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Thursday, 16 April 2026
New Zealand’s housing market remained resilient through March, with buyers continuing to transact despite the onset of the Iran conflict and a sharp rise in petrol prices.
Data released today by the Real Estate Institute of New Zealand (REINZ) in its Property Report for March 2026 shows sales activity was essentially unchanged year-onyear, while prices remained broadly stable – a result that reflects a market absorbing a global shock rather than retreating from it.
Every transaction captured in the March data was made during the first full month of the conflict, as fuel prices climbed above $3.30 per litre and consumer confidence fell sharply. Despite this, buyers remained active across much of the country.
“March shows a housing market holding its nerve. Despite rising fuel costs and global uncertainty, buyers didn’t step away, but they are becoming more cautious and taking longer to make decisions,” REINZ Chief Executive, Lizzy Ryley, said.
“That caution is reflected in the numbers. Sales were essentially flat year-on-year at 7,853, and while prices remain stable, the seasonally adjusted figures show a slight dip in activity. It suggests buyers are still active, but are more measured, responding to cost pressures rather than stepping away from the market,” she said.
Nationally, the figures point to a market that remains stable, but not uniform. The median price eased slightly by 0.3% year-on-year to $788,000, while excluding Auckland, median prices increased by 1.4% to $710,000 – highlighting continued strength across parts of the country.
While headline numbers appear steady, seasonally adjusted figures indicate a modest softening in underlying demand compared with February, consistent with a more cautious buyer environment.
Performance across the country continues to vary by region, reinforcing the uneven nature of the current market. Eleven of the sixteen regions recorded year-on-year increases in median prices, led by Southland (+11.8%), Nelson (+9.2%) and Northland (+8.7%), while Wellington and parts of the East Coast recorded softer results.
Time to sell remained steady in March, with properties taking a median of 41 days nationally – unchanged from a year ago but 15 days faster than February. Excluding Auckland, the median was also 41 days, down 14 days month-on-month, reflecting a return to more typical seasonal conditions rather than a shift in underlying demand.
Supply levels showed little change. New listings* increased just 0.2% year-on-year to 12,055, while excluding Auckland, there was no year-on-year change, with 5,513 new listings. National inventory levels* rose modestly by 2.1% from last year to 37,638 properties, reinforcing that there has been no significant lift in sellers entering the market despite recent global uncertainty.
Auctions continue to play a key role in some regions, particularly Auckland, Bay of Plenty and Canterbury. Nationally, 1,266 properties were sold at auction, accounting for 16.1% of all sales. In Auckland, nearly one in three properties (29.6%) were sold by auction, compared with 9.9% across the rest of the country.
The House Price Index (HPI), which provides a more accurate measure of underlying value trends, eased slightly over the month to 3,641 and remains 14.9% below its peak. However, regional performance continues to diverge. Otago reached a new record high HPI of 4,318, up 3.6% over the past year, while Canterbury sits just 0.03% below its peak – highlighting the strength of South Island markets, which have largely recovered from the 2022–23 downturn, while other parts of the country continue to rebuild more gradually.
“The Reserve Bank holding the OCR at 2.25% has provided a level of stability for the market, but there is still uncertainty ahead. While we haven’t yet seen a significant impact from global events in the data, agents across the country report that buyers became more cautious toward the end of March,” Lizzy Ryley said
“The focus now shifts to what happens next. Any early signs of a ceasefire have been overshadowed by renewed tensions, leaving uncertainty around fuel costs for New Zealand households and whether confidence begins to rebuild over the coming months,” Ryley says. (REINZ).
*Inventory and Listings data courtesy of realestate.co.nz
Regional highlights:
Eleven of the sixteen regions recorded year-on-year increases in median prices; the highest increases were observed in:
Ten regions recorded an increase in sales compared to March 2025. The highest were in:
The median price for Northland increased by 8.7% year-on-year to $750,000
“Local buyers and owner-occupiers were the most active buyer groups. First-home buyers and investors were prevalent in Whangarei. Most vendor expectations of asking prices aligned with market conditions, with many also open to negotiations. Attendance at open homes was patchy across the region; overall numbers were lower than usual for the time of year. The number of properties using auction as a method of sale had declined, as had the number of active bidders and sales under the hammer.
