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We're taking hundreds of properties to auction at gala events across Property Brokers country in February 2026! Explore properties in your area below.
Monday, 16 February 2026
The 2026 property market opened the year at a steady pace, shaped by the usual January slowdown, seasonal holiday patterns, and unsettled weather across parts of the country. Latest data from the Real Estate Institute of New Zealand (REINZ) shows median prices holding firm, with national prices rising slightly above January 2025, even as sales counts softened.
National median prices held steady, rising slightly by 0.4% from January 2025 to $753,106. New Zealand, excluding Auckland, rose 1.4% year-on-year, to $700,000. Nine regions saw median prices rise from January 2025, and West Coast recorded a record high of $480,000, up $20,000 from its previous high in October 2025. The national median price for the three months ending January increased 1.4% year-on-year, reinforcing that pricing trends remain steady despite short-term monthly volatility.
“January’s housing market shows stable pricing alongside softer activity, suggesting confidence is rebuilding gradually rather than accelerating quickly,” says REINZ Chief Executive Lizzy Ryley. “This likely reflects a combination of seasonal holiday conditions and unusual, severe weather across parts of the North Island and East Coast. Southern markets in particular showed further signs of strengthening, with regions such as Canterbury, Southland and Otago continuing to show the strongest confidence signals, supported by sustained price growth, tight supply and resilient buyer demand.”
Sales activity across New Zealand declined 5.4% year-on-year, with 3,837 sales reported. Excluding Auckland, sales were down 6.6% to 2,848. Nationally, seasonally adjusted sales counts fell 8.9% compared with December 2025, while in New Zealand, excluding Auckland, sales counts declined 6.7%.
“Interpreting the market over the summer can be challenging, as activity between November and February often reflects seasonal patterns rather than fundamental shifts,” says Ryley. “Once seasonal trends are taken into account, the data shows the January market held up well.”
“Interest rate expectations have stabilised as inflation pressures ease, though there have been some concerns about potential rate increases and what that could mean for borrowing affordability,” says Ryley. “At the same time, the upcoming election may be influencing when people choose to make decisions. In previous election years, we’ve often seen buyers and sellers take a ‘wait and see’ approach early in the year.”
National median Days to Sell was 54 days, much higher than in December 2025 (up 15 days), but this is typical for the time of year. The median Days to Sell figure was the same as in January 2025. Excluding Auckland, this followed a similar trend, with a significant increase compared to last month (up 14 days), but slightly lower than January 2025, down one day to 52.
New listings* increased by 1.3% to 9,019 in New Zealand. New Zealand, excluding Auckland, also recorded an increase, up 0.2% year-on-year to 5,970. National inventory levels* increased by 2.3% from January 2025 to 33,149.
There were five Territorial Authority (TA) records, the first time this has happened since September 2022. These were in the New Plymouth District ($759,000), the Waimakariri District ($770,000), the Ashburton District ($645,000), the Waimate District ($610,000), and the Queenstown-Lakes District ($1,830,000). However, HPI trends indicate that these outcomes were largely driven by an increase in higher-value properties sold, rather than by widespread value growth.
Auction activity remained limited in January, as salespeople noted that auction campaigns typically commence in February. Nationally, there were 251 auction sales in January, accounting for 6.5% of all sales. In New Zealand, excluding Auckland, there were 134 auction sales, accounting for 4.7% of all sales. Auckland saw three fewer auctions than in January 2025, with 117 sales, representing 11.8% of all sales.
“Over the coming months, the housing market is expected to continue progressing gradually, with confidence rising ahead of any increase in transaction activity. While conditions are likely to remain cautious, the outlook suggests momentum building steadily,” says Ryley.
The House Price Index (HPI) for New Zealand is 3,582, a 0.7% decrease over the past year and a 0.6% decrease month-on-month. However, the index level is still 16.2% below its peak. Over the past five years, New Zealand’s average annual HPI compound growth rate has been 0.6%. (REINZ)
Regional highlights:
- West Coast recorded its highest median price at $480,000, up $20,000 compared to its previous record in October 2025.
