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Monday, 16 March 2026
February’s housing market shows patience on both sides, with selective buyers and sellers prepared to wait for the right price. The latest data from the Real Estate Institute of New Zealand (REINZ) shows the national median price rose 3.2% year-on-year to $795,000, while sales activity remains largely steady and properties are taking longer to sell.
Major regions such as Auckland, Canterbury, and Waikato saw their highest February sales counts since 2021, signalling stronger activity in parts of the market. Otago led the country with a 13.2% increase in median price, reaching $755,000. However, longer selling times remain a consistent feature nationwide, with most regions recording median days to sell above their 10-year February average.
“The three-month data gives us the clearest picture of the market’s underlying direction,” says REINZ Chief Executive Lizzy Ryley. “The southern regions, particularly Otago and Southland, are maintaining strong momentum. In contrast, Northland continues to feel some downward pressure following recent severe weather and flooding. Nationally, the three-month trend points to a modest but steady lift in median prices nationally, up 1.9% to $780,000, reinforcing the gradual recovery we began to see earlier in the year.”
Sales activity across New Zealand increased slightly by 0.3% year-on-year, with 6,523 sales reported. Excluding Auckland, sales fell 1.2% to 4,580. When adjusted for seasonality, which accounts for typical monthly fluctuations, national sales rose 6.6% compared with January 2026, showing steady underlying growth despite large changes in raw figures. For New Zealand, excluding Auckland, seasonally adjusted sales climbed 3.1%, rather than the 57.1% suggested by the unadjusted numbers.
“Sales naturally fluctuate over the summer months,” Ryley explains. “Once we adjust for seasonal trends, the February data shows steady growth compared with January, both nationally and in New Zealand, excluding Auckland, highlighting the underlying strength of the market beyond the large fluctuations seen in raw figures.”
National median days to sell were 56 days, up only two days year-on-year and month-on-month. Excluding Auckland, median days to sell increased similarly by two days to 55. New listings in New Zealand rose 7.8% year-on-year to 12,252, with an increase of 6.1% in New Zealand, excluding Auckland, to 7,692. National inventory levels grew 1.8% from last year, reaching 36,357.
Christchurch City recorded its only Territorial Authority record this month, with a median price of $735,000, a 0.7% increase from its previous record in November 2025.
“Three key forces shaped market activity during February: weather, interest rates, and the approaching election. Severe weather disrupted activity in several regions, while the Reserve Bank’s decision to hold the Official Cash Rate at 2.25% signals that the period of falling mortgage rates has likely ended. The confirmation of the November election, alongside renewed policy debate around a potential capital gains tax, is also creating some uncertainty for investors,” Ryley states.
Auction activity rose compared with January, as more auction campaigns were launched. Nationally, there were 1,214 auction sales, accounting for 18.6% of all sales. In New Zealand, excluding Auckland, 631 properties were sold at auction (13.8%), while Auckland accounted for 583 auction sales, or 30% of its total.
The national House Price Index (HPI) remains at 3,652, unchanged over the past year, and is 14.6% below its peak. Canterbury reached a new HPI record of 3,917, an increase of 3.2% over the past year.
“The housing market has been stable for some time, with buyers and sellers having growing confidence, although this does vary around the country. Prior to the current geo-political situation, New Zealand’s housing market has continued its stable growth, and is expected to continue through to autumn, with Canterbury and Otago likely to lead growth and Auckland gradually improving. Wellington and the storm-affected northern regions may take longer to return to normal levels. Rising costs, ongoing weather disruptions, and election uncertainty mean buyers are likely to remain cautious,” says Ryley.
She adds, “The situation in the Middle East is something we are monitoring closely, as it may influence household confidence and the cost-of-living environment in which buyers and sellers make decisions. We are keeping a close eye on any flow-through effects on household confidence and disposable income for both prospective and current homeowners.” (REINZ).
Regional highlights:
Thirteen of the sixteen regions recorded increases in median prices; the highest increases were observed in:
Six regions recorded an increase in sales compared to February 2025. The highest were in:
The median price for Northland decreased by 8.3% year-on-year to $665,000
“Local buyers and investors were the most active buyer groups. Some vendor expectations were still above current market conditions; however, with constructive feedback, they became more aligned to meet the market. Attendance at open homes varied throughout the region, with well-presented homes attracting the highest numbers. Auction room attendance was steady, with most properties having at least one active bidder.
