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Thursday, 22 January 2026
As December 2025 drew to a close, the New Zealand property market experienced a typically mixed month, with strong sales activity early on before momentum eased heading into the summer holidays. The latest data from the Real Estate Institute of New Zealand (REINZ) shows that median prices and sales counts both remained higher than in the same period last year. Local salespeople observed activity lifting in some areas, as certain regions saw a rise in buyer interest and enquiries.
National sales increased 8.1% year-on-year, and sales across New Zealand, excluding Auckland, increased 10.6% to 4,758. Looking at sales counts compared with November 2025, the raw data was down 12.2% to 6,644 sales nationally, but once seasonal patterns are accounted for, the decreases are much smaller.
“This time of year, from November through February, can make it difficult to separate normal seasonal changes from genuine market shifts,” says REINZ Chief Executive, Lizzy Ryley. “While raw sales counts usually fall from November to December, after adjusting for seasonal trends, it’s clear that the market is holding up. Median prices remained largely stable both across the country and in Auckland. In regions such as Waikato and Manawatu/Whanganui, activity was stronger than expected. This suggests that, despite the usual seasonal slowdown, the market is resilient and confidence is gradually returning, particularly in regions where buyers and sellers are active.”
New Zealand’s median price increased by 1.4% year-on-year, to $786,977. Excluding Auckland, the median price increased by 2.1% year-on-year to $718,000. Auckland’s median price is above $1 million for the third month in a row, at $1,015,000, up 1.5% year-on-year.
Twelve out of the sixteen regions reported an increase in median prices year-on-year. Gisborne hit a record median price, up 24.8% year-on-year to $730,000. Canterbury’s median price was $725,000, the same as the previous record high recorded in November 2025.
There were two Territorial Authority (TA) records, Opotiki District in Bay of Plenty ($765,000 which is 14.9% higher than the prior record in January 2022) and Gisborne District ($730,000 which is 2.1% higher than the prior record in March 2022).
“December is usually a quiet month for the housing market. However, compared to the same time last year, activity appeared stronger in several areas,” says Ryley. “Local salespeople reported mixed conditions, with some regions having experienced higher levels of buyer interest. In particular, attendance at open homes and enquiries around listings were above what was seen at this time last year, suggesting improved engagement despite the typical seasonal slowdown.”
The national median Days to Sell decreased by two days to 39 days. For New Zealand, excluding Auckland, it decreased by three days to 38 days. The largest annual reduction in median Days to Sell was observed in Southland, down 19 days from 40 to 21. The West Coast saw the greatest year-on-year increase in median Days to Sell, rising 35 days from 49 to 84 days. New listings increased 2.8% to 4,900. New Zealand, excluding Auckland, also recorded an increase, up 0.4% year-on-year to 3,408. National inventory levels are up 3.1% compared to December 2024, to 30,390.
“First home buyers and owner-occupiers continue to dominate the market,” says Ryley. “Lower interest rates have improved affordability and encouraged more buyers to re-enter the market, while pricing remains relatively accessible compared with previous peaks. At the same time, high levels of available stock mean buyers have plenty of choice, allowing them to take a more measured and confident approach when making decisions.
Overall, 2025 closed with confidence continuing to build, setting a constructive foundation for the year ahead. Looking to 2026, the market is expected to see momentum gradually improve as conditions continue to stabilise.”
December’s auction sales totalled 915 nationally, accounting for 13.8% of all sales. In New Zealand, excluding Auckland, there were 505 auction sales, accounting for 10.6% of all sales. Auction sales in Auckland have increased year-on-year, with 410 sales, representing 21.7% of all sales.
The House Price Index (HPI) for New Zealand is at 3,603, a 0.4% decrease over the past year and a 0.6% decrease month-on-month. However, the index level remains 15.7% below its peak. Otago had a record-high HPI index of 4,274, which is 1.2% higher than its previous peak of 4,224 last month. Over the past five years, New Zealand’s average annual HPI compound growth rate has been 1.0%. (REINZ)
Regional highlights:
- Gisborne had the highest sales count increase, up 48.3% year-on-year to 43 sales. The most significant decrease was observed in Marlborough, with a 6.7% year-on-year decline to 70 sales.