- Four regions recorded an increase in sales compared to January 2025:
The median price for Northland decreased by 12.5% year-on-year to $630,000
“Owner-occupiers were the most active buyer group in Northland, with fewer enquiries coming from first home buyers. Most vendors held realistic expectations regarding asking prices and were receptive to feedback. Attendance at open homes was mixed, with stronger numbers for well-located properties and newer listings, although some interest tapered off quickly.
Auction room activity also varied across the region, with some auctions recording steady attendance and improved clearance outcomes, while others saw a majority of properties passed in. Market sentiment was influenced by buyer caution around overpaying, some vendors’ high expectations of price growth, lending criteria, and the level of choice available to buyers. Local salespeople expect conditions to remain stable over the coming months, with activity likely to lift again later in 2026.” coming months, with activity likely to lift again later in 2026.” (REINZ)
The current median Days to Sell of 60 days is more than the 10-year average for January which is 55 days. There were 39 weeks of inventory in January 2026 which is 2 weeks more than the same time last year.
The median price for Auckland increased by 1.1% year-on-year to $950,000
“First home buyers, owner-occupiers and developers were the most active buyer groups across the region. Some vendors set price expectations that were above current market conditions, while others adjusted prices to better align with the market and, in turn, achieved quicker sales. Open home attendance was mixed, influenced by weather and the holiday period, with some properties drawing strong interest.
Auction activity also varied, with solid attendance in some areas and little activity in others. Market sentiment reflected the holiday slowdown, increased buyer and seller engagement, and some caution around potential interest rate hikes. Local salespeople expect market activity to lift following the February OCR announcement.” (REINZ)
The current median Days to Sell of 57 days is more than the 10-year average for January which is 47 days. There were 29 weeks of inventory in January 2026 which is 1 week less than the same time last year.
Waikato’s median price increased by 1.4% year-on-year to $750,000
“Owner-occupiers, investors, and holiday-home buyers were the most active in January. An increase in higher-end buyers ($2m+) was observed in Taupo. Most vendors seem realistic about asking prices based on their appraised property value, with buyers cautious about overpaying and therefore making lower offers to negotiate. Attendance at open homes varied across the region, with some consistently attracting good numbers, especially newer listings.
Factors such as increased confidence, strong enquiry levels for new listings, and buyers’ lack of urgency influenced market sentiment. Local salespeople cautiously predict the market will continue much the same through to Easter, with interest rate conversations possibly encouraging buyers to act now. There has been no discussion of possible election impacts just yet.” (REINZ)
The current median Days to Sell of 56 days is more than the 10-year average for January which is 49 days. There were 22 weeks of inventory in January 2026 which is 2 weeks less than the same time last year.
The median price for the Bay of Plenty decreased by 4.8% year-on-year to $800,000
“First home buyers were the most active group across the region. Most vendor expectations were realistic, influenced by current market stability. However, some stood firm with higher price expectations. Attendance at open homes was strong in January, following built-up demand towards the end of 2025, with even properties that had been on the market for a while attracting interest.
Auction activity and attendance varied, with some sold under the hammer and others failing to gain traction. Local salespeople look forward to February, when more auction campaigns are scheduled. Factors such as increased buyer confidence, multiple offers, employment uncertainty, some caution around potential interest rate movements, property insurance concerns, and a greater willingness to commit to written offers influenced market sentiment.
Local salespeople are cautiously optimistic that sales will increase in the coming months and that the market may improve, but at a slower pace. They observe that as this is an election year, buyers and sellers may take a ‘wait and see’ approach, which has the potential to create a degree of short term uncertainty in the market.” (REINZ)
The current median Days to Sell of 52 days is more than the 10-year average for January which is 51 days. There were 21 weeks of inventory in January 2026 which is 1 week less than the same time last year.
Gisborne’s median price decreased by 13.7% year-on-year to $565,000
“Owner-occupiers were the most active buyer group in January, while first-home buyer enquiries declined. With plenty of properties available, vendors remained realistic about pricing and aligned their expectations with current market conditions. Attendance at open homes was good, with a noticeable increase in numbers compared to the end of last year. Although open home attendance increased, sales counts were lower than in January last year.
