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Monday, 15 June 2026
May 2026 Overview
May 2026 points to a housing market that is steadier but still cautious and regionally uneven. The latest Real Estate Institute of New Zealand (REINZ) data shows the national median sale price in May increased 1.3% year-on-year to $775,000, while Days to Sell remained unchanged at 47 days.
Sales counts for May were down -12.6% compared with May 2025, but that comparison needs context. May last year followed earlier Official Cash Rate (OCR) cuts and stronger market momentum, and while May 2026 sits below the historical May median, the month remains well clear of the lower end of the 35-year REINZ range.
The national House Price Index (HPI) for May remains slightly negative on both an annual (-0.6%) and three month (-1.7%) basis, pointing to a softer underlying price trend. However, the raw and seasonally adjusted median sale price both recorded the same year-on-year increase in May, reflecting continued strength in some of the country’s higher-value and better-performing regions.
While buyers remain selective, market conditions continue to vary across the country, with some regions in the South Island recording particularly strong results, including new median price records.
Key Influences
The Reserve Bank’s decision on 27 May to hold the OCR at 2.25% confirmed the end of the rate-cutting cycle that had supported market activity through 2025.
In Wellington, buyer sentiment during May was also affected by the pre-Budget announcement on 19 May of significant public sector job reductions – a Wellington specific confidence factor that contributed to the region’s continued weakness.
Cost-of-living pressures, including elevated fuel costs, and uncertainty ahead of the national election in November also continued to weigh on market sentiment. Salespeople across the country reported that household budget pressures remained a key consideration for buyers, contributing to a more cautious, selective approach to purchasing decisions.
However, the national picture for May was not uniform. In parts of the South Island, strong rural commodity prices, relative housing affordability, and ongoing migration from larger centres continued to support demand, contributing to record median sale prices in Canterbury and Southland.
Regional Performance
Ten of the 16 regions recorded positive year-on-year median price movements, with Southland and Canterbury the strongest performers:
- Canterbury – equal record median price of $725,000, up 6.6% year-on-year. The one-year HPI of +3.0% is the second highest nationally, behind Southland, indicating strong growth in underlying property values over the past 12 months. The Kaikōura District Territorial Authority (TA) also recorded a record median price of $910,000, up 4.6% from the prior record which was set in February 2025.
- Southland – a record median price of $540,000, up 10.2% year-on-year, alongside a record median price for Invercargill City of $540,000, up from $535,000 in September 2025. Sales above $1 million, once relatively uncommon in Southland, are becoming increasingly frequent and contributed to the region’s record median price. The region also recorded the highest one-year HPI nationally at 5.8%, reflecting continued strength in underlying property values.
Apart from Canterbury and Southland, notable regional median price increases include:
- Northland, up 3.9% to $660,000
- Taranaki, up 2.9% to $602,000
- Auckland, up 2.6% to $1,005,000
The number of reported sales was lower year-on-year in 15 of the 16 regions. Hawke’s Bay was the only region not to record a decline, with sales counts unchanged from May 2025. Despite softer sales activity nationally, Canterbury and Southland continued to outperform on price growth.
Supply Indicators – Listings* and Inventory*
National listings increased just 0.3% year-on-year to 9,521 in May 2026, providing further evidence of a market that is stabilising heading into winter. Canterbury and Southland continued to absorb new stock quickly, while Marlborough recorded the sharpest year-on-year increase in unsold inventory.
Auckland recorded 3,630 listings, marginally lower than May 2025. This was the first time in 2026 that Auckland’s monthly listings total has not exceeded the equivalent month a year earlier.
Market Outlook
May 2026 showed early signs of a housing market that is becoming more settled, but whether that trend continues will depend on several factors in the months ahead. The July OCR decision will be a key domestic influence, alongside the phased impact of Budget 2026 and the national election, while developments in the Iran conflict could affect inflation expectations and household confidence, particularly if fuel prices remain elevated.
Regional performance is also likely to remain mixed. While many buyers continue to take a cautious approach, regions with strong local economies, relative affordability, and population growth may continue to outperform broader national trends. Canterbury and Southland have demonstrated this resilience.
