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Tuesday, 15 September 2026
August 2026 Overview
REINZ data for August 2026 reinforces a picture of relative stability in national prices over recent months, even as sales activity slows and regional performance continues to diverge – particularly between the North and South Islands. The national median sale price of $750,000 was down 1.3% year-on-year, while sales decreased 13.0% compared with August 2025.
The level of activity was notable, with the national figure of 5,430 sales making this the sixth-lowest August in 35 years of REINZ records. Properties took a median of 51 days to sell – three days longer than in August 2025 and the fourth-highest August figure on record. The REINZ House Price Index was down only 0.9% year-on year, supporting the steadiness reflected in the national median price of $750,000, which was only slightly lower year-on-year (-1.3%).
“Property values generally held steady nationally, even as transactions softened in August. Rather than significant price movement, the change was in the pace of the market, with fewer sales and properties taking longer to sell,” said REINZ Chief Executive Lizzy Ryley. “Buyers and sellers continued to move forward when the property, price and timing suited their circumstances.”
Performance varied considerably across the country, with the clearest difference emerging between the North and South Islands. Every South Island series on the REINZ House Price Index increased over the three months to August, while seven of the eight North Island series declined. Canterbury, Otago and Southland were also the only regions to record annual HPI growth of more than 1%.
“Regional economic and employment conditions, stock levels and buyer demand are shaping local markets in different ways,” said Ryley. “The national figures provide an important overview, but they don’t always reflect what buyers and sellers are experiencing in their own area. That is why local market knowledge from a real estate professional remains so important.”
Key Influences
Fixed mortgage rates moved higher during August as major banks repriced in the first two weeks of the month, reflecting movements in wholesale swap markets through July. The Official Cash Rate remained unchanged during August; the Reserve Bank’s next decision was on 2 September, outside this data period.
Household costs, job security, global uncertainty, local factors and the lead-up to the November general election also shaped sentiment during the month, leading some buyers to take a ‘wait-and-see’ approach. However, stronger employment conditions in the South Island and favourable agricultural conditions helped sustain confidence and activity in parts of the country, while members reported improving enquiry and positive local employment prospects in some areas.
“Stock levels are playing an important role in how individual markets are moving,” said Ryley. “Where buyers have a lot of options, they can take more time before deciding. In other areas with fewer new listings, competition is helping maintain momentum.”
Regional Performance
Five of the 16 regions recorded positive year-on-year median price movements, and two regions were the same median price as August 2025. Southland and Tasman were the strongest performers:
Other notable median prices were:
The number of reported sales was lower year-on-year in 13 of the 16 regions. Tasman reported the highest increase in sales year-on-year, up 12.9%.
Supply Indicators – Listings* and Inventory*
New listings fell by 5.1% year-on-year to 8,326 in August 2026, while national inventory rose by 9.7% to 32,908. This indicates that available stock remained elevated as properties took longer to sell. Southland stood apart for the second consecutive month as the only region to record an annual decrease in inventory, suggesting available stock continued to be absorbed relatively quickly. Gisborne recorded the largest percentage increase compared with August 2025.
In Auckland, 3,278 new listings came to market, broadly unchanged from August 2025 (-0.3%).
Market Outlook
“Our members tell us they generally expect conditions to remain broadly steady over the coming months, with improving enquiry levels in some areas supporting cautious optimism,” said Ryley. “Borrowing costs, job security, the lead-up to the general election and local stock levels will also influence activity. That makes guidance from local real estate professionals particularly valuable for people considering their next move.”
*Inventory and Listings data courtesy of realestate.co.nz
The median price for Northland increased by 3.6% year-on-year to $630,000.
“Owner-occupiers, including local buyers moving into their own homes, were the most active buyer group in August. First-home buyer activity eased in some parts of the region but remained steady elsewhere.
Vendor price expectations were generally aligned with market conditions, although some vendors adjusted their expectations during the sales campaign. Open home attendance was mixed, with well-priced and well-presented properties attracting stronger interest. Lower-priced properties with development or renovation potential also drew good numbers. Auction activity was quiet overall and remained property-specific, although investor and developer interest was evident in some cases.
