PHOTO: Listings are up, stock is swelling, prices are patchy — and buyers are still riding with the reins tight. PROPERTY NOISE
Key takeaways at a glance
National average asking price down 1.5% year-on-year to $856,730
West Coast defies gravity, recording an all-time asking price high of $585,881
Gisborne steals the spotlight with a 45.1% surge in new listings
December 2025 sales impress, with more than 6,600 properties sold nationwide
A cautious start — not a collapse
It may be the Year of the Horse, but New Zealand’s property market hasn’t bolted out of the gates.
Fresh January data from realestate.co.nz shows a market moving forward — just carefully. New listings have nudged higher, total stock has reached a January level not seen in over a decade, yet the national average asking price has softened.
In short: momentum is building, but confidence remains measured.
Vanessa Williams, spokesperson for realestate.co.nz, says the market is active — just deliberate.
“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 preparing — but they’re cautious,” she says.
“If people are waiting for pre-election promises or further OCR cuts, they could miss out. There’s plenty of stock on the market, which makes early 2026 a good time to transact.”
https://www.propertynoise.co.nz/ocr-hike-property-market-risk-2026/
Regional markets take the reins
While national averages dipped, regional performance tells a very different story.
🟢 Regional price winners
West Coast: up 17.4% year-on-year to a record $585,881
Gisborne: up 8.2% to $705,145
Canterbury: edged up 0.2% to $719,184
Central Otago / Lakes District: surged 12.0% to $1.62 million
🔴 Regional price losers
Marlborough recorded the steepest fall, down 12.6% year-on-year to $676,223 — the first time the region has slipped into the $600k range since October 2021.
Williams says the divergence reflects where confidence is returning fastest.
“After a long period of stability, the market is finding its feet again. Areas offering lifestyle, value and long-term appeal are attracting buyers — and vendors are responding.”
Listings: slow nationally, explosive in pockets
New listings nationally rose just 1.3% year-on-year to 9,019, but several regions came out swinging.
🔥 Regions with double-digit listing growth
Gisborne: +45.1% (74 listings)
Hawke’s Bay: +21.8% (319 listings)
West Coast: +14.3% (80 listings)
Northland: +10.0% (296 listings)
❄️ Regions pulling back
Marlborough again stood out — for the wrong reasons — with listings down 27.4% year-on-year. Other notable declines included:
Central Otago / Lakes District: −21.4%
Coromandel: −18.3%
Wairarapa: −16.7%
Otago: −14.2%
Southland: −12.0%
Central North Island: −10.2%
“Some regions have hit the ground running in 2026,” Williams says,
“but holiday hotspots and parts of the South Island remain quieter, suggesting sellers are still watching how the year unfolds.”
Stock piles up — buyers stay calm
National stock climbed 2.3% year-on-year to 33,149 listings, marking the first January since 2014 to exceed the 33,000 mark.
Stock growth leaders
Gisborne: +15.1% (only double-digit gainer)
Northland, Auckland, Hawke’s Bay, Wellington and Coromandel all posted solid single-digit increases
Stock shrinking fast
Southland: −19.1% (seventh straight monthly decline)
Central Otago / Lakes District: −15.1%
Otago: −10.3%
Sales say the market still has teeth
Despite buyer caution, sales data from Real Estate Institute of New Zealand paints a more optimistic picture.
In December 2025, 6,628 properties sold, comfortably outperforming:
December 2024: 5,511
December 2023: 5,142
December 2022: 4,309
That makes it one of the strongest Decembers in recent years.
“We’re not seeing a dramatic rebound,” Williams says,
“but properties are selling. Buyers are active — just more considered.”
The bottom line
New Zealand’s property market has started 2026 steady, patchy, but alive.
This is not a sprint — it’s a controlled canter:
Regional markets are diverging sharply
Buyers have leverage but remain selective
Vendors are testing the water, not diving in
National figures suggest stability — but local conditions are doing the heavy lifting. In 2026, understanding where matters just as much as when.