As winter progresses, a key indicator will be whether sales activity keeps pace with new supply. With listings broadly stable and buyer confidence still measured, current indicators suggest the underlying value base remains relatively stable, although market conditions are likely to continue varying across regions. (RENZ)
*Inventory and Listings data courtesy of realestate.co.nz
The median price for Northland increased by 3.9% year-on-year to $660,000
“First home buyers and owner-occupiers were the most active buyer groups, with some investor activity reported in Kerikeri. Most vendors aligned their asking prices to current market expectations, though a few struggled to meet those benchmarks. Attendance at open homes was consistent across most properties, with new listings and lower‑priced homes drawing the strongest interest. Auction room activity varied across the region, and clearance rates under the hammer were mixed.
Market sentiment continues to be shaped by an abundance of available stock, limited competition, cautious lending from banks and insurers, and broader market uncertainty. Local salespeople anticipate that the coming months will deliver a healthy level of seasonal listings, but overall conditions are expected to remain relatively flat.” (REINZ)
The current median Days to Sell of 57 days is more than the 10-year average for May which is 53 days. There were 43 weeks of inventory in May 2026 which is 6 weeks more than the same time last year.
The median price for Auckland increased by 2.6% year-on-year to $1,005,000
“First home buyers and owner-occupiers were the most active buyer groups. While investor activity declined across the region, there was renewed investor interest in Rodney & North Shore. Most vendors aligned their asking prices with current market expectations, though some remained firm at the higher end and were unwilling to adjust. Attendance at open homes varied widely across the region, with some properties drawing minimal interest while others attracted large groups.
Auction activity also varied across the region, though attendance remained steady. Upcoming elections and fluctuations in interest rates influenced market sentiment. Local salespeople anticipate that activity will increase post-election, but will be steady until then.” (REINZ)
The current median Days to Sell of 48 days is more than the 10-year average for May which is 45 days. There were 32 weeks of inventory in May 2026 which is 6 weeks more than the same time last year.
Waikato’s median price increased by 1.4% year-on-year to $750,000
“All buyer groups were active across the Waikato region, although investor activity softened in Taupo due to higher holding costs and uncertainty around interest rate movements. Vendor expectations were mixed – some vendors were realistic and responded well to feedback, while others continued to base their expectations on stronger market conditions of previous years. Attendance at open homes was steady, with properties new to market or recently repositioned through a price or marketing change attracting good levels of interest.
A few auctions were passed in as buyer activity remained selective, with attendance typically limited to a small number of serious buyers rather than large crowds. Market sentiment has improved compared with last year, as buyers have become more comfortable with interest rates and are showing increased confidence. However, affordability and the upcoming election remain the primary concerns for many purchasers. Local salespeople predict the market will remain relatively consistent, perhaps likely to decline before it improves, depending on interest rates, global conflict and the election.” (REINZ)
The current median Days to Sell of 50 days is more than the 10-year average for May which is 46 days. There were 24 weeks of inventory in May 2026 which is 3 weeks more than the same time last year.
The median price for the Bay of Plenty decreased by 1.2% year-on-year to $800,000
“First home buyers and owner-occupiers remained the dominant buyer groups, while investor activity was subdued. Most vendors were realistic with their asking prices, while others, particularly those looking to transition from family homes into new builds, held firm to break even. This proved challenging given the ongoing impact of elevated construction costs. Attendance at open homes was good for properties that were well-positioned to sell, but overall, there were quality buyers at most open homes.
Auctions were quiet, with fewer properties going to auction and fewer bidders on the day. Factors such as increased positivity among first-home buyers, despite concerns about rising interest rates, influenced market sentiment. Local salespeople anticipate that the market will remain steady through winter, with activity likely holding at similar levels until after the general election later in the year.” (REINZ)
The current median Days to Sell of 49 days is more than the 10-year average for May which is 48 days. There were 23 weeks of inventory in May 2026 which is 1 week more than the same time last year.
Gisborne’s median price decreased by 4.9% year-on-year to $566,000
“Owner‑occupiers remained the most active buyer group, while investors and buyers seeking renovation opportunities were noticeably quieter.Most vendors were receptive to feedback and adjusted their asking prices where needed. Attendance at open homes varied across the region, with new listings drawing strong interest and older properties attracting fewer visitors. Auction room attendance held steady, although clearance rates under the hammer softened. Despite this, local salespeople noted that auctions remain a preferred method of sale.
