WATCH: Perspectives Property Report May 2026

Hello and welcome to Perspectives.

April's property data is in, and the headline is perhaps more positive than many expected. According to Cotality, the national median value reached $809k in April, up zero point one percent on the month prior and point six percent above where we started the year. Modest numbers, but given everything that's been happening in the world, steady progress is genuinely good news.

The Iran conflict has been with us for over two months now, and that kind of sustained uncertainty does affect sentiment. We were seeing a slow but clear strengthening through late 2025 and into early 2026, and that momentum has softened. Not reversed, but softened.

The market is holding, and in some centres it's doing better than that. Christchurch and Tauranga both recorded 0.4 percent gains in April. Hamilton was up 0.3 percent.

The Reserve Bank's OCR decision later this month is the next important marker. The expectation is that they will hold for now, with any rate increase more likely to come in July. When that does happen, higher borrowing costs alongside the volume of stock currently on the market could create some headwinds in the second half of the year, but our market is proving more resilient than many were predicting.

There are genuine reasons for optimism too. New Zealand is increasingly being seen by international buyers as a safe haven. People are moving wealth here, putting down roots, joining our communities and our workforce. That's good for the country and it's good for the long-term health of our market.

And for buyers who are in a position to act right now, the conditions are favourable. There's real choice in the market, prices are not running away, and motivated vendors are realistic. That combination doesn't last forever.

What the data also tells us is that well-priced, move-in-ready properties are beating the market convincingly right now. We've recently had a number of properties transact in well under 30 days, against a national median that sits above that. Get the price, agent, and marketing right and buyers move.

At the top end of the market, conditions remain strong. Two sales this month that we're particularly proud of, 66 Mahoenui Valley Road in Coatesville transacted at just over $11 million dollars - a magnificent North Auckland rural retreat that exemplifies the kind of property drawing serious buyers both locally and from offshore. And 89 Nick Johnstone Drive on Waiheke Island's Oneroa changed hands at just a price that speaks to the enduring appeal of island living at its finest.

On the market now, a few listings worth your attention. 

5 Old Homestead Place in Kelvin Heights, Queenstown, a brand new resort-calibre home on a prime lake and riverfront position, designed to work equally well as a family residence or luxury holiday home.

91 Leeward Drive in Whitianga on the Coromandel, Gold Medal winner at the 2025 House of the Year Awards, a New York loft-inspired canal-front residence with a private pontoon, boat ramp access and every detail made for a life lived between land and water. 

And 80 Paritai Drive in Orakei, Auckland, on arguably the city's finest street, this 941 square metre estate has had just two owners since it was built in 1932, the original heritage frontage now connected by a two-level glass walkway to a sleek marble extension, all of it framed by 360-degree harbour views.

The new issue of Property Style is out now. This edition features Grand Designs New Zealand host Tom Webster in conversation about what draws people to exceptional homes. Pick up a copy at your local New Zealand Sotheby's International Realty office or read it on our website.