Factors such as lack of buyer urgency, hesitation to enter the market, cost-of-living concerns, and rising fuel prices impacted market sentiment. Uncertainty about the conflict in the Middle East also influenced market sentiment. Local salespeople cautiously state that the market will remain as is while current economic conditions persist. Although they mention that there are some good opportunities for those who want to purchase despite these challenges.” (REINZ).
The current median Days to Sell of 53 days is more than the 10-year average for March which is 50 days. There were 41 weeks of inventory in March 2026 which is 1 week less than the same time last year.
The median price for Auckland increased by 0.5% year-on-year to $1,040,000
“First home buyers and owner-occupiers were the most active buyer groups, with developers active in South Auckland. Overall, most vendors met market expectations, with some buyers who were also selling in the same market helping to shape realistic pricing expectations. Attendance at open homes varied around the region, with higher numbers early in March, while auction activity ranged from low engagement to strong participation.
Market sentiment was influenced by interest rate concerns, the conflict in the Middle East, and general buyer and seller caution. Local salespeople anticipate similar market conditions to continue over the coming months.” (REINZ).
The current median Days to Sell of 41 days is more than the 10-year average for March which is 38 days. There were 27 weeks of inventory in March 2026 which is the same as the same time last year.
Waikato’s median price decreased by 0.1% year-on-year to $739,000
“First home buyers and owner-occupiers were the most active. There were fewer investors and developers active in Hamilton, as global uncertainty seems to have led to a more cautious approach among these groups. Vendor price expectations were generally realistic given current market conditions. Attendance at open homes was steady across the region, with stronger interest observed for new listings. Auction room activity was reasonable, with some successful outcomes, although not all sales occurred under the hammer.
Market sentiment was influenced by global events, an increased sense of urgency among first-home buyers, and rising stock levels. Local salespeople noted that both buyers and sellers were generally willing to engage and participate in the market. While there is a degree of underlying confidence, some uncertainty remains, including factors such as fuel prices and wider international conditions. Salespeople indicated that a further increase in interest rates could place downward pressure on the number of sales.” (REINZ).
The current median Days to Sell of 47 days is more than the 10-year average for March which is 38 days. There were 22 weeks of inventory in March 2026 which is 3 weeks less than the same time last year.
The median price for the Bay of Plenty increased by 1.9% year-on-year to $810,000
“First home buyers remain the most active buyer group across the region, with an increase in queries for higher-end properties. Most vendors were realistic about the asking price and ready to meet the market. Attendance at open homes declined as the month progressed. The number of online viewers of auctions remained steady, while active bidding was subdued.
Market sentiment was influenced by rising tensions in the Middle East and concerns about interest rate increases and job security. Local salespeople suggest that the local market is best for first home buyers and expect them to keep the market momentum steady, provided stock levels support this.” (REINZ).
The current median Days to Sell of 45 days is more than the 10-year average for March which is 42 days. There were 24 weeks of inventory in March 2026 which is 1 week more than the same time last year.
Gisborne’s median price decreased by 2.3% year-on-year to $640,000
“Owner-occupiers were very active over March, with increased enquiries from investors too. However, enquiries from those interested in mid-range priced properties declined. Most vendors were aligning their asking prices with market expectations. Attendance at open homes declined over the month, although a few properties received notably high attendee numbers. There were fewer properties sold under the hammer on the day, but an increasing number went under contract within a few days of the auction.
Market sentiment was influenced by the conflict in the Middle East, current fuel prices and the amount of stock on the market. Local salespeople indicated that the local residential market has slowed due to the amount of stock currently available, with buyers having plenty of choice and exercising greater caution, and properties taking longer to sell. This situation may persist while the conflict continues, potentially influencing other factors within the market.” (REINZ).
The current median Days to Sell of 51 days is more than the 10-year average for March which is 42 days. There are 18 weeks of inventory in March 2026 which is 5 weeks more than last year.
