Regional price strength stands out as October sales pace slows - REINZ stats October 2026

Regional price strength stands out as October sales pace slows

October 2026 Overview

REINZ data for October 2026 shows a cautious housing market, with prices remaining relatively steady in recent months even as the pace of sales slows. Regional performance continued to vary considerably. The usual seasonal lift in sales in October didn’t emerge, and properties took slightly longer to sell than a year ago.

The three-month national median was $760,000, down 1.9% year-on-year. The REINZ House Price Index fell 2.1% year-on-year to 3,549, but edged up 0.1% over both the month and the three months to October.

Across New Zealand, 5,840 properties sold in October – 23.5% fewer than a year earlier – with annual sales decreasing in all 16 regions. October’s sales count was the eighth lowest of the 35 Octobers in REINZ records, meaning seven Octobers recorded fewer sales. Sales were 2.0% lower than in September, or 10.3% lower once seasonal patterns are allowed for. Properties took a median of 43 days to sell, two days longer than in October 2025.

“October’s data shows a market that remains measured,” said REINZ Chief Executive Lizzy Ryley. “Greater choice is allowing buyers to assess their options carefully, while our members observed a measured approach among some vendors and buyers in the lead-up to the general election. At the same time, well-priced properties continued to attract interest, with sales progressing where expectations aligned.”

Regional and local results continued to vary significantly, particularly between parts of the North and South Islands. In the REINZ House Price Index, Canterbury, Otago and Southland were the only series higher year-on-year, while the series covering Tasman, Nelson, Marlborough and the West Coast decreased by 0.8%, along with all eight North Island series. Southland and Canterbury both reached new index peaks.

“Every South Island region recorded fewer sales than a year ago, despite the stronger price results in some areas,” said Ryley. “It’s a useful reminder that prices and sales activity do not always move in the same direction. The insights a trusted real estate professional can provide are especially valuable in understanding what those shifts mean locally.”

Key Influences

Interest rates remained an important influence on market sentiment during October. The Official Cash Rate was held at 2.75% on 28 October, following increases in July and September, although the decision came too late to influence most sales agreed during the month. Household costs, record petrol prices, job security and global uncertainty also shaped some buyer and vendor decisions, while annual inflation easing from 4.1% to 3.7% in the September quarter provided a more encouraging signal. At the same time, unemployment rose to 5.7% in the September quarter, the highest since the September 2015 quarter.

“The OCR hold and easing inflation were welcome news, but it may take time for these signals to flow through to confidence and activity,” said Ryley. “The effects of the earlier interest-rate increases are still influencing some household decisions.”

Regional Performance

Five of the 16 regions recorded positive year-on-year median price movements, and one recorded no change compared with October 2025. Southland, Tasman and Canterbury were the strongest performers:

• Southland – a median price of $530,000 from 143 sales (up 7.9% year-on-year). Southland’s House Price Index increased 6.0%, leading the country for the 15th consecutive month and reaching a new peak. Its median of 31 days to sell was also the fastest nationally.

• Tasman – a median price of $817,500 from 57 sales (up 3.5% year-on-year). Sales decreased 27.8% year-on-year, while the median number of days to sell was unchanged at 35/

• Canterbury – a median price of $730,000 from 1,153 sales (up 3.1% year-on-year). This is an outright record for Canterbury, above its previous record of $725,000 set in May 2026, and its House Price Index also reached a new peak. Christchurch City set an outright record median price of $740,000, based on 744 sales, above its previous record of $730,000 set in November 2025.

Other median price increases were:

• Nelson, up 1.4% to $659,000 (57 sales)
• Bay of Plenty, up 1.2% to $825,000

The number of reported sales was lower year-on-year in all 16 regions. Auckland accounted for 714 of the national annual decline of 1,793 sales, and recorded its sixth-lowest October sales count in 35 years. Wellington recorded its fourth-lowest October sales count, while Nelson had the largest percentage decrease, down 40.0% (57 sales, down from 95).

Supply Indicators – Listings* and Inventory*

October brought fewer new listings but more homes available for sale overall. New listings fell 4.5% year-on-year to 11,660, while national inventory increased 11.4% to 37,433, reaching its highest October level since 2014. This was the 15th consecutive month of annual inventory growth. Southland was the only region where inventory fell, down 5.3%. Otago (excluding Central Otago/Lakes) recorded the largest annual increase in new listings, up 13.1% from 389 to 440 properties.