Market sentiment was steady overall, although economic and global uncertainty, the upcoming general election and interest rate movements continued to influence confidence. Local salespeople anticipate steady or subdued conditions over the next few months.” (REINZ)
The current median Days to Sell of 72 days is much more than the 10-year average for August which is 59 days. There were 48 weeks of inventory in August 2026 which is 10 weeks more than the same time last year.
The median price for Auckland was $950,000, which was the same as the median price for August 2025.
“First-home buyers were the most active buyer group in August. Investor activity varied, while developers were less active.
Vendor price expectations varied – some were aligned with market conditions, while others took a wait-and-see approach and held firm on higher price expectations. Open home attendance varied, with new, well-presented and well-located properties attracting stronger interest. Auction activity varied, with some areas seeing well-attended and successful auctions.
Economic conditions and the upcoming general election continued to encourage a ‘wait-and-see’ approach. Local salespeople anticipate broadly steady conditions over the next few months.” (REINZ)
The current median Days to Sell of 54 days is much more than the 10-year average for August which is 43 days. There were 34 weeks of inventory in August 2026 which is 4 weeks more than the same time last year.
Waikato’s median price decreased by 2.6% year-on-year to $720,000.
“Owner-occupiers and first-home buyers were the most active buyer groups in August. Investor activity varied across the region, while activity at higher price points was slower in some areas.
Vendor expectations were increasingly aligned with market conditions, although some vendors continued to hold higher price expectations. Open home attendance varied, with new, well-presented and well-priced properties attracting stronger interest. Auctions achieved some successful outcomes, including competitive bidding, although other methods of sale remained more common in some areas.
Market sentiment showed signs of improving, with some buyers deciding it was time to purchase. Buyers nevertheless remained selective and price-conscious amid general election and interest rate uncertainty. Local salespeople are cautiously optimistic that confidence and activity may lift over spring, although higher stock levels will continue to give buyers plenty of choice.” (REINZ)
The current median Days to Sell of 56 days is more than the 10-year average for August which is 46 days. There were 26 weeks of inventory in August 2026 which is 4 weeks more than the same time last year.
The median price for the Bay of Plenty decreased by 4.4% year-on-year to $765,000.
“All types of buyers were active in August. Investor and developer activity remained subdued, with some holding back ahead of the general election.
Vendor price expectations were generally aligned with market conditions, although some who purchased during a different market cycle continued to hold higher expectations. Open home attendance varied, with good numbers in some areas, while a shortage of new listings – which typically attract stronger initial interest – limited attendance elsewhere. Auction attendance and clearance rates remained steady.
Market sentiment remained cautious, with some taking a ‘wait-and see’ approach, although activity continued, with purchasers and vendors willing to transact when the right property was well priced. Local salespeople anticipate steady conditions over the next few months and are cautiously optimistic about activity heading towards the end of the year.” (REINZ)
The current median Days to Sell of 52 days is more than the 10-year average for August which is 47 days. There were 25 weeks of inventory in August 2026 which is the same as the same time last year.
Gisborne’s median price decreased by 21.7% year-on-year to $540,000.
“Owner-occupiers remained the most active buyer group in August.
Vendor price expectations were generally aligned with market conditions, with vendors recognising that buyers had time and choice. Open home attendance ranged from average to strong, with warmer weather encouraging more people to attend. Auction room attendance was lower, reflecting the smaller number of auctions held during the month.
Market sentiment reflected a ‘wait-and-see’ approach ahead of the general election. An increase in appraisal activity indicated that more properties may come to market, although the election may influence timing. Local salespeople are cautiously optimistic that activity will improve as spring progresses.” (REINZ)
The current median Days to Sell of 50 days is more than the 10-year average for August which is 40 days. There are 18 weeks of inventory in August 2026 which is 2 weeks more than last year.
Hawke’s Bay’s median price decreased by 5.7% year-on-year to $622,550.
“First-home buyers and downsizers were the most active buyer groups in August, while activity across buyer groups was generally stable. Some investors were choosing to sell.
Most vendor price expectations were reasonably aligned with market conditions, while those holding higher expectations preferred to wait before bringing their properties to market. Open home attendance was good for new listings that were well presented or priced. Auction activity showed some improvement.