- Six regions reported an increase in listings compared to last year. The top three percentage increases were:
The median price for Northland increased by 6.9% year-on-year to $695,000
“All buyers were active across Northland in December. Most vendors were realistic regarding asking price, with those selling properties via auction the most realistic. Attendance at open homes was good; some saw higher numbers. Auction room activity and attendance were on the rise before the holiday period.
Market sentiment was influenced by a slight shift in LVR rates, positive media coverage on the property market, and increased buyer confidence. Local salespeople cautiously predict that the market in the first few months of 2026 will be tracking upwards with more activity and sales.” (REINZ)
The current median Days to Sell of 56 days is much more than the 10-year average for December which is 44 days. There were 36 weeks of inventory in December 2025 which is 1 week less than the same time last year.
The median price for Auckland increased by 1.5% year-on-year to $1,015,000
“First home buyers, owner-occupiers, and upsizers were the most active buyer groups, with developers particularly active in South Auckland. Vendor expectations were generally realistic and aligned with market conditions, although some vendors not under pressure to sell continued to seek higher prices. Open-home attendance varied by property, with some attracting strong interest while others were quieter.
Auction activity was steady, with competitive bidding and improved clearance rates compared to last year. Market sentiment was influenced by a growing sense that conditions were improving. However, buyer confidence remains mixed, particularly among first-home buyers who are cautious about the rate of future price increases. Local salespeople expect a wait-and-see approach in the coming months, especially as the country heads into an election year.” (REINZ)
The current median Days to Sell of 41 days is more than the 10-year average for December which is 36 days. There were 30 weeks of inventory in December 2025 which is 3 weeks more than the same time last year.
Waikato’s median price increased by 4.1% year-on-year to $755,000
First home buyers, holiday home buyers and those looking to upgrade from their current property were the most active groups. Vendors’ expectations largely reflected the market conditions at the time, with many remaining mindful of high listing volumes and the need to stay competitive. Attendance at open homes was steady through to mid-December.
Auction room attendance varied, but Taupo saw a small number of buyers. Typically, there are one to three active bidders, which can create genuine competition. Market sentiment was influenced by factors such as lower interest rates, renewed buyer confidence, more prepared purchasers, and improved enquiries. Local salespeople have noticed a shift in activity and expect steady momentum across the market in the coming months. Interest rate movements, along with broader economic confidence, are expected to be key influences moving forward. Overall, salespeople remain cautiously optimistic, noting that well-priced and well-presented properties are likely to perform best.” (REINZ)
The current median Days to Sell of 40days is more than the 10-year average for December which is 36 days. There were 22 weeks of inventory in December 2025 which is 4 weeks less than the same time last year.
The median price for the Bay of Plenty increased by 1.7% year-on-year to $840,000
“All buyer types were active across the region in December. Generally, vendors were realistic regarding the asking price. However, a few still held higher expectations for their property. Attendance at open homes was average, but as expected, leading up to the holiday break.
Auction room activity and attendance were steady, with increased clearance rates. Factors such as increased general positivity in the local market and eased interest rates influenced market sentiment. Looking ahead, local salespeople cautiously anticipate steady improvement in the coming months as buyers and sellers act on decisions made over the holiday period. They also report having a healthy level of listing stock lined up for 2026.” (REINZ)
The current median Days to Sell of 39 days is more than the 10-year average for December which is 38 days. There were 22 weeks of inventory in December 2025 which is 1 week less than the same time last year.
Gisborne’s median price increased by 24.8% year-on-year to $730,000 – a record high for the region
“Owner-occupiers were the most active buyer group across the region, as more look to upsize their current properties. Vendor asking price expectations were realistic, as they want to move on and meet current market conditions. Attendance at open homes was quiet, which was normal for December. More properties were listed for auction, and clearance rates were slowly lifting. Attendance levels dropped closer to the end of the year.
Market sentiment was influenced by the increased number of people wanting to sell, and the increased number of active buyers; however, there was a lack of urgency due to high stock levels. Local salespeople noted that the local market felt more balanced, with increased competition. Even though listing numbers increased, they saw good results. Looking to the next few months, local salespeople suggest that they will see a busy sales season, as they are hopeful that buyers will continue to be active in the market.” (REINZ)
The current median Days to Sell of 43 days is more than the 10-year average for December which is 36 days. There are 15 weeks of inventory in December 2025 which is 4 weeks more than last year.