Similar to open homes, well-presented properties attracted 4-6 active bidders on auction day. Factors such as steadily rising stock, which provided buyers with more options, influenced market sentiment, along with stable prices and a rebound in rental values. Local agents suggest that over the next few months, there won’t be any significant changes in their local market, and it will remain steady.” (REINZ).
The current median Days to Sell of 71 days is more than the 10-year average for February which is 62 days. There were 43 weeks of inventory in February 2026 which is 1 week more than the same time last year.
The median price for Auckland increased by 1.4% year-on-year to $1,014,000
“All buyer types were active across the region, although owneroccupiers and first home buyers continue to lead the way. Most vendors set realistic asking prices; however, some were optimistic about achieving higher prices after noticing increased sales, believing this would lift their property’s value. Attendance at open homes varied across the region and between properties, although numbers generally rose during the month.
Auctions became a more popular method of sale, and attendance increased. Market sentiment remained steady and is still described as a buyer’s market. However, confidence improved, and local salespeople cautiously expect the market to trend upwards as positivity grows.” (REINZ).
The current median Days to Sell of 58 days is more than the 10-year average for February which is 49 days. There were 31 weeks of inventory in February 2026 which is the same as the same time last year.
Waikato’s median price increased by 3.4% year-on-year to $760,000
“All buyer types were active across the Waikato region, with owneroccupiers and first home buyers predominantly active in Thames and Coromandel. As buyers were particularly focused on price, it’s important for vendors to have a clear understanding of current market conditions when setting their price expectations. Increased competition and the upcoming amended CVs/RVs are expected to further align vendor expectations with current market conditions.
Attendance at open homes has been good across the region, especially for properties new to market, well-presented homes or those that have recently had prices adjusted. The number of properties marketed as auctions has increased, which has led to increased auction attendance overall. In most cases, offers were made immediately post-auction if not sold under the hammer.
The recent rise in stock has given buyers more choice, reduced urgency, and increased price sensitivity. However, buyers, vendors, landlords, and tenants remain cautious and measured, with motivated vendors recognising the need to meet the market. Local salespeople are cautiously optimistic that the market will track steadily rather than dramatically shift in either direction.” (REINZ).
The current median Days to Sell of 56 days is more than the 10-year average for February which is 47 days. There were 23 weeks of inventory in February 2026 which is the same as the same time last year.
The median price for the Bay of Plenty increased by 3.1% year-on-year to $825,000
“First home buyers were still the most active buyer group, followed by owner-occupiers. Most vendors set pricing expectations to meet the market. However, some required more than one offer at current market levels before feeling confident to accept the price. Attendance at open homes remained steady for new listings but dropped substantially after the second week.
Auction rooms recorded higher clearance rates under the hammer and maintained good attendance. While there were not always multiple bidders, the auction method continued to prove effective in securing a sale. Market sentiment remained consistent with recent months, supported by improving confidence and balanced market conditions, with stock levels moderate and market conditions as favourable as they have been for some time. February was slower than many predicted for the region.
Local salespeople cautiously predict that the coming months will stay mostly steady, observing how the November election might influence the market in the meantime, as sometimes buyers or vendors may take a ‘wait and see’ approach.” (REINZ).
The current median Days to Sell of 56 days is more than the 10-year average for February which is 53 days. There were 24 weeks of inventory in February 2026 which is 2 weeks more than the same time last year.
Gisborne’s median price increased by 12.8% year-on-year to $660,000
“Owner-occupiers seeking to upsize from their current homes were the most active buyer group and drove the majority of market activity. Enquiries from first-time buyers declined slightly over the period. Most vendors set realistic asking prices, influenced by the rise in available stock. Attendance at open homes varied throughout the month, with some attracting strong numbers while others saw limited interest. Auction room attendance increased significantly compared with previous months, and many agencies across the region reported a rise in properties sold under the hammer.
Market sentiment remained consistent with recent months, supported by improving confidence and positivity in both buyers and sellers. New listings continued to come to market, and buyer enquiries remained steady. Local agents reported that salespeople worked diligently to support vendors and buyers to reach an agreement, particularly when properties did not sell during the initial campaign. They remained cautiously optimistic that the market would stay active over the coming months, supported by a solid pool of preapproved buyers and vendors aligning their expectations with current market conditions.” (REINZ).