Higher fuel costs, lack of buyer urgency and fewer new listings influenced market sentiment. Local salespeople noted that towards the end of May, positivity in the market started growing, which resulted in more viewings and offers being made.” (REINZ)
The current median Days to Sell of 50 days is more than the 10-year average for May which is 45 days. There are 16 weeks of inventory in May 2026 which is 5 weeks more than last year.
Hawke’s Bay’s median price increased by 1.2% year-on-year to $675,000
“First home buyers and owner-occupiers were the most active buyers in the Hawke’s Bay market during May, supported by improved affordability and a wide range of available listings. Investor activity was subdued, with many taking a cautious approach. Vendors were generally realistic on price, although some continued to hold higher price expectations. Attendance at open homes was steady, particularly for well-presented homes in popular family locations.
Auction activity remained limited, with private treaty sales continuing to be the preferred method of sale. Cost-of-living pressures, insurance costs and employment concerns influenced market sentiment, although buyer confidence was gradually improving.” REINZ)
The current median Days to Sell of 42 days is the same as the 10-year average for May which is 42 days. There were 21 weeks of inventory in May 2026 which is 6 weeks more than the same time last year.
Taranaki’s median price increased by 2.9% year-on-year to $602,000
“Owner-occupiers continue to be the most active buyers inTaranaki. Local salespeople state that, as the main road into Taranaki was closed for most of May, there were fewer out-of-town buyers. Most vendors remained mostly realistic regarding asking prices. Attendance at open homes was generally slower than usual in May, although some properties priced under $700k saw 20+ groups through.
Market sentiment was influenced by ongoing buyer-friendly conditions, with many purchasers also needing to sell before committing to their next property. Additionally, the closure of the northern state highway through the Awakino Gorge for much of April and May due to significant slips further constrained activity in the Taranaki property market.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for May which is 42 days. There were 19 weeks of inventory in May 2026 which is 1 week more than the same time last year.
The median price for Manawatu/Whanganui decreased by 0.9% year-on-year to $525,000
“Owner-occupiers and first home buyers were the most active in the market, while investor activity declined. Some vendors were not fully aligned with current market conditions and had yet to adjust their expectations to reflect them. Open homes for new listings generally attracted strong interest, while properties that had been on the market for more than a month tended to see lower attendance and buyer engagement.
Auction attendance was low, and local salespeople attribute this to current market and economic conditions. Factors like the transition from a balanced to a buyers’ market, increased inventory levels, and longer finance approval times influenced market sentiment. The seasonal impact will be evident soon as we move towards winter. Local salespeople note that market activity has eased this month and expect conditions to remain subdued over the coming months.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for May which is 41 days. There were 24 weeks of inventory in May 2026 which is 6 weeks more than the same time last year.
Wellington’s median price decreased by 2.8% year-on-year to $770,000
“First home buyers were the most active buyer group across the region, as investor enquiries declined due to competition and RTA rules. Vendor expectations were realistic regarding asking prices, although some vendors continued to hold expectations beyond market conditions. Attendance at open homes was higher in some areas, depending on whether the property was well priced and well presented.
Market sentiment was influenced by factors such as general market concerns, uncertainty about whether the OCR will change, upcoming elections in November, overseas conflict, and further job losses in Wellington. Local salespeople cautiously suggest the market will hold steady over winter, with a clearer outlook expected once the election period has passed.” (REINZ)
The current median Days to Sell of 53 days is more than the 10-year average for May of 44 days. There were 17 weeks of inventory in May 2026 which is 2 weeks more than the same time last year.
The median price for Nelson increased by 0.6% year-on-year to $689,000. The median price for Marlborough decreased by 0.8% year-on-year to $645,000. The median price for Tasman increased by increased by 0.3% year-on-year to $792,000.
“First home buyers and owner-occupiers were the most active buyer groups, while there were fewer investors present in Marlborough. Some vendors held higher price expectations, while others recognised the increased competition and shifting market sentiment, prompting them to price more in line with current conditions. Auction activity in Nelson strengthened, with an increase in sales achieved under the hammer.
