National Prices Steady Amid Slower Activity And Regional Variation

REINZ Snapshot – August 2026 compared to August 2025

• National median price: $750,000 (-1.3%)
• National sales count: 5,430 (-13.0%)
• National HPI: 3,543 (-0.9%)
• Inventory levels*: 32,908 (+9.7%)
• New listings*: 8,326 (-5.1%)
• Days to Sell: 51 days (+3 days)
• Strongest Regions: Southland, with a median price of $505,000 from 129 sales (up 7.4% year-on-year) and Tasman, with a median price of $830,000 from 70 sales (up 5.6% year-on-year).

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.”

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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:

• Southland – a median price of $505,000 from 129 sales (up 7.4% year-on-year). Limited winter stock and good buyer demand continued to support conditions, with first-home buyers and investors the most active groups.
• Tasman – a median price of $830,000 from 70 sales (up 5.6% year-on-year). Across the wider Nelson/Marlborough/Tasman area, local salespeople reported signs of improving sentiment, including stronger enquiry and more multi-offer situations.

Other median price increases were:

• Northland, up 3.6% to $630,000
• West Coast, up 2.5% to $410,000
• Canterbury, up 1.5% to $700,500

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.”

Notes:

Fact sheet

Median Prices

• Five of the sixteen regions recorded a year-on-year rise in the median price, with Southland showing the strongest growth at 7.4 percent. Two regions – Auckland and Taranaki – were unchanged on August 2025.
• Across Auckland's seven territorial authorities, five recorded an increase compared with August 2025; Auckland City and Franklin District led at 5.3 percent.
• In Wellington, two of the eight territorial authorities saw an annual increase, with South Wairarapa District leading the way at 11.4 percent (based on 15 sales, up from 9).
• Central Otago District set a record median price of $895,000, 0.6 percent above its previous record of $890,000 set in June 2026.
• Tasman, West Coast, Canterbury and Southland each recorded their highest August median price on record. These are nominal records across a series running back to 1992 and are not outright all-time highs

Sales Count

Taranaki had the lowest sales count since January 2025

For the month of August

• Wellington had its lowest August sales count on record
• Otago had its lowest August sales count since 2014
• Gisborne, Hawke's Bay and Taranaki each had their lowest August sales count since 2021
• Manawatū-Whanganui and Tasman each had their highest August sales count since 2020

Days to Sell

• Northland had its highest median Days to Sell since January 2024
• Manawatū-Whanganui recorded 56 days, equalling February 2025 which is the last time it was this high

For the month of August

• Auckland and Wellington each had their highest August median Days to Sell on record
• NZ, NZ excluding Auckland, and Canterbury had their highest August median Days to Sell since 2008
• Marlborough had its highest August median Days to Sell since 2014
• Taranaki had its highest August median Days to Sell since 2012
• Southland had its lowest August median Days to Sell since 2018

House Price Index

• Southland recorded the strongest HPI movement year-on-year, increasing 8.1 percent, ahead of Otago (3.5 percent) and Canterbury (2.7 percent).
• Over the three months to August, five series showed HPI growth: Southland, Otago, Gisborne/Hawke's Bay, Tasman/Nelson/Marlborough/West Coast and Canterbury. Every South Island series rose; seven of the eight North Island series declined.
• No region recorded an all-time high index this month. Otago is no longer at the record it set in July.
• New Zealand HPI year-on-year change is a decrease of 0.9 percent

Inventory*

• Inventory increased year on year in fourteen of the fifteen included regions, with Southland the only decrease. Gisborne recorded the largest increase at 26.4 percent, from 122 to 154 properties.
• Auckland and Wellington have each experienced 31 consecutive months of year-on-year inventory growth.

Listings*

• New listings increased year on year in three of the fifteen included regions.
• West Coast showed the strongest annual growth in listings, rising 6.8 percent on the same month last year.

Auctions

• In New Zealand, there were 636 auction sales (11.7% of all sales) in August 2026. For the same period last year, there were 776 auction sales (12.4% of all sales).

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