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Thursday, 16 April 2026
Despite a dip in April sales activity, most regions remained relatively steady with broader market conditions largely unchanged. Overall, the number of sales remains close to the long-term April average, highlighting that this year’s softer headline result still sits comfortably within the market’s historical range.
Data released today by the Real Estate Institute of New Zealand (REINZ) in its Property Report for April 2026 shows that national sales fell 7.9% year-on-year, yet the total of 6,262 represents a genuine, if modest, decline – with both April 2025 and April 2026 sitting close to the historical midpoint of every April since REINZ began tracking this data in 1992. April 2025 ranked 15th of 35 in that dataset; April 2026 ranks 18th.
The market showed a steadier pace through April. The seasonally adjusted sales count declined 2.1% compared to March – a more moderate signal than the raw month-on-month drop of 21.2%, most of which is seasonal. It suggests buyers remain active but measured, responding to cost-of-living pressure rather than stepping away from the market.
April 2026 marks the first clear sign that the combined weight of cost-of-living pressures – higher fuel costs, food prices, insurance, and local body rates – began influencing buyer decisions in a meaningful way. The impact was not uniform, however. Regions with higher vehicle dependency and lower median household incomes, including Hawke’s Bay, Manawatu-Whanganui, and Marlborough, saw the largest softening in activity, consistent with pump prices hitting household budgets most directly in those areas. Canterbury, Southland, and Otago continued to record solid sales activity, though this reflects the relative strength of their local market fundamentals rather than any insulation from cost pressures.
April lands the housing market in a testing mid-cycle position: past the initial shock of the overseas conflict, into its cost-of-living pass-through, and now facing a potential OCR hike environment through winter. Fuel costs are amplifying regional differences, particularly in vehicle-dependent areas, against a broader backdrop of rising living costs, including food, insurance, and rates.
Election years in New Zealand have typically brought slower decision‑making from vendors and longer selling times, rather than sharp movements in prices. This uncertainty is weighing more heavily on Wellington due to its public sector exposure.
Looking at the House Price Index (HPI), which provides a more accurate measure of underlying value trends, Southland reached a new all-time HPI high, up 8.0% annually – the strongest growth of any region nationally. Canterbury runs at +3.0% annually, second highest nationally. The national HPI is down 0.9% year-on-year to 3,598, sitting 15.9% below its peak.
Auckland’s HPI is down 2.8% annually but its threemonth median of $1,022,000 is up 1.2% YOY, suggesting value stabilisation rather than decline. Wellington’s HPI declined by 2.5% annually while the regions inventory has risen sharply to 19 weeks from 14, the largest year-on-year increase in unsold stock of any major market nationally.
At the national level, the figures point to a stable market, though conditions vary by region. The median price eased slightly by 0.6% year-on-year to $775,000. Meanwhile, excluding Auckland, median prices were the same as in April 2025, at $700,000.
The uneven nature of the current market is clear with performance continuing to vary widely by region. Eight of the sixteen regions recorded year-on-year increases in median prices. The most substantive gains were in Southland and Northland (both +6.2%), Gisborne (+4.3%), and Waikato (+3.4%). The West Coast recorded a sharp single-month lift of +42.4% to $470,000, though this is based on only 47 sales and should be considered in context. Tasman, Nelson, and parts of the North Island recorded softer results. The three-month median of $785,000 is up 0.6% year-on-year and provides a clearer indication of underlying price movement.
National inventory levels* rose by 3.9% from last year to 37,334 properties. Supply levels moved in both directions over April, with a sharp incline on an annual basis, but down month-on-month. New listings* increased 7.4% year-on-year to 9,139 while excluding Auckland there was a slight decline of 0.4%, with 5,717 new listings. National monthly movements saw a decline of 24.2%.
Median Days to Sell remained steady throughout April, with properties taking a median of 42 days nationally – only a one-day increase compared to last year. Excluding Auckland, the median was also 42 days and saw no change year-on-year and month-on-month.
The auction market sustained its share. Nationally, 14.1% of sales were via auction, up from 13.7% in April 2025. Auckland held a 22.9% auction share (slightly lower than last year’s 23.9%), and Canterbury lifted to 19.2% from 17.4%. The strong use of auctions highlights ongoing confidence from vendors and salespeople in competitive sales processes.
RBNZ kept the OCR at 2.25% in April but signalled that rate rises would follow should core inflation fail to ease toward 2%. Most major bank economists now consider an OCR hike this year a probability rather than a possibility as ANZ, ASB, Westpac, and Infometrics have all brought forward their hike forecasts with some anticipating the first move as early as the 27 May MPS.