Hawke’s Bay’s median price decreased by 6.2% year-on-year to $680,000
“First home buyers and owner-occupiers remained the most active buyer groups, driven by lowered interest rates. There were some strongly motivated vendors that, after being on the market for a long time, have adjusted their prices. Other vendors feel that buyer activity will continue to increase, which may lead to better offers. Attendance at open homes varied, depending on the property type. There was a low proportion of auction listings, although attendance and activity at these auctions increased overall.
Factors like cautious optimism among buyers, increased competition, and favourable conditions for purchase, such as lower property values and interest rates influenced market sentiment. Local salespeople predict that over the next few months, sales activity may continue to strengthen.” (REINZ)
The current median Days to Sell of 36 days is more than the 10-year average for December which is 34 days. There were 19 weeks of inventory in December 2025 which is 3 weeks more than the same time last year.
Taranaki’s median price increased by 2.0% year-on-year to $620,000
“All buyer types were active in December. Vendor expectations were realistic regarding pricing, although there were greater challenges in the high-end markets (over $1.5m). Some vendors accepted offers below market value to enable them to move on. Open homes were well-attended during the first half of December, particularly those marketed for “first home buyers.”
Market sentiment was influenced by increased stock, more choice for buyers and no urgency to close deals prior to Christmas (usual for the time of year). Local salespeople predict that the next few months will likely have further increases in sales activity, although they aren’t expecting a significant jump in sales.” (REINZ)
The current median Days to Sell of 28 days is less than the 10-year average for December which is 30 days. There were 21 weeks of inventory in December 2025 which is 1 week less than the same time last year.
The median price for Manawatu/Whanganui decreased by 0.6% year-on-year to $535,000
“Owner-occupiers and first home buyers were the most active. Investor activity was light. Most vendors were realistic regarding asking price; if their property was in the right price range, it would gain interest. Attendance at open homes dropped as the holiday season approached, and there was very little activity in auction rooms across December. Sales counts increased compared to 2024, continuing a year-on-year lift seen over the previous three months.
The local market appears to have shifted to a balanced state, but local salespeople say it was difficult to judge before the holidays. They cautiously predict that February will see more activity and that there will be a better opportunity to assess the market then.” (REINZ)
The current median Days to Sell of 38 days is less than the 10-year average for December which is 31 days. There were 22 weeks of inventory in December 2025 which is 2 weeks more than the same time last year.
Wellington’s median price increased by 0.7% year0on-year to $770,000
“First-home buyers were the most active buyer group, with some investor enquiry. Vendor expectations were generally realistic, particularly given the shorter selling window leading into the holiday period. Attendance at open homes was low, likely due to the start of the holiday break. Auction room attendance and clearance rates were low, with buyers showing a clear preference for other sales methods.
There was no real shift in market sentiment compared to previous months, with similar factors influencing sentiment like the increase in stock available and the lack of buyer urgency. Local salespeople are anticipating more listings and more buyers in the few months starting in 2026.” (REINZ)
The current median Days to Sell of 40 days is more than the 10-year average for December of 32 days. There were 15 weeks of inventory in December 2025 which is 3 weeks more than the same time last year.
The median price for Nelson decreased by 4.3% year-on-year to $718,000. The median price for Marlborough increased by 6.5% year-on-year to $660,000. The median price for Tasman decreased by 1.6% year-on-year to $810,000.
“First home buyers were the most active across the regions. Some overseas buyers were active across Nelson. A drop in buyers exceeding the $1 million threshold was observed in the Marlborough Sounds. Vendor expectations differed across the region, as market conditions prompted a more realistic outlook when supply surpassed demand. Attendance at open homes varied, with higher numbers at some, but not many. Auction activity also differed across the region. In Nelson, agents increasingly adopted auctions as a sales strategy. In contrast, auction rooms in Blenheim had limited attendance, and sellers did not favour auctions as a sales method.