The current median Days to Sell of 61 days is more than the 10-year average for February which is 51 days. There are 18 weeks of inventory in February 2026 which is 3 weeks more than last year.
Hawke’s Bay’s median price decreased by 0.7% year-on-year to $705,000
“First home buyers, along with those looking to downsize and upsize, were the most active buyer groups. There weren’t as many investor enquiries. Most vendors were optimistic about the prices they hoped to achieve, although current market conditions often pointed to more modest price levels. Attendance at open homes was lower than usual for this time of year, due to bad weather around the region.
However, well-presented and maintained properties that were new to the market were popular. Market sentiment remained steady, although the buyer pool has decreased slightly, so buyers have more options of listings to choose from. Local salespeople expect steady sales volumes and stable prices in the coming months.” (REINZ).
The current median Days to Sell of 59 days is much more than the 10-year average for February which is 45 days. There were 18 weeks of inventory in February 2026 which is the same as the same time last year.
Taranaki’s median price increased by 1.6% year-on-year to $620,000
“All buyer types were active in the Taranaki market, with the majority of those buyers being owner-occupiers, followed by firsthome buyers and investors. Most vendors generally price their homes to meet current market conditions and recognised that, with an increasing number of listings, they needed to price their properties competitively. Attendance at open homes was busy in February, particularly in New Plymouth.
The local market favours buyers, but competition amongst buyers is building week by week, with multi-offers occurring more frequently. Local salespeople cautiously predict that signs point to a strong local property market in Taranaki.” (REINZ).
The current median Days to Sell of 46 days is more than the 10-year average for February which is 40 days. There were 19 weeks of inventory in February 2026 which is 1 week less than the same time last year.
The median price for Manawatu/Whanganui decreased by 3.0% year-on-year to $530,000
“Owner-occupiers and first home buyers were the most predominant buyers across the region. Enquiries from investors declined. Most vendors prepared to meet current market conditions achieved sales, as buyers became increasingly informed about pricing. Attendance at open homes returned to the usual, steady numbers now that the holiday season has passed.
Market sentiment suggests that conditions have stabilised over the past few months, with higher sales activity and more properties coming to market. However, severe weather events directly affected the region, influencing market sentiment negatively. Conversations among local salespeople, mortgage brokers, and building inspectors indicate a noticeable increase in activity among first-home buyers entering the market. Looking ahead, there is cautious optimism that the coming months will reflect more balanced market conditions.” (REINZ).
The current median Days to Sell of 52 days is more than the 10-year average for February which is 42 days. There were 23 weeks of inventory in February 2026 which is 2 weeks more than the same time last year.
Wellington’s median price increased by 1.4% year-on-year to $805,800
“Across Wellington in February, first home buyers remained active, supported by modest improvements in affordability, while many investors stayed on the sidelines and listings stayed relatively high. Most vendors priced their properties to meet the market because house values remain below peak levels. Attendance at open homes remained steady throughout February, particularly for competitively priced homes and segments that appeal to first-home buyers.
Market sentiment was influenced by severe weather disruptions and reduced confidence across the market, which contributed to lower activity in some areas. Activity varied significantly by suburb, with stronger rental yields encouraging some investors to hold rather than sell.” (REINZ).
The current median Days to Sell of 60 days is much more than the 10-year average for February of 42 days. There were 15 weeks of inventory in February 2026 which is the same as the same time last year.
The median price for Nelson increased by 4.5% year-on-year to $744,000. The median price for Marlborough increased by 2.0% year-on-year to $663,000. The median price for Tasman increased by 7.9% year-on-year to $847,000.
“First home buyers looking for properties under $800k and investors were the most active buyer groups. Most vendors adjusted their expectations to reflect current market conditions, although those who purchased in higher markets still held higher price expectations. Open homes for newer listings were well attended, while interest in other listings was lighter than expected for February. Overall, activity at open homes tapered off quickly after the second week. Auction clearance rates increased, although bidder numbers remained limited.
The local market remains stable, with generally steady sentiment. Conditions continue to favour buyers, as new stock levels provide more options. Some uncertainty persists in certain areas due to current and anticipated economic conditions and employment concerns. Local salespeople expect little change in the coming months and are monitoring listing levels as more properties come to market. The potential new legislation on overseas investment may therefore come at a timely point.” (REINZ).