Hawke’s Bay’s median price decreased by 2.6% year-on-year to $681,500
“Owner-occupiers and first home buyers were the most active in the market in March. There was a decline in investor activity as they closely monitored interest rates and waited for greater stability. Some vendors were not meeting market expectations because their properties’ rateable values exceeded market value and were unwilling to negotiate a lower price. Attendance at open homes was lower than usual for the time of year.
Factors such as buyer caution due to the cost of living, high petrol and diesel prices, and oil supply issues impacted market sentiment. Some sellers held off on going to market out of fear of taking a loss, and buyers were concerned about rising interest rates. Local salespeople cautiously predict that the market will stay the same over the next few months, unless global conflicts worsen.” (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.
Taranaki’s median price increased by 6.7% year-on-year to $638,000
“Owner-occupiers were the most active buyer group in Taranaki, followed closely by first home buyers and investors. Most vendors were generally realistic, with competition among listings encouraging vendors to price within market conditions. Attendance at open homes varied around the region. Factors such as increased buyer competition and higher stock levels impacted market sentiment, and the strong rural market seemed to underpin confidence and influence residential markets, particularly in smaller towns.
Local salespeople cautiously suggest the market will remain strong across the region in the coming months. However, the uncertainty and global conflict in the Middle East, along with the cost-of-living increases, may see some fluctuations in sales this year.” (REINZ).
The current median Days to Sell of 37 days is more than the 10-year average for March which is 34 days. There were 23 weeks of inventory in March 2026 which is 4 weeks more than the same time last year.
The median price for Manawatu/Whanganui increased by 1.8% year-on-year to $535,000
“Owner-occupiers and first home buyers were the most active buyer groups. There were declines in investor engagement across the region due to the current economic situation. Most vendors were prepared to meet market conditions, with those who did generally securing a sale within six weeks. Attendance at open homes fluctuated throughout the month, with newer listings attracting stronger interest.
Auction campaigns were less widely used as a method of sale, reflecting buyer preference for greater flexibility. However, properties marketed by auction achieved some success where this approach was used. Factors such as the economy, rising fuel prices, cost-of-living pressures, inflation, and uncertainty surrounding the conflict in the Middle East impacted market sentiment. Local salespeople cautiously suggested that the year ahead may be challenging for the industry.” (REINZ).
The current median Days to Sell of 45 days is more than the 10-year average for March which is 34 days. There were 19 weeks of inventory in March 2026 which is 2 weeks less than the same time last year.
Wellington’s median price decreased by 2.5% year-on-year to $780,000
“First home buyers remained the most active group in Wellington during March 2026, with owner-occupiers present but cautious and investor demand still relatively subdued. Vendors were generally more realistic due to increased listing volumes and softer price expectations, although some continued to hold out for stronger offers. Attendance at open homes was steady but selective, with higher numbers for well-presented, entry-level homes.
Auction activity remained limited, with buyers favouring negotiation and conditional sales. Market sentiment reflected conditions that favoured buyers, influenced by higher stock levels and broader economic uncertainty.” (REINZ).
The current median Days to Sell of 45 days is more than the 10-year average for March of 35 days. There were 17 weeks of inventory in March 2026 which is 1 week more than the same time last year.
The median price for Nelson increased by 9.2% year-on-year to $710,000. The median price for Marlborough increased by 8.4% year-on-year to $710,000. The median price for Tasman decreased by 6.7% year-on-year to $794,000.
“The majority of buyers remain owner-occupiers and first home buyers. There were fewer enquiries from investors and those at the top end of the market. Most vendors were realistic about asking prices and met current market conditions, especially given increased stock levels. Attendance at open homes was high in the early weeks of the campaign and remained steady afterwards. There were fewer auctions held across the region than in previous months; however, those that were held achieved good clearance rates.
Market sentiment showed little movement, reflecting cautious buyer behaviour influenced by global factors, concerns over job security, and inflationary pressures. This suggests that while buyers remained engaged, they were hesitant to make significant commitments. Local salespeople anticipate a cautious market over the next three months, with buyers and vendors proceeding carefully amid high stock levels.” (REINZ).
The current median Days to Sell of 38 days is more than the 10-year average for March which is 35 days. There were 29 weeks of inventory in March 2026 which is 4 weeks more than the same time last year.