For the housing market, this shift from a cutting environment to an imminent-hike environment removes the tailwind of falling rate expectations that underpinned 2025’s recovery, and begins to introduce the prospect of new serviceability pressure - a meaningful change from April’s starting position. The key question for May and June is whether listings continue to build faster than sales can absorb them as we move into winter. (REINZ)
*Inventory and Listings data courtesy of realestate.co.nz
Regional highlights:
Eight of the sixteen regions recorded year-onyear increases in median prices; the highest increases were observed in:
- West Coast, up 42.4% to $470,000 (based on 47 sales — interpret with caution)
- Southland, up 6.2% to $515,000
- Northland, up 6.2% to $690,000
- Gisborne, up 4.3% to $680,000
Four regions recorded an increase in sales compared to April 2025. Those four regions were:
- West Coast, up 30.6% to 47 sales
- Southland, up 17.9% to 184 sales
- Taranaki, up 7.7% to 181 sales
- Otago, up 1.3% to 398 sales
The median price for Northland increased by 6.2% year-on-year to $690,000
“Local and out-of-town buyers, along with investors, were the most active buyer groups. Whangarei saw a decline in first-home buyers, likely due to borrowers’ higher debt-to-equity ratios. Most vendors were realistic regarding asking prices, and attendance at open homes was steady throughout the month. Around half of auctions had approximately two bidders, while the remaining half had none.
Market sentiment was influenced by tightening debt ratios and discussions around insurance for properties in flood zones. Local salespeople cautiously suggest that the market will remain steady over the next few months.” (REINZ)
The current median Days to Sell of 55 days is more than the 10-year average for April which is 52 days. There were 41 weeks of inventory in April 2026 which is 4 weeks less than the same time last year.
The median price for Auckland increased by 2.5% year-on-year to $1,020,000
“First home buyers and owner‑occupiers were the most active, while investor interest varied depending on price brackets. Most vendors were realistic and met market expectations, though some remained uncertain due to possible impacts of overseas conflict. New listings attracted strong open‑home attendance, but overall weekend foot traffic was low.
Auction activity also varied, with some properties drawing multiple bidders and others seeing reduced engagement. Market sentiment was shaped by cost‑of‑living pressures, election uncertainty in November, and the possibility of rising interest rates, keeping conditions firmly in favour of buyers. Local salespeople remain cautious, adopting a ’wait‑and‑see’ approach as they expect little change in the months ahead.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for April which is 39 days. There were 28 weeks of inventory in April 2026 which is 1 week more than the same time last year.
Waikato’s median price increased by 3.4% year-on-year to $750,000
“The most active buyer groups across the Waikato were first home buyers and owner-occupiers. There were fewer enquiries from developers in Hamilton, likely due to global economic uncertainty and fuel crisis. Most vendors were coming to market meeting price expectations, as there is increased competition and they are aware that supply exceeds demand. Attendance at open homes was softer in April, due to Easter, school holidays and ANZAC weekend, although buyers were increasingly selective and strongly influenced by pricing, location and what the property offers.
Auctions saw reasonable activity, but there were fewer active bidders overall. Factors like cost-of-living, job security concerns, global economic conditions and the upcoming general election have caused buyers to adopt a ’wait and see’ approach, which has influenced market sentiment. Local salespeople predict that there will continue to be a steady market with reasonable stock levels and steady sales.” (REINZ)
The current median Days to Sell of 45 days is more than the 10-year average for April which is 41 days. There were 21 weeks of inventory in April 2026 which is 1 week less than the same time last year.
The median price for the Bay of Plenty increased by 0.1% year-on-year to $820,000
“First home buyers and owner-occupiers remain the most active buyer groups across the region, while investor activity was less prevalent in Tauranga. Most vendors were accepting of current market conditions and realistic in their price expectations. Attendance at open homes remained steady and even increased for newer listings. While the number of listings has held firm so far, stock may tighten in the coming weeks, which could reduce buyer choice.
Activity in the auction room varied depending on the mix of properties set for auction that day. The overall number of active bidders has declined. Market sentiment has shifted from a balanced environment to one that now favours buyers. Local salespeople aren’t expecting any major changes in the coming months, noting that demand for living in the region remains strong. They anticipate the winter period will track much the same as recent months, with similar levels of activity and interest.” (REINZ)
The current median Days to Sell of 41 days is less than the 10-year average for April which is 42 days. There were 20 weeks of inventory in April 2026 which is 4 weeks less than the same time last year.
