23/09/2026
📆 AUGUST 2026 MARKET UPDATE 🏘
🟡 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 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 median days to sell was 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 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.”
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.
“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 – median price 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 – median price 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 notable median prices were: Northland, up 3.6%, West Coast, up 2.5% and Canterbury, up 1.5%
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 in August 2026, while national inventory rose by 9.7%. 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%).
*Inventory and Listings data courtesy of realestate.co.nz
🟡 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.”
🐄WAIKATO REGION
Waikato’s median price decreased by 2.6% year-on year.
“Owner-occupiers and first-home buyers were the most active buyer groups in August. Investor activity varied across the region, while activity at higher price points was slower in some areas.
Vendor expectations were increasingly aligned with market conditions, although some vendors continued to hold higher price expectations. Open home attendance varied, with new, well-presented and well-priced properties attracting stronger interest. Auctions achieved some successful outcomes, including competitive bidding, although other methods of sale remained more common in some areas.
Market sentiment showed signs of improving, with some buyers deciding it was time to purchase. Buyers nevertheless remained selective and price-conscious amid general election and interest rate uncertainty. Local salespeople are cautiously optimistic that confidence and activity may lift over spring, although higher stock levels will continue to give buyers plenty of choice.”
*Data sourced from Real Estate Institute of New Zealand (REINZ) Full report can be found at www.reinz.co.nz