West Coast’s median price increased by 3.0% year-on-year to $425,000
“The most active buyer group were owner-occupiers. Most vendors were willing to meet market expectations and work with buyers’ offers. Attendance at open homes was subdued, reflecting a limited pool of active buyers and a wide range of available stock. Market sentiment was influenced by the upcoming election and by properties taking longer to sell, contributing to increased vendor caution in achieving a successful sale.
Local salespeople are cautiously optimistic that activity on the West Coast may improve, supported by new employment opportunities expected to begin in the mining sector later this year. They noted a continued focus on progressing transactions and working with both buyers and sellers to reach an agreement, particularly in a case where there is a gap between asking prices and buyer expectations.” (REINZ).
The current median Days to Sell of 50 days is more than the 10-year average for March which is 46 days. There were 46 weeks of inventory in March 2026 which is 8 weeks more than the same time last year.
The median price for Canterbury increased by 3.2% year-on-year to $712,000
“All buyer types were active across the Canterbury region. Most vendors were realistic regarding asking prices, with many having bought a property before selling their original one. Attendance at open homes was steady, with well-presented properties in popular areas drawing the highest numbers and an increase in requests for virtual walkthroughs.
Auction campaigns remain a popular sales method across the region, with strong in-person and online attendance and good clearance rates. Market sentiment has been shaped by buyers reassessing their budgets amid rising cost-of-living pressures, fuel price concerns, and optimism about the opening of the new stadium. Local salespeople expect a cautious approach over the coming months, as households may begin tightening budgets and buyers adopt a more considered approach to decision-making in response to inflationary pressures.” (REINZ)
The current median Days to Sell of 38 days is more than the 10-year average for March which is 33 days. There were 14 weeks of inventory in March 2026 which is 2 weeks less than the same time last year.
“Dunedin’s median price increased by 8.5% year-on-year to $650,000
First home buyers were the most active in March. However, over the second half of March, local salespeople noted a slowdown in the market across all property types. Vendor expectations were generally aligned with the market, although as conditions changed, prices adjusted downward across the region. Attendance at open homes declined notably over the month. Auction room activity also slowed, reflected in both lower attendance and fewer properties being brought under the hammer.
Buyer uncertainty, alongside rising cost-of-living pressures and fuel-related implications following the conflict in the Middle East, influenced overall market sentiment. Local salespeople described the market as challenging, driven by a combination of the typical autumn increase in available stock and a slowdown in property sales. They also state that the current market conditions will likely stay the same for the coming months.”
Queenstown Lakes
“First home buyers were the most active buyer groups, closely followed by owner-occupiers and investors. Most vendors were realistic because they had a better understanding of market conditions, despite some differences remaining at times between seller and buyer expectations. Attendance at open homes was positive for the region. Auction room attendance levels were strong, with active bidders seen on around 90% of the properties.
Local salespeople suggest their local market remains buoyant and positive, with the only factor influencing market sentiment being the expectation of higher interest rates. The Central Lakes market is steady, with engagement levels high with both buyers and sellers. Local salespeople cautiously predict that the local market will continue on its current trajectory over the coming few months; however, they are closely monitoring stock levels and potential interest rate increases.” (REINZ).
The current median Days to Sell of 41 days is more than the 10-year average for March which is 34 days. There were 15 weeks of inventory in March 2026 which is 6 weeks less than the same time last year.
The median price for Southland increased by 11.8% year-on-year to $520,000
“First home buyers and owner-occupiers were the most active buyer groups across Southland. Most vendor expectations aligned with market expectations. Attendance at open homes was generally good, particularly for properties marketed towards first-home buyers. Auction rooms saw an increase in attendance, leading to higher sales under the hammer than last year.
The local market was very active in March, with local salespeople noting strong demand for homes and a number of multi-offers across the region, all of which contributed to positive market sentiment. They stated that the market generally slows approaching winter, and fuel prices, along with inflation, will have an additional impact.” (REINZ).
The current median Days to Sell of 27 days is less than the 10-year average for March which is 30 days. There were 12 weeks of inventory in March 2026 which is 3 weeks less than the same time last year.
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