The market continued to move at a steady pace, with uncertainty around potential changes following the general election shaping sentiment. Local salespeople are cautiously optimistic that market conditions may improve closer to and following the election.” (REINZ)
The current median Days to Sell of 46 days is more than the 10-year average for August which is 40 days. There were 20 weeks of inventory in August 2026 which is 3 weeks more than the same time last year.
The median price for Taranaki was $610,000, which was the same as the median price for August 2025.
“Owner-occupiers accounted for most offers in August.
Vendor price expectations were generally aligned with market conditions, with vendors recognising the importance of meeting the market. Open home attendance was low, reflecting both typical winter patterns and cautious buyer behaviour.
Market conditions continued to favour buyers, with good stock levels providing plenty of choice. Competition remained evident at lower price points but was limited at the higher end of the market. Global uncertainty, cost-of-living pressures and the upcoming general election continued to shape sentiment. Local salespeople do not anticipate a significant lift before the election but are cautiously optimistic that activity may improve over summer.” (REINZ)
The current median Days to Sell of 52 days is much more than the 10-year average for August which is 40 days. There were 22 weeks of inventory in August 2026 which is 1 week more than the same time last year.
The median price for Manawatū-Whanganui decreased by 4.6% year-on-year to $520,000.
“First-home buyers and owner-occupiers were the most active buyer groups in August, while investor activity declined.
Vendor price expectations varied, with some adjusting their expectations to meet the market. Newer listings generally attracted stronger open home attendance, with numbers tending to ease the longer a property remained on the market. At auction, only some properties sold under the hammer, while others were successfully negotiated afterwards.
Market conditions continued to favour buyers. Interest rates, job security, cost-of-living pressures and the lead-up to the general election continued to shape sentiment, particularly in some provincial locations. Local salespeople anticipate broadly unchanged conditions over the next few months.” (REINZ)
The current median Days to Sell of 56 days is much more than the 10-year average for August which is 39 days. There were 22 weeks of inventory in August 2026 which is 1 week less than the same time last year.
Wellington’s median price decreased by 3.1% year-on-year to $717,000.
“First-home buyers were the most active buyer group in August, with some activity from downsizers. Investor activity remained limited.
Vendor price expectations were generally realistic, with vendors open to market feedback and ongoing conversations about pricing. Open home attendance was quiet. Auction attendance was also low, with fewer vendors choosing this method of sale.
Market sentiment remained largely unchanged, reflecting a ‘wait-and-see’ approach during an election year. Local salespeople expect more listings to come to market over the next few months and see the potential return of New Zealanders living in Australia as a possible source of buyer activity.” (REINZ)
The current median Days to Sell of 60 days is much more than the 10-year average for August of 41 days. There were 19 weeks of inventory in August 2026 which is 4 weeks more than the same time last year.
The median price for Nelson decreased by 9.1% year-on-year to $659,000. The median price for Marlborough decreased by 0.8% year-on-year to $620,000. The median price for Tasman increased by 5.6% year-on-year to $830,000.
“First-home buyers were the most active buyer group in August, supported by available stock at lower price points.
Vendor price expectations were increasingly aligned with market conditions, although some continued to hold higher expectations. Open home attendance was strongest during the first weekend, particularly at lower price points, before easing. However, new buyers continued to view properties that had been on the market for longer. While relatively few auctions were held, clearance levels were good, including with single bidders.
Market sentiment showed signs of greater optimism, with enquiries picking up during the month, movement in some longer-listed properties and more multi-offer situations. Some buyers remained cautious, while those who had previously missed out in multi-offer situations were acting earlier. Local salespeople are cautiously optimistic that spring may support increased activity, although interest rates, broader uncertainty and the general election will continue to shape decisions.” (REINZ)
The current median Days to Sell of 51 days is more than the 10-year average for August which is 42 days. There were 28 weeks of inventory in August 2026 which is 6 weeks more than the same time last year.
West Coast’s median price increased by 2.5% year-on-year to $410,000.
“Owner-occupiers looking to take the next step were the most active buyer group in August.
