18/04/2026
Housing market holds steady as global
tensions weigh on confidence
New Zealand’s housing market remained resilient
through March, with buyers continuing to transact
despite the onset of the Iran conflict and a sharp
rise in petrol prices.
Data released today by the Real Estate Institute of New
Zealand (REINZ) in its Property Report for March 2026
shows sales activity was essentially unchanged year-onyear, while prices remained broadly stable – a result that
reflects a market absorbing a global shock rather than
retreating from it.
Every transaction captured in the March data was made
during the first full month of the conflict, as fuel prices
climbed above $3.30 per litre and consumer confidence
fell sharply. Despite this, buyers remained active across
much of the country.
“March shows a housing market holding its nerve.
Despite rising fuel costs and global uncertainty, buyers
didn’t step away, but they are becoming more cautious
and taking longer to make decisions,” REINZ Chief
Executive, Lizzy Ryley, said.“That caution is reflected in the numbers. Sales were
essentially flat year-on-year at 7,853, and while prices
remain stable, the seasonally adjusted figures show a
slight dip in activity. It suggests buyers are still active,
but are more measured, responding to cost pressures
rather than stepping away from the market,” she said.
Nationally, the figures point to a market that remains
stable, but not uniform. The median price eased slightly
by 0.3% year-on-year to $788,000, while excluding
Auckland, median prices increased by 1.4% to $710,000
– highlighting continued strength across parts of the
country.
While headline numbers appear steady, seasonally
adjusted figures indicate a modest softening in
underlying demand compared with February, consistent
with a more cautious buyer environment.
Performance across the country continues to vary by
region, reinforcing the uneven nature of the current
market. Eleven of the sixteen regions recorded yearon-year increases in median prices, led by Southland
(+11.8%), Nelson (+9.2%) and Northland (+8.7%), while
Wellington and parts of the East Coast recorded softer
results.
Time to sell remained steady in March, with properties
taking a median of 41 days nationally – unchanged from
a year ago but 15 days faster than February.
Excluding Auckland, the median was also 41 days, down 14 days
month-on-month, reflecting a return to more typical
seasonal conditions rather than a shift in underlying
demand.
Supply levels showed little change. New listings*
increased just 0.2% year-on-year to 12,055, while
excluding Auckland, there was no year-on-year change,
with 5,513 new listings. National inventory levels* rose
modestly by 2.1% from last year to 37,638 properties,
reinforcing that there has been no significant lift in
sellers entering the market despite recent global
uncertainty.
Auctions continue to play a key role in some regions,
particularly Auckland, Bay of Plenty and Canterbury.
Nationally, 1,266 properties were sold at auction,
accounting for 16.1% of all sales. In Auckland, nearly
one in three properties (29.6%) were sold by auction,
compared with 9.9% across the rest of the country.
The House Price Index (HPI), which provides a more
accurate measure of underlying value trends, eased
slightly over the month to 3,641 and remains 14.9% below
its peak. However, regional performance continues to
diverge. Otago reached a new record high HPI of 4,318,
up 3.6% over the past year, while Canterbury sits just
0.03% below its peak – highlighting the strength of
South Island markets, which have largely recovered from
the 2022–23 downturn, while other parts of the country
continue to rebuild more gradually.
“The Reserve Bank holding the OCR at 2.25% has
provided a level of stability for the market, but there
is still uncertainty ahead. While we haven’t yet seen a
significant impact from global events in the data, agents
across the country report that buyers became more
cautious toward the end of March,” Lizzy Ryley said
“The focus now shifts to what happens next. Any early
signs of a ceasefire have been overshadowed by
renewed tensions, leaving uncertainty around fuel costs
for New Zealand households and whether confidence
begins to rebuild over the coming months,” Ryley says.
*Inventory and Listings data courtesy of realestate.co.nz
For media enquiries, please contact:
Amy Robens
Group Account Director, Wright Communications