In Auckland, 4,075 new listings* came to market, a decrease of 7.9% compared with October 2025.

Market Outlook

“Our members generally expect the market to remain steady in the near term,” said Ryley. “With the next government not yet formed, some buyers and vendors may continue to wait for greater clarity. Looking towards the end of the year, members are cautiously optimistic that activity may build before the summer holiday period, and given regional differences, local market knowledge for buyers and sellers making property decisions remains important.”

*Inventory and Listings data courtesy of realestate.co.nz 

Regional Analysis - Northland

The median price for Northland decreased by 6.0% year-on-year to $640,000.

“Owner-occupiers were the most active buyer group, with first-home buyers and investors also active. Vendor expectations were increasingly aligned with market conditions, although some began their campaigns with higher expectations and adjusted following buyer feedback.

Open home attendance varied, with typical numbers generally and particularly strong interest in a small number of properties, while weather and school holidays affected attendance elsewhere. Some auctions achieved sales under the hammer, although many properties were passed in.

Market sentiment remained broadly steady, although the lead-up to the general election and global uncertainty led some buyers to take their time before making an offer. Local salespeople anticipate broadly steady conditions over the next few months, with potential for spring activity and greater certainty following the election to support the market.” (REINZ)

The current median Days to Sell of 49 days is the same as the 10-year average for October, which is 49 days. There were 47 weeks of inventory in October 2026, which is 3 weeks more than the same time last year.

Regional Analysis - Auckland

The median price for Auckland decreased by 7.6% year-on-year to $955,000. 

“First-home buyers were the most active buyer group in October. Investor interest showed tentative signs of lifting, while developer activity remained limited.

Vendor expectations were generally aligned with market conditions, although some held firm on higher expectations. Open home attendance varied, with newer and sought-after properties attracting stronger interest. Auction attendance remained limited, although some properties sold under the hammer or shortly afterwards.

Market sentiment remained steady. Some buyers and vendors held back ahead of the general election and amid global uncertainty, while others moved forward. Local salespeople anticipate little near-term change but are cautiously optimistic about conditions improving after the election.” (REINZ)

The current median Days to Sell of 44 days is more than the 10-year average for October, which is 39 days. There were 41 weeks of inventory in October 2026, which is 10 weeks more than the same time last year.

Regional Analysis - Waikato

Waikato’s median price decreased by 4.2% year-on-year to $730,000.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, with out-of-town purchasers also active.

Vendor expectations varied; many aligned with market conditions, while some held higher expectations. Open home attendance was mixed, ranging from low or no attendance at some properties to stronger interest in new, well-presented and repriced properties. Auction outcomes varied. Properties where vendors were prepared to meet the market attracted bidding, with some selling under the hammer and others moving into negotiations afterwards.

Market sentiment ranged from steady to cautiously positive. Some buyers and vendors adopted a ‘wait-and-see’ approach ahead of the general election, while affordability, insurance and lending conditions shaped decisions. Local salespeople are cautiously optimistic that confidence may lift following the election and towards summer, particularly among out-of-town and holiday-home buyers.” (REINZ)

The current median Days to Sell of 46 days is more than the 10-year average for October, which is 40 days. There were 31 weeks of inventory in October 2026, which is 9 weeks more than the same time last year.

Regional Analysis - Bay of Plenty

The median price for the Bay of Plenty increased by 1.2% year-on-year to $825,000.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, while investor activity remained limited.

Vendor expectations were generally aligned with market conditions, although some adjusted after buyer feedback. Open home attendance was mixed and quieter in some areas, with new listings attracting the strongest numbers and attendees showing genuine intent. Auction activity remained quiet, with attendance and bidding influenced by the available properties.

Market conditions were generally steady but cautious. The lead-up to the general election, interest rates and wider economic uncertainty led some buyers and vendors to adopt a ‘wait-and-see’ approach. Local salespeople anticipate limited change in the near term, although some see the summer months as an opportunity for activity to lift.” (REINZ)

The current median Days to Sell of 47 days is more than the 10-year average for October, which is 42 days. There were 27 weeks of inventory in October 2026, which is 5 weeks more than the same time last year.

Regional Analysis - Gisborne

The median price for Gisborne decreased by 9.5% year-on-year to $597,000, based on 41 sales.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, while investor activity remained limited.