Overall market sentiment remains steady, with no significant shifts, although for Marlborough, extended Days to Sell continue to influence outcomes. Local salespeople expect conditions to hold at similar levels, with the possibility of a slight softening as winter approaches.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for May which is 42 days. There were 25 weeks of inventory in May 2026 which is 1 week more than the same time last year.
West Coast’s median price decreased by 8.6% year-on-year to $375,000
“The most active buyer groups across the West Coast were first home buyers and owner-occupiers, although there has been a general decline in interest across all buyer types. Vendors were actively adjusting their price expectations to align with market demand. Open home attendance varied between properties, reflecting increased competition from a growing number of listings.
Market sentiment remained influenced by buyer-friendly conditions, with purchasers negotiating confidently amid a slower market pace. With ample stock available and plenty of choice, buyers felt little urgency, and fear of missing out remained largely absent. Local salespeople predict that the market will continue steadily throughout winter, with some suggesting clients will adopt a wait-and-see approach until after the election later this year.” (REINZ)
The current median Days to Sell of 56 days is less than the 10-year average for May which is 62 days. There were 31 weeks of inventory in May 2026 which is 15 weeks less than the same time last year.
The median price for Canterbury increased by 6.6% year-on-year to $725,000 – an equal record for the region
“First home buyers and owner-occupiers were the most active buyer groups. Some vendors were realistic with their asking prices, while others remained slightly above current market conditions. Attendance at open homes varied, with some properties attracting more than ten groups and others drawing only modest interest.
Auction rooms saw steady activity, with properties brought forward each week, indicating buyers are ready to commit. Market sentiment was influenced by a mix of steady economic conditions and strong buyer activity, contrasted with slowing winter listings. Broader factors such as elections, global conflicts, and inflation appear to be weighing on vendor confidence. Local salespeople expect the next few months to remain relatively steady, with little change anticipated until after the election later in the year.” (REINZ)
The current median Days to Sell of 41 days is more than the 10-year average for May which is 40 days. There were 13 weeks of inventory in May 2026 which is 2 weeks less than the same time last year.
“Dunedin’s median price increased by 2.5% year-on-year to $615,000
First home buyers were the most active buyer group, while investor activity remained subdued. Vendors were generally realistic, although some had yet to adjust their expectations to the slower market conditions and longer sales process. Attendance at open homes was good for the first two weeks, then activity dropped.
Market sentiment was influenced by both domestic and international economic conditions, with concerns that the OCR may increase later in the year, potentially weighing on buyer confidence. However, there were still multi-offers happening on properties when the deadline was short, e.g., around 8 days. Local salespeople predict that over the next few months, sales and listings will decrease. ” (REINZ)
Queenstown Lakes
“First home buyers were the most active buyer group in May, with some renewed interest in Australian buyers looking to buy in Queenstown. Vendor expectations aligned with current market expectations. Attendance at open homes remained strong despite the typical early-winter slowdown, and most properties attracted active bidding, selling either under the hammer or shortly after auction.
Market sentiment was influenced by increased positivity among buyers and sellers, paired with steady buyer activity. Local salespeople cautiously predict steady market activity over the coming months, supported by healthy stock levels and positive buyer sentiment. The approaching ski season and continued interest from Australian buyers are also expected to support demand across the Central Lakes region.” (REINZ)
The current median Days to Sell of 47 days is more than the 10-year average for May which is 42 days. There were 17 weeks of inventory in May 2026 which is 3 weeks less than the same time last year.
The median price for Southland increased by 10.2% year-on-year to $540,000 – a record for the region
“First home buyers and owner-occupiers were the most active buyer group, while investors appear more cautious. Most vendors were realistic regarding asking prices. Attendance at open homes was quieter than in the past couple of months, likely due to the change of seasons. Well-presented properties for sale via auction attracted strong interest from bidders, with attendance higher than at other properties for sale.
Market sentiment was influenced by economic conditions and the prospect of future interest rate increases, leading to more cautious behaviour among both buyers and sellers. Local salespeople expect market activity to remain steady through the winter months, although economic uncertainty, employment concerns, and interest rate movements are expected to remain key challenges.” (REINZ)
The current median Days to Sell of 38 days is less than the 10-year average for May which is 39 days. There were 10 weeks of inventory in May 2026 which is 5 weeks less than the same time last year.
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