Factors such as increased positivity, buyer interest, and stable sales volumes influenced market sentiment. Local salespeople predict that the market will remain a buyer’s market, and hope for an increase in sales volumes driven by both local and visiting buyers.” (REINZ)
The current median Days to Sell of 35 days is more than the 10-year average for December which is 33 days. There were 25 weeks of inventory in December 2025 which is 10 weeks less than the same time last year.
West Coast’s median price increased by 6.6% year-on-year to $385,000
“The most active buyer group across the region were owner occupiers. While no decline in a particular buyer pool was mentioned, there weren’t many active buyers in December. Vendors were open to negotiation, as many properties were selling for lower than the asking price. Attendance at open homes was slow. Factors such as fewer buyers, increased stock, and lack of buyer urgency influenced market sentiment.
Local salespeople cautiously predict that over the next few months, there will be increased confidence and more “green shoots” in the market.” (REINZ)
The current median Days to Sell of 84 days is much more than the 10-year average for December which is 73 days. There were 34 weeks of inventory in December 2025 which is 5 weeks less than the same time last year.
The median price for Canterbury increased by 3.6% year-on-year to $725,000 – the same as last month’s record median price
“First-home buyers and owner-occupiers were the most active buyer groups. Most vendors were realistic with their asking prices and generally happy to accept market feedback after a good campaign. Attendance at open homes varied across the region, with newer listings attracting strong interest, while viewings were quieter leading up to Christmas.
Auction activity increased compared to last year, with active bidding recorded on most properties. Market sentiment appeared buoyant and balanced, supported by steady prices and stock meeting demand. Local salespeople suggested that the start of 2026 would remain relatively quiet, but were cautiously optimistic for a steady yet busy February and March.” (REINZ)
The current median Days to Sell of 37 days is more than the 10-year average for December which is 32 days. There were 13 weeks of inventory in December 2025 which is 3 weeks less than the same time last year.
“Dunedin’s median price increased by 0.3% year-on-year to $590,000
All buyer types, excluding investors, were active across the region. Most vendors were realistic about asking prices, with lower interest rates causing a slight shift in vendor expectations. Attendance at open homes was good for newer listings. Auction room activity increased compared to December 2024, and with better results, too.
Factors such as rising price expectations and activity in 2026 influenced market sentiment. Local salespeople state that their local market seemed steady at the end of 2025, and are cautiously optimistic that the beginning of 2026 will be busy.” (REINZ)
Queenstown Lakes
“December saw a notable number of contracts written, which is typical for this time of year, with all buyer types active. However, towards the end of December, enquiries tapered off. Vendor expectations were largely similar to the previous month, with some more motivated to sell than others. Open-home attendance was steady, although poor weather in the Central Lakes area limited viewings.
Auctions in December produced mixed results under the hammer, with unsold properties typically moving to post-auction negotiations. Market sentiment was shaped by these favourable conditions, as buyers and sellers found the timing appealing. Momentum slowed somewhat at the end of 2025, but indications point to growth in 2026. Local salespeople remain cautiously optimistic, noting that mortgage relief provides breathing space for buyers, while also observing that an abundance of affordable sections may outpace demand.” (REINZ)
The current median Days to Sell of 38 days is more than the 10-year average for December which is 32 days. There were 17 weeks of inventory in December 2025 which is 2 weeks less than the same time last year.
The median price for Southland increased by 7.7% year-on-year to $495,500
“First home buyers, followed by owner-occupiers, were the most active buyer groups in December. Investor enquiries declined, reflecting caution amid economic conditions. Most vendor expectations were realistic, and if not initially, they became more ready to meet the market as their property spent more time on the market. Attendance at open homes was good for properties marketed to first-home buyers and those that were well-presented. Auction activity was a little quieter, with increased conditional interest seen over the month.
Factors like increased stock, more choice for buyers, and lowered interest rates influenced market sentiment. The Southland market seems to be a more balanced market, as stock levels are now increasing. Local salespeople are cautiously optimistic that their market will continue to be stable over the next couple of months.” (REINZ)
The current median Days to Sell of 21 days is less than the 10-year average for December which is 29 days. There were 15 weeks of inventory in December 2025 which is 5 weeks less than the same time last year.
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