” does not mean politics has no influence at all. The survey also reflects the people who responded, rather than proving how every New Zealander will behave.

Whether stated intentions translate into new listings and completed purchases will become clearer as spring progresses.

Auckland remains below $1 million

Auckland’s regional average asking price was $992,000 in September, down 3.3% year-on-year.

It was the fourth consecutive month below the $1 million threshold.

New listings were up close to 6% compared with September last year, while searches fell nearly 5%.

That combination points to continued choice for buyers without an equivalent increase in measured search activity.

It gives little support to claims that Auckland purchasers must suddenly rush into a highly competitive market.

Searches are an indicator of interest, however—not a direct count of buyers, offers or completed transactions.

The practical implication is that sellers still need to pay close attention to competing listings and the response to their own campaign.

Otago closes the asking-price gap with Auckland

Otago delivered the report’s standout regional result.

Its average asking price reached $938,800, up 8% annually and 7.5% from August.

That left the gap between Otago and Auckland at just $53,200.

It is a striking comparison, but it does not mean an equivalent property costs almost the same in both regions. Regional averages reflect different mixes of locations and housing.

Otago’s activity also strengthened during September:

• Searches increased 6% from August.
• New listings increased 48% over the same period.

Buyer interest remained below September last year, according to Trade Me.

The large monthly asking-price movement therefore deserves context: more activity and changing listings can move an average without every existing property experiencing the same increase.

South Island strength comes with an exception

Several South Island regions recorded annual asking-price gains:

But Nelson/Tasman fell 4.8%, the largest annual decline in the report.

North Island declines included Taranaki at 4.3%, Auckland at 3.3%, Northland at 2.3% and Wellington at 1.4%.

The figures reinforce why a single national headline cannot describe every local market.

Apartments and townhouses face pressure, while units improve

The combined national average asking price for apartments, townhouses and units fell 4% year-on-year.

Within that urban category, Auckland recorded a decline of nearly 8%, while Wellington fell 6%.

Trade Me attributed some of the pressure to the additional townhouse inventory created by recent construction.

Units nevertheless moved against the wider trend, with average asking prices rising 1.8% nationally and 4.7% in Christchurch City.

The distinction is useful for buyers and sellers: different forms of higher-density housing are not necessarily moving together.

Christchurch continues to stand apart

For property types outside the apartment, townhouse and unit category, Christchurch City recorded annual asking-price growth of 2.5%, reaching $725,600.

On the same measure, Auckland City fell 1% to $1,177,800, while Wellington City was flat at $845,150.

These are city-level and property-category figures. They should not be confused with the Auckland regional average of $992,000.

Christchurch’s relative resilience follows earlier evidence of a different pace of activity, explored in Christchurch leaves Auckland in the dust as New Zealand’s fastest property market.

Property Noise view: A lift in expectations, not a licence to overprice

September’s report gives sellers a reason to feel more encouraged. Two months of rising asking prices are a welcome change after repeated declines.

But the wider evidence still calls for realistic expectations.

National searches were 6% below last spring. Auckland buyers had more new listings to consider, and several regions continued to record annual asking-price falls.

The next test is whether improving expectations are matched by buyer engagement, successful negotiations and completed sales.

For now, the recovery is uneven—and local conditions matter more than a national average.

Sellers may be asking for more, but buyers still decide what they are prepared to pay.

Source: Trade Me Property’s September 2026 Property Pulse Report and accompanying press release, published on 19 October 2026. Survey findings relate to research conducted in August 2026. Figures measure asking-price expectations rather than completed sale prices. Trade Me uses an 80% truncated mean, excluding the highest and lowest 10% of listings by price. Commentary is Property Noise analysis.