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Sell with usA Market Holding Its Level
The New Zealand Property Pulse draws directly from our nationwide team of real estate specialists, to give a timely and nuanced read on buyer and seller behaviour.
We asked our agents across the country to share their on-the-ground view of the past three months and their expectations for the next three. The insight we've gathered builds on the picture captured in our first agent survey in Q4 2025, showing us not just where the market sits today, but how it has moved and where it is heading.
The story it tells is a measured one. The renewed market momentum of late 2025 and early 2026 has given way to a steadier market, as domestic economic conditions and global events keep buyers cautious. Activity has eased and buyers are serious but taking their time, yet the market is still transacting and holding its level.
The mood: steady and considered
Where our first Pulse caught a market on the cusp of renewed momentum, this one finds it more measured. Agents describe buyers who are serious but unhurried, taking their time to find the right home, and vendors who are recalibrating their expectations to meet the market.
There is real resilience beneath the caution. The large portion of agents continue to report prices that are stable or rising, and almost half say vendor engagement has increased over the past three months, a sign that owners are still actively preparing to come to market.
The buyers who are active are serious ones, doing their homework and moving with confidence when the right home and the right price align.
A fresh pool of expat and international buyers is also entering the market.
In a steadier market, the fundamentals matter most. Realistic pricing and considered presentation are what deliver results.
Prices: holding steady
When asked how prices are moving in their area, agents were split between stability and mild softening. Stability was the most common response, reported by 43% of agents, the same proportion as in our first Pulse. A further 44% pointed to some easing, most describing it as slight.
The wider data supports that picture. REINZ figures for April 2026 put the national median at $775,000, down just 0.6% on a year earlier, and unchanged outside Auckland. Eight of the sixteen regions recorded annual price increases. Properties are taking a median of 42 days to sell nationally, only one day longer than a year ago. Taken together, agent sentiment and the market data tell the same story: prices have flattened rather than dropped, with conditions varying from region to region.
Who is active, and why
More than anything, this is a life-stage driven market.
Downsizers remain the most active buyer group, named by 63% of agents*. Upsizers follow closely at 57%, with first home buyers also well represented. These are segments reorganising their lives around a change in circumstances. The reasons behind their moves are tangible rather than speculative: downsizers right-sizing into lifestyle residences, and families needing more room or a particular school zone.
What stands out is the growing presence of expat and international buyers. Expats are now named as an active buyer group by 23% of agents, nearly double the share recorded six months ago. Alongside this, 53% of agents report an increase in international buyer enquiry since the Active Investor Plus visa changes.
Two separate signals, pointing the same way: New Zealand is drawing renewed interest from buyers offshore and from those looking to return home.
When we asked what is driving decisions, life-stage change led by a wide margin, named by 80% of agents. Most people are moving because their circumstances have changed, not because the market has prompted them to. That helps explain the low sense of urgency. When a move is about how you want to live rather than when the market says to act, there is time to wait for the right home.
What buyers want in a home
The preferences agents are seeing reflect this life-stage focus.
Standalone houses remain firmly in first place, named by 85% of agents*. The most notable movement is in lifestyle property, which has grown from 37% in Q4 to 45% this round, the one property type clearly gaining ground. Townhouse demand, by contrast, has fallen away. The pattern suggests that even active downsizers are looking for space and setting rather than simply a smaller footprint.
Beyond the property itself, buyers are clear about what they value. Desirability of location leads at 84%*, followed by the condition of the property at 51%. Buyers want the right place, in the right community, in a home that is ready to live in.
Pricing and presentation: what moves a buyer
This Pulse asked, for the first time, what is most likely to move a buyer to act. The answer was clear, with sharp pricing from launch identified by 62% of agents*.
We also asked when buyers are most likely to decide against a property. Nearly half, 46%, said at the first viewing, with a further share deciding even earlier, online, before they set foot inside. Taken together, the message for sellers is direct. The combination of attractive pricing, a home in move-in condition and a strong location is what drives buyers to act. And because so many decisions are made at or before that first viewing, presentation is as important as price.
The next three months
Looking ahead, the Pulse points to a market that will continue at a measured pace rather than accelerate.
For sellers, the opportunity is real but it is conditional. Buyers are active and prices are holding, but they are also selective. The homes achieving results are the ones priced sharply from the outset and presented at their best. Listing now means reaching the buyers who are ready today.
For buyers, a steadier market means time to choose well. But the homes that tick the boxes most buyers are looking for, the right location, good condition, a setting that suits a change in life stage, are still attracting genuine interest, so therefore buyers must be prepared to act.
*respondents could select more than one option so totals may exceed 100%