Measured national picture continues alongside strong regional results - REINZ stats September 2026
Wednesday, 14 October 2026
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Wednesday, 14 October 2026
Sepetmber 2026 Overview
REINZ data for September 2026 shows the median price outside Auckland was effectively unchanged on a year earlier, while lower annual sales and longer selling times reflected the measured pace of recent months. Auckland’s median price decreased by 2.6% year-on-year, contributing to the softer national result. Significant regional differences and divergence between the North and South Islands also remained evident.
The national median price of $755,000 was down 2.3% year-on-year. Excluding Auckland, it was $691,200, virtually unchanged from September 2025. Together, the three-month median and the HPI indicate only modest easing in national values.
National sales totalled 5,752 in September, down 11.6% year-on-year. To put this in context, September’s sales count was the 12th-lowest of the 35 Septembers in REINZ records, meaning that 11 of the other 34 Septembers recorded fewer sales, placing this year’s result towards the lower end but well above the lowest September results historically. Seasonally adjusted sales fell 4.3% from August, indicating the usual spring lift was yet to arrive. Properties took a median of 46 days to sell, three days longer year-on-year, but six fewer than in August.
“Activity is continuing, but decisions are not being rushed,” said REINZ Chief Executive Lizzy Ryley. “Buyers are moving forward when the property, price and timing suit their circumstances, while many vendors recognise that achieving a sale may require patience.”
Contrasts between local markets were a clear feature of September’s data. The HPI results made the North–South divide especially clear: all four South Island series increased year-on-year, while all eight North Island series declined.
“Conditions are not moving in one direction. Some markets are performing strongly, particularly in the South Island. For example, Southland has led annual HPI growth for 14 consecutive months. Understanding local differences is essential,” said Ryley.
Key Influences
The Official Cash Rate rose by 25 basis points to 2.75% on 2 September, its second increase in two months. Banks passed the increase on to floating rates in full, while fixed rates moved less uniformly.
Members reported positive sentiment in some areas, citing local employment opportunities, economic growth and the move into spring. However, fuel costs, household costs, job security and global uncertainty tempered confidence and contributed to a more measured approach among some buyers. Members also reported a ‘wait-and-see’ approach among some buyers and vendors ahead of the November general election.
“In markets with fewer listings or strong demand for particular properties, competition is helping maintain momentum,” said Ryley. “Where buyers have more choice, some are taking time to research their options. These differences reinforce how widely conditions vary across the country.”
Regional Performance
Six of the 16 regions recorded positive year-on-year median price movements. Taranaki and West Coast were the strongest performers:
Other median price increases were:
The number of reported sales was lower year-on-year in 11 of the 16 regions. Auckland accounted for 391 of the national annual decline of 754 sales, while Wellington recorded its third-lowest September sales count. Manawatū-Whanganui recorded the largest increase in sales count, up 8.2% (25 more sales).
Supply Indicators – Listings* and Inventory*
New listings increased by 0.8% year-on-year to 9,466 in September 2026, and national inventory rose by 10.7% to 34,001. The combination indicates that available stock remained elevated as properties took longer to sell. Southland moved against the national pattern, with inventory down year-on-year (-8.4%), reflecting fewer new listings coming to market rather than a rise in sales.
For the second consecutive month, Gisborne recorded the largest percentage annual increase, up 62.1%, from 103 to 167 properties, a very small base.
In Auckland, 3,581 new listings came to market, up 7.7% compared with September 2025.
Market Outlook
“Our members generally expect conditions to remain steady in the near term, with potential for activity to build during the lead-up to the summer holiday period,” said Ryley.
“In some regions, local conditions are supporting greater optimism, with members anticipating more vendors bringing properties to market and more purchasers taking their next step. The timing and extent of any lift will vary, making up-to-date advice from local real estate professionals especially valuable.”
*Inventory and Listings data courtesy of realestate.co.nz
The median price for Northland decreased by 6.8% year-on-year to $615,000.
“Owner-occupiers were the most active buyer group in September. Investor activity increased in some areas, while first-home buyer activity eased where fewer lower-priced homes were available.
