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February 03, 2026
#national: Property Market Enters 2026 Cautiously, With Strong Regional Variation
Dale Husband
Posted On February 3, 2026
New figures show the New Zealand property market has entered 2026 at a measured pace, with buyers remaining cautious despite strong sales at the end of last year and increased housing stock on the market.
Data from realestate.co.nz shows the national average asking price fell 1.5 percent year-on-year in January to $856,730, signalling continued caution across much of the country, even as some regions record significant growth .
Spokesperson Vanessa Williams says while the market has not surged, it is showing early signs of momentum.
“Listings are strong and sales volumes are solid, but buyers are still taking their time,” Williams says. “Mortgage pre-approvals are increasing, but people remain cautious and selective.”
Despite the national dip, several regions recorded notable gains.
The West Coast reached an all-time high average asking price of $585,881, up 17.4 percent from January last year. Gisborne also recorded strong growth, with asking prices rising 8.2 percent to $705,145, while Central Otago/Lakes District climbed 12 percent to over $1.6 million .
Williams says these figures reflect buyer interest in lifestyle and long-term value regions.
“Confidence is returning in areas where lifestyle, affordability, and future appeal align,” she says.
At the other end of the scale, Marlborough saw the steepest decline, with average asking prices dropping 12.6 percent, marking the first time the region has fallen into the $600,000 range since 2021 .
Nationally, new listings increased slightly by 1.3 percent to just over 9,000 properties. However, the picture varies sharply by region.
Gisborne led the country with a 45.1 percent increase in new listings, followed by Hawke’s Bay at 21.8 percent, and Northland at 10 percent. Meanwhile, regions such as Marlborough, Central Otago/Lakes District, Coromandel, and Southland recorded double-digit declines in listings .
Williams says this suggests some vendors are still waiting to see how the year unfolds.
“Some areas have hit the ground running, while others are clearly taking a wait-and-see approach.”
National housing stock rose 2.3 percent year-on-year to 33,149 properties, the highest January figure since 2014. Gisborne again stood out, recording a 15.1 percent increase in stock, while Southland and Otago continued to see declines .
Despite higher stock levels, buyers remain careful.
However, December sales figures from REINZ show 6,628 properties sold in the final month of 2025 – one of the strongest December results in recent years.
“That tells us the market still has life,” Williams says. “Buyers are active – just more deliberate.”
Overall, analysts describe the start of 2026 as steady rather than spectacular.
“It’s more of a cautious canter than a sprint,” Williams says. “Some regions are showing real momentum, others are still finding their footing. Local conditions are continuing to play a major role.”
For buyers and sellers alike, the message is clear: while confidence is slowly returning, the market remains highly regional – and patience remains key.
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