New Zealand’s property market continues to show resilience heading into winter, but April’s REINZ data suggests buyers are becoming more measured as rising living costs and economic uncertainty weigh on decision-making.

While national sales volumes eased compared to last year, the overall market remains close to long-term historical averages, indicating conditions are softer rather than weak.

According to the latest REINZ Property Report, national sales declined 7.9% year-on-year to 6,262 transactions in April 2026.

Importantly, REINZ notes that April 2026 still sits comfortably within the normal historical range for April activity since records began in 1992.

Cost-of-living pressures influencing buyer behaviour

One of the key themes emerging from the report is the growing impact of cost-of-living pressures on housing activity. Higher fuel prices, food costs, insurance premiums and rates are beginning to affect buyer confidence across many regions.

REINZ says the effect is particularly noticeable in regions where households are more reliant on vehicles and where incomes are lower, including Hawke’s Bay, Manawatu-Whanganui and Marlborough.

Despite these pressures, the market is not showing signs of sharp decline. Instead, buyers appear more selective and cautious, taking longer to commit while still remaining active in the market. Seasonally adjusted sales figures declined just 2.1% month-on-month nationally, suggesting underlying activity remains relatively stable once normal seasonal patterns are removed.

House prices largely stable nationally

Nationally, the median house price slipped only slightly, down 0.6% year-on-year to $775,000. Excluding Auckland, the median price remained unchanged at $700,000.

The data highlights a market increasingly driven by regional differences rather than broad nationwide trends.

Eight of New Zealand’s sixteen regions recorded annual median price growth. The strongest performers included:

• Southland: +6.2%
• Northland: +6.2%
• Gisborne: +4.3%
• Waikato: +3.4%

Southland continues to stand out nationally. Its House Price Index (HPI) rose 8.0% year-on-year — the strongest growth in the country — and reached a new all-time high.

Canterbury also continues to perform well, recording annual HPI growth of 3.0%, the second-strongest result nationally.

Meanwhile, Auckland’s market appears to be stabilising rather than declining. Auckland’s HPI remains down 2.8% year-on-year, but its three-month median price has increased 1.2% annually, suggesting values may be finding a floor after previous declines.

Buyers still have choice as listings remain elevated

Inventory levels remain one of the defining features of the current market.

National inventory rose 3.9% year-on-year to more than 37,000 properties available for sale.

Auckland and Wellington have now experienced 27 consecutive months of year-on-year inventory growth, giving buyers more negotiating power and more choice than they have had in recent years.

New listings nationally increased 7.4% year-on-year to 9,139 properties, although outside Auckland listings were slightly lower than last year.

This growing supply is helping keep price growth contained in many areas and reinforcing buyer-friendly conditions.

Properties still selling at a reasonable pace

Despite softer sentiment, homes are still selling within reasonable timeframes.

The national median days to sell was 42 days — only one day longer than the same time last year.

In regions such as Bay of Plenty and Taranaki, days to sell remain close to or below long-term averages, showing that well-priced properties continue to attract attention.

REINZ commentary from around the country consistently points to the same pattern: buyers remain active, but they are highly price-sensitive and increasingly selective about value, location and property quality.

Interest rate uncertainty returns

Another important factor likely to shape the market through winter is the changing outlook for interest rates.

The Reserve Bank kept the Official Cash Rate at 2.25% in April, but economists increasingly expect rate rises later this year if inflation remains persistent.

REINZ notes this marks a shift away from the falling-rate environment that supported the market recovery during 2025.

For buyers and sellers alike, this creates a more cautious backdrop heading into the second half of the year.

What it means for buyers and sellers

Overall, April’s figures point to a market that remains balanced but cautious.

For buyers, current conditions continue to offer strong choice, more negotiating power and less pressure than during the peak years of competition.

For sellers, realistic pricing and strong presentation remain critical. Properties that align with buyer expectations are still attracting good interest, while overpriced homes are often sitting longer on the market.

Regional performance also remains highly varied, reinforcing the importance of understanding local market conditions rather than relying solely on national headlines.

As winter approaches, the key question will be whether buyer demand can keep pace with rising inventory levels — particularly if interest rate expectations continue shifting upward.

Source: REINZ Monthly Property Report, April 2026.