Vendor expectations were increasingly aligned with market conditions, particularly for newer listings, although some vendors adjusted during their campaign. Open home attendance differed across the region, remaining steady in some areas while new listings attracted the strongest initial interest elsewhere. Auction activity was mixed, with desirable properties attracting more bidders, while many auction properties did not sell under the hammer.
Market sentiment was balanced, with some buyers researching their options carefully before committing. The lead-up to the general election also encouraged a ‘wait-and-see’ approach among some buyers and vendors. Local salespeople anticipate broadly steady conditions over the next few months.” (REINZ)
The current median Days to Sell of 69 days is much more than the 10-year average for September, which is 57 days. There were 52 weeks of inventory in September 2026, which is 7 weeks more than the same time last year.
The median price for Auckland decreased by 2.6% year-on-year to $950,000.
“First-home buyers were the most active buyer group in September, along with buyers whose circumstances prompted a move. Investors remained selective.
Vendor expectations were increasingly aligned with market conditions, particularly among motivated sellers, while some held firm on higher expectations. Open home attendance varied, with sought-after properties and newer listings attracting stronger interest. Auction activity differed across the region, with successful outcomes achieved in some cases even when bidder numbers were limited.
Market sentiment was shaped by factors including economic conditions, leading to measured decision-making. Local salespeople anticipate little change over the next few months, although some are cautiously optimistic that activity may lift following the election.” (REINZ)
The current median Days to Sell of 47 days is more than the 10-year average for September, which is 41 days. There were 37 weeks of inventory in September 2026, which is 6 weeks more than the same time last year.
Waikato’s median price increased by 0.7% year-on-year to $735,000.
“Owner-occupiers and first-home buyers were the most active buyer groups in September, with interest from higher-end buyers also evident in some areas. Investor activity remained limited.
Vendor expectations were generally aligned with market conditions, particularly among those motivated to make their next move. Open home attendance was generally steady, with newer and well-priced listings attracting the strongest interest and those attending showing genuine intent to purchase. Auction activity saw some successful outcomes, although fewer properties sold under the hammer.
Market sentiment showed signs of cautious improvement, while good numbers of listings meant conditions remained favourable for buyers. Local salespeople noted a ‘wait-and-see’ approach among some buyers ahead of the general election, and anticipate activity may lift over spring and summer, including among holiday-home and out-of-town buyers in holiday hotspots like Taupō.” (REINZ)
The current median Days to Sell of 53 days is much more than the 10-year average for September, which is 42 days. There were 27 weeks of inventory in September 2026, which is 6 weeks more than the same time last year.
The median price for the Bay of Plenty increased by 1.9% year-on-year to $795,000.
“First-home buyers were the most active buyer group in September, while more owner-occupiers were also taking their next step. Investor and developer activity remained limited, although some investors continued to purchase suitable properties.
Vendor expectations were generally aligned with market conditions, although some adjusted during their campaign. Open home attendance was strongest early in campaigns and tended to ease over time. Auction outcomes differed across the region, with successful sales in some areas, while elsewhere further discussion between buyers and vendors was often needed before a sale was confirmed.
Market activity was generally steady, although the lead-up to the general election, interest rates and global uncertainty shaped sentiment. Local salespeople anticipate broadly steady conditions over the next few months.” (REINZ)
The current median Days to Sell of 45 days is the same as the 10-year average for September, which is 45 days. There were 23 weeks of inventory in September 2026, which is 2 weeks less than the same time last year.
The median price for Gisborne decreased by 5.8% year-on-year to $620,000.
"Owner-occupiers remained the most active buyer group in September, with first-home buyers also showing strong interest and activity. Investor activity remained limited.
Vendor expectations were generally aligned with market conditions. Open home attendance varied but was generally good. Auction attendance and clearance rates improved, and properties that did not sell under the hammer often attracted multi-offer interest afterwards.