The current median Days to Sell of 54 days is more than the 10-year average for February which is 45 days. There were 23 weeks of inventory in February 2026 which is 4 weeks less than the same time last year.
West Coast’s median price increased by 11.3% year-on-year to $420,000
“Owner-occupiers and first home buyers were the most active buyer groups across the region. Local salespeople noticed no decline in buyer types; all groups remained steady. Most vendors were realistic regarding asking prices and met current market expectations. Attendance at open homes was low, with not many people viewing properties for sale.
Although sales remain tight and properties are taking longer to sell, more job vacancies around the region indicate increased market positivity, with signs of a slight increase in activity. Local salespeople cautiously predict that the local market will continue to rise over the coming months, as the mining sector is hiring more staff, which will boost their rentals and sales.” (REINZ).
The current median Days to Sell of 55 days is less than the 10-year average for February which is 61 days. There were 40 weeks of inventory in February 2026 which is 2 weeks less than the same time last year.
The median price for Canterbury increased by 2.1% year-on-year to $720,000
“Owner-occupiers and first home buyers were the most active buyer groups across the region. Most vendor expectations were realistic and aligned with current market conditions. Attendance at open homes was good and improved over the month, with some open homes seeing over 10 groups through. Auction room attendance was steady, both in-person and online, with an increase in active bidders reported in Christchurch.
Sentiment was shaped by factors like increased positivity and confidence, steady interest rates, and more people active in the market, both buyers and vendors. Local salespeople predict that activity will remain steady through to Easter, with no decline expected. They note that cooler weather may slow the market slightly, but listings, auction numbers, and pre-action offers across the region are all at healthy levels.” (REINZ).
The current median Days to Sell of 52 days is more than the 10-year average for February which is 44 days. There were 14 weeks of inventory in February 2026 which is 3 weeks less than the same time last year.
“Dunedin’s median price increased by 5.7% year-on-year to $650,000
First home buyers were the most predominant buyer group, along with the majority of buyers at open homes. There was a decline in investor activity in the region, mostly due to increases in rates, insurance costs, and maintenance fees. Most vendors were realistic about the asking price, given that the market has been stable for some time now. Attendance at open homes was good, especially for first-home buyers. If the property stays on the market for longer than a few weeks, attendee numbers generally decline.
Auction room activity and clearance rates were steady, but not outstanding. Market sentiment was influenced by the cost of living, volatile interest rates, and international pressures. Local salespeople suggest that market activity over the next few months will continue to be steady.”
Queenstown Lakes
“First home buyers continue to be the most active buyers in the market, there has been some strong engagement from investors as the rate of rent returns and interest rates find the right balance for them. Some vendors remained optimistic that they would receive a premium price for their property, but generally, vendors were willing to meet the market, as long as the offers weren’t significantly below the market appraisal range. Attendance at open homes was steady, slowly increasing over the month.
Auction rooms saw a good number of people in attendance, and the majority of properties were sold under the hammer. It is expected that the number of active bidders and successful auction sales will increase in March. Market sentiment remained confident, and local salespeople anticipate that this confidence will continue over the next few months. Sentiment was influenced by strong competition, lower interest rates, and the cost of living. They also anticipate the market to continue to improve in the upcoming months.” (REINZ).
The current median Days to Sell of 50 days is more than the 10-year average for February which is 42 days. There were 16 weeks of inventory in February 2026 which is 4 weeks less than the same time last year.
The median price for Southland increased by 10.2% year-on-year to $520,000
“First home buyers, followed by owner-occupiers, were the most active buyer groups across the region. Vendors recognised that the market was buoyant and, over time, gained a clearer sense of how their property was being received. As a result, many adjusted their price expectations accordingly to better align with current conditions. Attendance at open homes was strong for properties priced between $400K and $600K.
The availability of auction stock was limited, as relatively few auction campaigns were held. Although there were several wellpresented properties marketed as auctions that were brought forward and sold under the hammer. Market sentiment has been buoyed by strong buyer demand coupled with limited stock availability. Lower interest rates have also played a positive role, increasing banks’ willingness to approve loans and supporting purchasing activity. Local agents report that, given the current momentum, good local employment levels, and a well-performing local economy, the market is expected to remain strong over the coming months.” (REINZ).
The current median Days to Sell of 47 days is more than the 10-year average for February which is 39 days. There were 13 weeks of inventory in February 2026 which is 4 weeks less than the same time last year.
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