Gisborne’s median price increased by 4.3% year-on-year to $680,000
“Owner-occupiers were the most active buyer group, with investor enquiries beginning to rise again. Most vendors met market expectations regarding asking price. Attendance at open homes fluctuated over the month, with lower attendance during public holidays. Auction room success under the hammer was also mixed, with some areas seeing low clearance rates, while others see many selling on auction day.
Factors like increased cost-of-living pressures, such as fuel price increases, have led local salespeople to note that there has been some hesitancy with commitment, which has influenced market sentiment. They also cautiously predict that the market will continue to be steady over the coming months, as there has been an increase in buyers revisiting older stock, as new listings eased off.” (REINZ)
The current median Days to Sell of 44 days is more than the 10-year average for April which is 41 days. There are 22 weeks of inventory in April 2026 which is 6 weeks more than last year.
Hawke’s Bay’s median price decreased by 2.3% year-on-year to $648,000
“Owner-occupiers looking to downsize and investors were the most active buyer groups, while there was a slight decline in first home buyer activity. Some vendors weren’t aligned with market expectations regarding asking prices. Attendance at open homes was lower than in previous months, and fewer bidders were prepared to bid at auctions. Sales count across the region declined due to a reduced buyer pool.
Market sentiment was influenced by falling background numbers, such as fewer attendees at open homes and auctions, which turned sentiment more cautious. Local salespeople predict the market will be slow yet steady heading into winter, with some areas of decline and a slight easing of sales volumes.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for March which is 37 days. There were 17 weeks of inventory in March 2026 which is the same as the same time last year.
The current median Days to Sell of 42 days is more than the 10-year average for April which is 38 days. There were 16 weeks of inventory in April 2026 which is the same as the same time last year.
Taranaki’s median price decreased by 1.6% year-on-year to $610,000
“Owner-occupiers remain the most active buyer group in Taranaki, although some caution was evident across all buyer groups. Some vendor pricing was realistic and in line with current market expectations, encouraged by competition among listings. Attendance at open homes was lower in April, likely influenced by cost-of-living challenges, severe weather across the region and ANZAC weekend.
General market sentiment was influenced by conditions that continued to be favourable for buyers as listing stocks increased. Local salespeople note that, due to significant disruptions throughout the month, it was difficult to gauge overall sentiment in the Taranaki market. However, they remain cautiously confident that the market will rebound quickly once overseas conflicts settle and the cost-of-living pressures ease. The signs remain positive for an active year in property sales – although some fluctuations are expected.” (REINZ)
The current median Days to Sell of 35 days is less than the 10-year average for April which is 36 days. There were 22 weeks of inventory in April 2026 which is 5 weeks more than the same time last year.
The median price for Manawatu/Whanganui was the same as in April 2025, at $540,000
“Owner-occupiers and first home buyers remain the most active this month. Enquiries from investors declined, possibly due to increased interest rates and the current economic environment. Most vendors were realistic regarding asking price, with many choosing to accept lower values. Attendance at open homes for newer listings was reasonably steady, and properties which had been on the market for a while received few viewings. Auction room attendance was lower, with not many successful sales under the hammer.
Market sentiment has shifted towards a buyer’s market, with more properties available, and some vendors may need to adjust their price expectations. There were concerns about job security, the current economic conditions, and the November general election. Local salespeople cautiously suggest that there will be a measured approach in their local market for the remainder of the year.” (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for April which is 34 days. There were 19 weeks of inventory in April 2026 which is the same as the same time last year.
Wellington’s median price decreased by 0.9% year-on-year to $765,000
“First home buyers and investors were the most active buyer groups, with no significant decline in overall buyers. Most vendors were realistic about asking prices and open to discussion about price reductions if the property does not gain traction during the campaign. Attendance at open homes was quieter than usual, likely due to cold weather and floods in the region over the month.
Market sentiment was influenced by the floods across the region, uncertainty around global conflict, and this year’s election. However, in the first week with new listings, local salespeople saw buyers actively out and about. They also suggest that the local market will remain quiet yet stable until the November election.” (REINZ)
The current median Days to Sell of 45 days is more than the 10-year average for April of 38 days. There were 19 weeks of inventory in April 2026 which is 5 weeks more than the same time last year.
The median price for Nelson decreased by 6.7% year-on-year to $695,000. The median price for Marlborough decreased by 2.3% year-on-year to $635,000. The median price for Tasman decreased by 8.1% year-on-year to $781,000.
“The most active buyer group continued to be first home buyers. There was a decline in activity from higher-end buyers due to limited activity in the lower to mid-range market. Most vendors met market expectations regarding their asking price and were aware of how competition could affect interest in properties. Attendance at open homes was steady and mainly driven by local buyers.