Market sentiment was steady. Buyers remained active and committed to purchasing, although more offers were conditional and took longer to complete. The approach of Spring brought an increase in new listings, alongside more buyer activity. Local salespeople anticipate reasonably stable conditions over the next few months and are cautiously optimistic about the market heading into summer." (REINZ)
The current median Days to Sell of 46 days is more than the 10-year average for September, which is 39 days. There were 29 weeks of inventory in September 2026, which is 16 weeks more than the same time last year.
The median price for Hawke’s Bay decreased by 2.3% year-on-year to $650,000.
"First-home buyers were the most active buyer group in September, while activity among other buyer groups was more limited.
Vendor expectations were generally aligned with market conditions. Open home attendance eased overall, although properties suited to first-home buyers continued to attract interest. Auction activity remained limited, with buyers showing a preference for other methods of sale.
Market conditions remained subdued, with uncertainty ahead of the general election and the possibility of higher interest rates shaping sentiment. Local salespeople expect the market to remain fairly quiet in the near term, although the pipeline appears promising, with activity potentially lifting early next year." (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for September, which is 39 days. There were 21 weeks of inventory in September 2026, which is 1 week more than the same time last year.
The median price for Taranaki increased by 11.4% year-on-year to $620,000.
"Most buyer groups were active, with first-home buyers being the most active, during September.
Vendor expectations were generally aligned with market conditions, with vendors recognising the importance of meeting the market to attract buyers. Open home attendance remained quiet.
Global uncertainty, household costs and the planned idling of a major methanol plant in Taranaki shaped sentiment. With a good choice of properties available, many buyers were taking time to research their options before making an offer. Local salespeople anticipate limited change before the general election but are cautiously optimistic that activity may lift over summer." (REINZ)
The current median Days to Sell of 63 days is much more than the 10-year average for September, which is 40 days. There were 26 weeks of inventory in September 2026, which is 7 weeks more than the same time last year.
The median price for Manawatū-Whanganui decreased by 0.9% year-on-year to $535,000.
"Owner-occupiers and first-home buyers were the most active buyer groups in September, while investor activity was more limited.
Vendor expectations were generally aligned with market conditions. Open home attendance was strongest for new listings and tended to ease the longer properties were available. Auction activity increased during the month.
Interest rates, household costs, job security and the lead-up to the general election continued to shape sentiment. Despite these factors, the market remained favourable for buyers. Local salespeople anticipate similar conditions in the lead-up to the November election." (REINZ)
The current median Days to Sell of 49 days is much more than the 10-year average for September, which is 39 days. There were 21 weeks of inventory in September 2026, which is 1 week less than the same time last year.
The median price for Wellington decreased by 2.0% year-on-year to $745,000.
"First-home buyers were the most active buyer group in September, while investor activity remained limited.
Vendor expectations were generally aligned with market conditions. Open home attendance strengthened, with some properties attracting particularly high numbers of prospective buyers. Auction activity remained subdued, with low attendance and fewer vendors choosing this method of sale.
Encouraging signs emerged through stronger open home attendance and increased appraisal activity, while overall market sentiment remained steady and the lead-up to the general election continued to influence decisions. Local salespeople are cautiously optimistic that activity may lift as the market moves into summer." (REINZ)
The current median Days to Sell of 52 days is much more than the 10-year average for September, which is 40 days. There were 21 weeks of inventory in September 2026, which is 5 weeks more than the same time last year.
The median price for Nelson decreased by 4.0% year-on-year to $691,000. The median price for Marlborough increased by 1.5% year-on-year to $660,000. The median price for Tasman decreased by 2.5% year-on-year to $785,000.
"Out-of-town buyers, including some from overseas, and first-home buyers were among the most active buyer groups in September, particularly in the lower and middle price ranges.
Vendor expectations varied. Many were aligned with market conditions, while some continued to hold higher expectations or withdrew their property, preferring to wait for more favourable selling conditions. Open home attendance was strong for newer and lower-priced listings but often eased after the initial campaign period. Auction volumes remained low, although those held achieved good clearance rates.