Vendor expectations were generally aligned with market conditions. Open home attendance varied, with some properties attracting strong numbers while others remained quiet. Agents reported that auctions were working well locally, with some properties selling sooner than through other methods of sale.

Market sentiment was cautious. The range of properties available and the lead-up to the general election led some buyers to take time to research their options before making decisions. Despite this caution, local agents reported positive signs heading into the warmer months and anticipate activity may lift following the election and into summer.” (REINZ)

The current median Days to Sell of 57 days is much more than the 10-year average for October, which is 41 days. There were 21 weeks of inventory in October 2026, which is 4 weeks more than last year.

Regional Analysis - Hawke's Bay

The median price for Hawke’s Bay decreased by 0.4% year-on-year to $692,500.

“First-home buyers were the most active buyer group in October, although the lead-up to the general election led some buyers to take a ‘wait-and-see’ approach. Vendor expectations varied, with motivated sellers more likely to align with market conditions. Open home attendance was lower, while auction activity remained limited.

Market sentiment was cautious, with the election one of the factors shaping decisions. Local agents are cautiously optimistic that conditions may improve following the election and support more activity over the next few months.” (REINZ)

The current median Days to Sell of 41 days is more than the 10-year average for October, which is 37 days. There were 24 weeks of inventory in October 2026, which is 1 week more than the same time last year.

Regional Analysis - Taranaki

The median price for Taranaki decreased by 3.7% year-on-year to $577,550.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, while investor activity remained limited.

Vendor expectations were generally aligned with market conditions, with vendors recognising the importance of meeting the market to attract buyers. Open home attendance improved during the month, supported by warmer weather.

Conditions remained favourable for buyers, with some taking their time before making decisions. The lead-up to the general election also prompted a ‘wait-and-see’ approach among some buyers and vendors. Local agents anticipate activity may remain quiet around the election but are cautiously optimistic it could lift afterwards and as summer approaches.” (REINZ)

The current median Days to Sell of 50 days is much more than the 10-year average for October, which is 34 days. There were 23 weeks of inventory in October 2026, which is 4 weeks more than the same time last year.

Regional Analysis - Manawatu/Whanganui

The median price for Manawatū-Whanganui decreased by 4.1% year-on-year to $522,900.

“First-home buyers were the most active buyer group in October, followed by owner-occupiers, while investor activity remained limited.

Vendor expectations varied, with economic conditions and recent property value movements influencing expectations and some remaining above market levels. Open home attendance was strongest for new listings and tended to ease the longer properties were available. Auction activity remained lower overall, although a greater proportion of properties taken to auction have sold in recent months.

Market sentiment was cautious, with household costs, job security, interest rates and the lead-up to the general election shaping decisions. Local agents expect economic conditions and greater certainty following the election to influence activity over the next few months.” (REINZ)

The current median Days to Sell of 46 days is more than the 10-year average for October, which is 36 days. There were 20 weeks of inventory in October 2026, which is the same as the same time last year.

Regional Analysis - Wellington

The median price for Wellington decreased by 4.5% year-on-year to $740,000.

“First-home buyers were the most active buyer group in October, with some investor activity also reported.

Vendor expectations were generally aligned with market conditions, with vendors open to discussing price and some adjusting their expectations during the sales process. Open home attendance was strongest for well-presented properties during the first two weeks of marketing. Few properties were taken to auction across the region.

The lead-up to the general election contributed to some uncertainty. Local agents anticipate broadly steady conditions over the next few months.” (REINZ)

The current median Days to Sell of 48 days is much more than the 10-year average for October of 37 days. There were 20 weeks of inventory in October 2026, which is 4 weeks more than the same time last year.

Regional Analysis - Nelson/Tasman/Marlborough

The median price for Nelson increased by 1.4% year-on-year to $659,000, based on 57 sales. The median price for Marlborough decreased by 2.1% year-on-year to $667,500, based on 56 sales. The median price for Tasman increased by 3.5% year-on-year to $817,500, based on 57 sales.

“Out-of-town buyers, including some from Australia, and local first-home buyers were the most active buyer groups in October.

Vendor expectations varied, with many prepared to meet the market, while some held out for a buyer willing to meet their price. Open home attendance also varied but was generally strongest early in campaigns and for well-priced properties. Auctions produced successful sales, including properties selling under the hammer or shortly afterwards.