Market sentiment was influenced by increased buyer activity and competition, even as listings rose, a good indicator of a balanced, stable market that could signal a gentle lift in the future. Local salespeople are cautiously optimistic that sales counts will track upwards over the next few months, and median days to sell will decrease.” (REINZ)
The current median Days to Sell of 57 days is much more than the 10-year average for January which is 43 days. There are 13 weeks of inventory in January 2026 which is 6 weeks less than last year.
Hawke’s Bay’s median price increased by 2.4% year-on-year to $685,000
“First home buyers and owner-occupiers were the most active buyer groups, taking advantage of the stable prices and lower interest rates in January. Vendor expectations were fairly reasonable due to many vendors looking to buy and sell within the same market. Attendance at open homes was strong across most properties – a continuation of traffic from the end of 2025.
There weren’t many auction campaigns in January, as more buyers opted for other methods of sale. Factors like increased confidence among most buyers, the belief that conditions are in their favour, and the continued availability of choice influenced market sentiment. Local salespeople suggest that over the coming months, the Hawke’s Bay market may slowly strengthen, and have adopted a wait-and-see approach.” (REINZ)
The current median Days to Sell of 54 days is much more than the 10-year average for January which is 43 days. There were 18 weeks of inventory in January 2026 which is 1 week more than the same time last year.
Taranaki’s median price decreased by 4.4% year-on-year to $602,500
“All buyers were active over the month, with the majority being owner-occupiers. Most vendors were realistic with their price expectations, likely attributed to a surge in listing numbers in recent months, which has highlighted the need for vendors to price competitively. Properties were well attended at open homes once they resumed in mid-late January.
The local market remains a buyer’s market, and with increased new listings, local salespeople predict this will likely continue for months. Market sentiment has remained largely unchanged as a result. Local salespeople cautiously predict that sales volumes will increase through to autumn.” (REINZ)
The current median Days to Sell of 45 days is more than the 10-year average for January which is 42 days. There were 19 weeks of inventory in January 2026 which is 1 week less than the same time last year.
The median price for Manawatu/Whanganui decreased by 0.9% year-on-year to $530,000
“Owner-occupiers were the most active buyer group. There were reports of fewer investor enquiries. Most vendors were realistic about their asking prices for their properties, though a few aimed for higher than the appraisal range. Attendance at open homes was reasonable for the time of year, quieter than previous months, but usual for January.
Market sentiment was influenced by job security, cost-of-living pressures, the current economic environment, and the holiday season’s impact. Local salespeople cautiously predict that February will offer a clearer picture of the market’s state, as it comes after the holiday period and people return to their routines.” (REINZ)
The current median Days to Sell of 50 days is more than the 10-year average for January which is 43 days. There were 19 weeks of inventory in January 2026 which is 2 weeks less than the same time last year.
Wellington’s median price decreased by 2.6% year-on-year to $732,500
“First home buyers and owner‑occupiers continued to be the most active buyers in Wellington, with some selective investor enquiry. Vendor expectations have broadly realigned with current conditions, though some vendors sought prices above the appraisal range, leading to negotiation in many cases. Attendance at open homes increased as January progressed.
Auction activity was moderate by January standards, with clearance rates slightly higher than the previous year’s average but still reflecting a slow build into the peak season. Market sentiment was influenced by measured sales counts, which were affected by sustained inventory growth, buyer patience, and affordability pressures. This led to a stable yet cautious start to 2026 for the market.” (REINZ)
The current median Days to Sell of 63 days is much more than the 10-year average for January of 48 days. There were 15 weeks of inventory in January 2026 which is 1 week less than the same time last year.
The median price for Nelson decreased by 8.9% year-on-year to $735,000. The median price for Marlborough increased by 3.9% year-on-year to $660,000. The median price for Tasman increased by 3.2% year-on-year to $810,000.
“First home buyers were the most dominant buyer group across the region, closely followed by owner-occupiers. Most vendors were aware of a steady market, which meant they were realistic and met market conditions for their prices. However, some who purchased at the height of the market expected top dollar for their property. Attendance at some open homes was lighter compared to the last few months of 2025, but this was not unexpected for January. Others saw strong numbers at the beginning of the month.