Market sentiment was generally positive. While conditions remained favourable for buyers, increased multi-offer activity indicated growing competition for sought-after properties. Interest rates and a ‘wait-and-see’ approach ahead of the general election continued to shape decisions. Local salespeople are cautiously optimistic about activity heading into summer." (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for September, which is 40 days. There were 25 weeks of inventory in September 2026, which is 3 weeks less than the same time last year.
The median price for the West Coast increased by 4.7% year-on-year to $450,000.
"Owner-occupiers looking to take their next step were the most active buyer group in September.
Vendor expectations varied, with many recognising the importance of meeting the market, while some withdrew their properties and chose to wait for a time they believed would better support their price expectations. Open home attendance was mixed, with well-priced properties attracting stronger interest.
Market activity remained quiet overall, although buyer interest increased towards the end of the month as the region moved out of winter. Buyers had a good choice of properties and could take a measured approach before purchasing. Local salespeople anticipate broadly steady conditions, with activity potentially lifting following the general election." (REINZ)
The current median Days to Sell of 37 days is much less than the 10-year average for September, which is 60 days. There were 42 weeks of inventory in September 2026, which is 2 weeks less than the same time last year.
The median price for Canterbury increased by 0.8% year-on-year to $715,000.
"Owner-occupiers and first-home buyers were the most active buyer groups in September, while investor activity varied across the region.
Vendor expectations were generally aligned with market conditions. Open home attendance was steady overall, with the strongest interest early in campaigns and for sought-after properties. Auction activity was positive in parts of the region, with sales under the hammer and some properties attracting enough early interest for auction dates to be brought forward, while clearance rates remained steady.
Market sentiment was broadly steady, with strong appraisal activity an encouraging sign. Local salespeople anticipate steady conditions through spring, with activity potentially lifting towards summer." (REINZ)
The current median Days to Sell of 42 days is more than the 10-year average for September, which is 37 days. There were 17 weeks of inventory in September 2026, which is 2 weeks more than the same time last year.
The median price for Dunedin decreased by 1.7% year-on-year to $600,000.
"First-home buyers were the most active buyer group in September, with activity also evident among buyers at the upper end of the market.
Vendor expectations were generally aligned with market conditions. Open home attendance was strong for new listings. Auctions continued to achieve successful outcomes, with some properties selling shortly after being passed in.
Market sentiment remained positive, although the usual spring lift appeared more measured in the lead-up to the general election. Interest rates and household costs continued to shape decisions, while limited property choice contributed to competition among buyers. Local salespeople anticipate more vendors may bring properties to market following the election as they look to sell before Christmas." (REINZ)
Queenstown Lakes
"Owner-occupiers and first-home buyers were the most active buyer groups in September, while some investors adopted a more cautious approach.
Some vendor price expectations remained above market conditions, although vendors were generally prepared to adjust their expectations to achieve a sale. Open home attendance remained steady. Auction activity was positive, with most properties attracting bids and many selling under the hammer or shortly afterwards.
Market sentiment remained broadly stable, with spring activity, economic growth and local employment opportunities supporting confidence. Interest rates, household costs and the lead-up to the general election continued to influence decisions. Local salespeople are cautiously optimistic that confidence may strengthen following the election." (REINZ)
The current median Days to Sell of 44 days is more than the 10-year average for September, which is 40 days. There were 20 weeks of inventory in September 2026, which is 3 weeks more than the same time last year.
Southland’s median price decreased by 3.8% year-on-year to $505,000.
“First-home buyers were the most active buyer group in September, followed by owner-occupiers.
Vendor expectations were generally aligned with market conditions. Open home attendance was good, supported by limited stock available for buyers to inspect. Auction activity remained limited, with vendors generally choosing other methods of sale.
Market sentiment became slightly more cautious, with the lead-up to the general election encouraging a ‘wait-and-see’ approach among some buyers. Limited stock meant conditions remained favourable for vendors. Local salespeople anticipate activity may build following the election as the region moves towards summer.” (REINZ)
The current median Days to Sell of 30 days is less than the 10-year average for September, which is 32 days. There were 14 weeks of inventory in September 2026, which is 1 week less than the same time last year.
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