Conditions remained favourable for buyers, although some agents reported more multi-offer situations. The lead-up to the general election influenced decisions among some buyers and vendors, while agents were more positive about the months ahead. Local agents anticipate activity may lift before the summer holiday period as greater certainty supports buyer and vendor decisions.” (REINZ)

The current median Days to Sell of 42 days is more than the 10-year average for October, which is 38 days. There were 27 weeks of inventory in October 2026, which is 5 weeks more than the same time last year.

Regional Analysis - West Coast

The median price for the West Coast was $460,000, based on 34 sales, which was the same as the median price for October 2025.

“Owner-occupiers looking to take the next step were the most active buyer group in October, supported by the value available in the region.

Vendor expectations were generally aligned with market conditions, with vendors increasingly prepared to meet the market. Open home attendance remained low, which is typical for the region.

Market activity was fairly quiet, with the lead-up to the general election contributing to a ‘wait-and-see’ approach among some buyers and vendors. Some properties required longer marketing periods, with price adjustments and negotiations helping sales progress. Local agents are cautiously optimistic that greater certainty following the election and future employment opportunities in the mining sector may support activity over the next few months.” (REINZ)

The current median Days to Sell of 46 days is more than the 10-year average for October, which is 43 days. There were 60 weeks of inventory in October 2026, which is 21 weeks more than the same time last year.

Regional Analysis - Canterbury

The median price for Canterbury increased by 3.1% year-on-year to $730,000, a new record median price for the region, above its previous record of $725,000 set in May 2026.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, with investor activity also increasing in parts of the region.

Vendor expectations varied, although many buyers and vendors were able to meet on price. Open home attendance also varied, with stronger interest in well-presented properties in sought-after locations. New builds tended to attract fewer attendees where buyers had plenty of choice. Auction activity varied, with good attendance and high clearance rates achieved in some weeks. Properties that passed in often attracted offers shortly afterwards.

Market sentiment remained positive but measured, supported by local economic conditions and inward migration. The lead-up to the general election contributed to a ‘wait-and-see’ approach in some areas. Local agents anticipate broadly steady conditions, with activity potentially lifting following the election and ahead of the summer holiday period.” (REINZ)

The current median Days to Sell of 39 days is more than the 10-year average for October, which is 34 days. There were 16 weeks of inventory in October 2026, which is 2 weeks more than the same time last year.

Regional Analysis - Otago

Dunedin

The median price for Dunedin increased by 6.7% year-on-year to $640,000.

“First-home buyers were the most active buyer group in October, with owner-occupiers looking to take the next step also active. Investor activity remained limited.

Vendor expectations were generally aligned with market conditions. Open home attendance was strongest during the first two weeks of marketing, before easing as newer listings attracted attention. Auctions continued to generate buyer interest, with properties selling under the hammer or shortly after being passed in.” (REINZ)

Queenstown Lakes

“First-home buyers were the most active buyer group in October, while investors remained active but measured ahead of the general election.

Vendor expectations varied, with motivated vendors more willing to adjust. Open home attendance was steady overall. Auctions were quieter mid-month, though some properties later attracted pre-auction offers.

Market sentiment remained positive, with buyers active when the right property suited their needs. The election prompted a ‘wait-and-see’ approach among some buyers and vendors, while land and housing development supported confidence. Local agents anticipate stable conditions, with government formation and interest rates likely to influence the coming months.”

The current median Days to Sell of 42 days is more than the 10-year average for October, which is 36 days. There were 19 weeks of inventory in October 2026, which is 3 weeks more than the same time last year.

Regional Analysis - Southland

Southland’s median price increased by 7.9% year-on-year to $530,000.

“Owner-occupiers and first-home buyers were the most active buyer groups in October, while investors adopted a ‘wait-and-see’ approach ahead of the general election.

Vendor expectations were generally aligned with market conditions, with the shortage of available properties supporting price expectations. Open home attendance was steady overall, depending on the property, while auction attendance was lower.

Market sentiment remained positive, with good buyer demand and well-presented properties attracting strong interest. The shortage of properties for sale contributed to competition, with multiple offers presented in some cases. However, the lead-up to the election and wider economic conditions influenced activity among some buyers and vendors. Local agents are cautiously optimistic that confidence may improve following the election.” (REINZ)

The current median Days to Sell of 31 days is the same as the 10-year average for October, which is 31 days. There were 14 weeks of inventory in October 2026, which is the same as the same time last year.