Rising interest rates, steady conditions, surplus stock under the $1m price bracket, and the continuation of a buyers’ market influenced sentiment. Local salespeople state the next few months in their local market will depend on inflation and whether sales activity will be aligned with a growing sense of confidence returning to buyers and sellers.” (REINZ)
The current median Days to Sell of 56 days is much more than the 10-year average for January which is 45 days. There were 22 weeks of inventory in January 2026 which is 10 weeks less than the same time last year.
West Coast’s median price increased by 9.3% year-on-year to $480,000 – a record high for the region
“Owner-occupiers looking to upgrade from their current property were the most active buyer group. Vendors negotiated with buyers and, in most cases, reduced asking prices to meet market demand. Attendance at open homes remained low. Factors such as increased buyer choice, more rental stock, and easing rental prices have influenced market sentiment.
Local salespeople suggest that the local market is maintaining the pattern that buyers hold the upper hand. However, they state that, with mining companies having started hiring, this will have a positive impact on the market, leading to more sales.” (REINZ)
The current median Days to Sell of 33 days is much less than the 10-year average for January which is 50 days. There were 41 weeks of inventory in January 2026 which is 12 weeks less than the same time last year.
The median price for Canterbury increased by 3.4% year-on-year to $700,000
“All buyer groups were active in January, with reports that investors acted cautiously in Timaru. Vendor expectations regarding asking prices were realistic, with alignment between buyers and sellers. Although some vendors anticipated the market would lift more quickly than current conditions suggest. Attendance at open homes was strong; numbers increased, especially for newer listings.
Auction room activity was quiet over the month, while many auction campaigns will begin in February. Market sentiment was affected by bad weather and increased confidence in general. Local salespeople cautiously predict that market activity will rise in February and March, but overall, it will remain stable with small pockets of growth.” (REINZ)
The current median Days to Sell of 50 days is more than the 10-year average for January which is 45 days. There were 13 weeks of inventory in January 2026 which is 5 weeks less than the same time last year.
“Dunedin’s median price increased by 1.6% year-on-year to $618,000
All buyer types were active in Dunedin, although investor activity was subdued. Most vendors were realistic about asking prices, due to a steady market. Attendance at open homes grew as the weeks in January passed. Auction activity was strong.
Market sentiment was influenced by increased confidence among buyers and sellers, cost-of-living pressures, and rising interest rates implemented by some banks. Local salespeople cautiously predict good sales volumes in the coming months, with steady prices and supply matching demand.” (REINZ)
Queenstown Lakes
“First home buyers continue to dominate the market, being the most active buyer group. Investor activity increased in January as the rental return and interest rates attracted further enquiries. Most vendors view the local market as stable, while others see current properties as achieving above-market value, which influences their perception of their own property’s worth. Attendance at open homes was strong in January, with more buyers actively looking to purchase.
Auction clearance rates were high; even if properties were not sold under the hammer, there were post-auction negotiations, demonstrating the success of auction campaigns in the area. Market sentiment was mainly positive, but influenced by concerns over interest rate increases, buyer confidence, abundant stock, motivated buyers and sellers and increased commercial and residential growth. Local salespeople state the Central Lakes market shows signs of a healthy real estate market for both buyers and sellers, and cautiously predict the next few months will bring good momentum and engagement, though some vendors and buyers may take a “wait-and-see” approach as it’s an election year.” (REINZ)
The current median Days to Sell of 52 days is more than the 10-year average for January which is 46 days. There were 16 weeks of inventory in January 2026 which is 3 weeks less than the same time last year.
The median price for Southland increased by 5.7% year-on-year to $515,000
“Owner-occupiers and first home buyers were the most active across the region, with little investor activity reported. Generally, most vendors were aware of current market conditions, and their expectations were realistic regarding asking price, based on the level of stock and demand. Attendance at open homes was good, particularly for properties marketed towards first-home buyers and well-presented properties.
Local salespeople reported an increase in pre-auction offers. Market sentiment was shaped by higher property demand, fear of missing out among first-home buyers, and banks and brokers offering attractive lending incentives. Local salespeople anticipate that the coming months will be driven by supply and the current demand outlook.” (REINZ)
The current median Days to Sell of 41 days is more than the 10-year average for January which is 40 days. There were 12 weeks of inventory in January 2026 which is 7 weeks less than the same time last year.
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