Vendors showed greater willingness to negotiate to meet the market. Open homes continued to attract some of the same buyers, with many taking a measured approach before purchasing.
Market conditions continued to favour buyers, with plenty of stock available and some properties taking longer to find buyers. Buyers remained cautious as they assessed whether the market had stabilised, while the lead-up to the general election and employment uncertainty linked to the mining sector also shaped sentiment. Local salespeople anticipate mixed conditions over the next few months, with progress on mining activity supporting optimism in some areas, while uncertainty around pending consents and employment weighs on others.” (REINZ)
The current median Days to Sell of 50 days is less than the 10-year average for August which is 56 days. There were 49 weeks of inventory in August 2026 which is 4 weeks more than the same time last year.
Canterbury’s median price increased by 1.5% year-on-year to $700,500.
“First-home buyers were the most active buyer group in August, with owner-occupiers also active. Investor activity eased in some parts of the region as buyers took a ‘wait-and-see’ approach in the lead up to the November general election.
Vendor price expectations were generally aligned with market conditions, although some held firm on higher expectations. Open home attendance ranged from steady to strong, particularly for properties suited to first-home buyers. Auction outcomes were positive, with good clearance rates and more properties selling under the hammer in some areas.
Market sentiment was generally steady, with first-home buyers showing a willingness to transact. New listings in Christchurch attracted good interest. Local salespeople anticipate broadly steady conditions, with more properties expected to come to market over the next few months.” (REINZ)
The current median Days to Sell of 44 days is more than the 10-year average for August which is 38 days. There were 15 weeks of inventory in August 2026 which is 2 weeks more than the same time last year.
“Dunedin’s median price decreased by 1.6% year-on-year to $598,000.
First-home buyers were the most active buyer group in August, while investor activity eased amid higher costs and limited expectations of capital gains.
Vendor price expectations were generally realistic, although some continued to seek slightly higher prices. Open homes attracted good attendance during the first week of a campaign, with numbers reducing after that. Auction attendance remained limited by a shortage of buyers able to make unconditional offers.
Market sentiment showed signs of improving ahead of spring, with more prospective vendors looking at properties before bringing their own homes to market. The market remained resilient despite cost-of-living pressures and concerns about job security. Local salespeople anticipate increased listings and open home attendance as spring progresses, with prices expected to remain broadly stable.” (REINZ)
Queenstown Lakes
“First-home buyers were the most active buyer group in August, supported by workable interest rates and the availability of more affordable stock. Investors were also active where returns were favourable, while buyer activity at the upper end of the market was quieter. Local agents also reported growing enquiry from Australian-based buyers, supported by the favourable exchange rate.
Vendor price expectations were generally realistic, although some were prepared to wait longer for a buyer willing to meet their preferred price. Open homes continued to be well attended. In auction campaigns, aligning vendor expectations with market conditions remained important, along with a willingness to negotiate.
Market conditions continued to favour buyers, although overall sentiment remained steady. Interest rates, global uncertainty and the lead-up to the general election continued to shape decisions. Local salespeople anticipate greater clarity following the election, while lower stock levels and the limited availability of properties matching buyer preferences may influence activity over the next few months.” (REINZ)
The current median Days to Sell of 52 days is much more than the 10-year average for August which is 41 days. There were 19 weeks of inventory in August 2026 which is 2 weeks more than the same time last year.
Southland’s median price increased by 7.4% year-on-year to $505,000.
“First-home buyers were the most active buyer group in August, followed by investors, with activity otherwise relatively well balanced.
Vendor price expectations were generally aligned with market conditions, supported by good buyer demand and limited available stock. Open homes attracted good attendance, particularly for properties new to the market. Most auctions had one to five attendees.
Market conditions favoured sellers, with buyer demand exceeding the supply of properties available during the winter months. Local salespeople anticipate conditions will remain relatively steady over the next few months, with the usual seasonal lift into spring potentially balanced by some caution in the lead-up to the general election.” (REINZ)
The current median Days to Sell of 30 days is less than the 10-year average for August which is 35 days. There were 13 weeks of inventory in August 2026 which is 2 weeks less than the same time last year.
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