Auction results and attendance varied, but properties that didn’t sell under the hammer were typically placed under conditional contract shortly after. Market sentiment was shaped by longer days to sell, fewer listings, and expectations of rising interest rates. Local salespeople note that as we head into the cooler months, the market is likely to slow further. Combined with this year’s election, they aren’t anticipating any significant uplift in activity.” (REINZ)
The current median Days to Sell of 39 days is more than the 10-year average for April which is 37 days. There were 23 weeks of inventory in April 2026 which is the same as the same time last year.
West Coast’s median price increased by 42.4% year-on-year to $470,000
“First home buyers and owner-occupiers were the most active buyer groups in the West Coast. Investors have held off due to a tight local market and are expected to re-enter once the elections are over. Most vendors were willing to meet market expectations on asking prices. There was little activity at open homes, and there were no auction campaigns. Market sentiment was influenced by increased cost-of-living pressures, such as fuel prices, which caused buyers to act cautiously, paired with elections looming.
Local salespeople cautiously predict that as mining activity remains high in the region, there will be steady sales over the next few months.” (REINZ)
The current median Days to Sell of 43 days is much less than the 10-year average for April which is 59 days. There were 27 weeks of inventory in April 2026 which is 13 weeks less than the same time last year.
The median price for Canterbury increased by 2.1% year-on-year to $710,000
All buyer groups were active across the region in April, with no noticeable decline in any segment. Most vendors were realistic regarding asking prices and were aligned with market expectations. Attendance at open homes was strong for properties priced between $500K and $700K, although there were fewer in attendance for townhouses.
Auction room attendance averaged one bidder per property, with multiple bidders for well‑presented homes. Market sentiment was mixed: some areas showed reduced confidence due to the impacts of global conflict, while others were buoyed by favourable weather, a stable local economy, and positive coverage surrounding the stadium’s opening. Local salespeople expect the coming months to remain steady with a gradual lift in activity. They are cautiously optimistic that the region will hold firm through winter without a significant seasonal dip. This confidence is supported by strong job opportunities, students relocating for study, and continued positive momentum from tourism.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for April which is 35 days. There were 13 weeks of inventory in April 2026 which is 1 week less than the same time last year.
“Dunedin’s median price increased by 2.4% year-on-year to $609,000
First home buyers were the most active buyer group across the region, while enquiries declined from buyers in the mid-range market. Most vendors were in line with market expectations, although local salespeople stated that expectations could soon change due to the large number of properties on the market and a lack of buyer urgency. Attendance at open homes was good for properties between $450K and $650K, as well as for properties at the higher end of the market.
Fewer properties are going to auction because there are fewer cash buyers, as properties are being marketed at a set price or as a negotiation. Market sentiment was influenced by a lack of buyer urgency, the expectation of increasing interest rates and conditions continuing to favour buyers. Local salespeople indicate that over the coming months, there may be fewer listings on the market, with prices likely to remain under pressure.” (REINZ)
Queenstown Lakes
“First home buyers and owner-occupiers were the main active buyer groups in the current market. Investor enquiries were fewer, but they were still part of the market. Some vendors were optimistic about prices increasing, but buyer engagement isn’t meeting these expectations due to perceived risks of overseas conflict and uncertainty. Attendance at open homes was steady; as stock levels were high, buyers had plenty of choice.
Auction attendance was good, with active bidders on 80-90% of properties, and over half sold under the hammer. Sales counts are in line with this time of year, similar to the market in April 2025. Market sentiment was steady, though the effects of the conflict in the Middle East are starting to filter into the market, with inflation and interest rates expected to rise. Local salespeople suggest the next few months might continue to fluctuate until the overseas conflict has settled, and they note that there are still some great sales being made.” (REINZ)
The current median Days to Sell of 45 days is more than the 10-year average for April which is 38 days. There were 18 weeks of inventory in April 2026 which is 1 week more than the same time last year.
The median price for Southland increased by 6.2% year-on-year to $515,000
“First home buyers and owner-occupiers were the most active buyer groups in Southland, with fewer investor enquiries as investors took a more measured approach. In most cases, vendors met market expectations regarding asking prices at open homes was good for well-presented and well marketed properties. Auction room activity saw an average of two, sometimes more, active bidders at each auction.
Market sentiment was influenced by current economic conditions and that the market was generally balanced. Over the course of the next few months, local salespeople suggest that the market may slow due to economic and political outlook.” (REINZ)
The current median Days to Sell of 35 days is more than the 10-year average for April which is 34 days. There were 10 weeks of inventory in April 2026 which is 5 weeks less than the same time last year.
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