WATCH: Perspectives Property Report September 2026

Hello and welcome to Perspectives Property Market Report.

Considering everything happening the moment – an economy that's finding its feet, an election approaching and plenty of uncertainty globally – New Zealand's property market has remained remarkably resilient.

What we're seeing is a market acting with caution rather than distress. Buyers have plenty of choice and little reason to rush, but importantly, most sellers aren't under significant pressure either. That means many vendors can afford to be patient and hold relatively firm on price.

Property values have been edging lower month on month and sales activity has gradually slowed through the year. Despite all this, year on year movements in property values remain relatively mild.

August’s REINZ figures are a little mixed, but overall they continue the pattern we’ve been seeing – a market moving within a relatively narrow range. It's not a dramatic shift, but buyers remain in a strong position, making good pricing and presentation particularly important.

 

Interest rates will be an important factor to watch over the months ahead.

On 2 September, the Reserve Bank increased the Official Cash Rate by 25 basis points to 2.75 percent. With inflation at 4.1 percent, getting that back under control is clearly their priority, and there are still two OCR reviews to come this year.

Looking forward, it may take several months before the full effect of the OCR rise flows through to property prices and activity. It may also take some momentum out of first-home-buyer activity but for this cohort, conditions remain some of the best we've seen in years, with plenty of choice, less competition and more room to negotiate.

And with the election approaching, it's also reasonable to expect some buyers and sellers will wait for a little more certainty before making their move.

One area that continues to show real strength is the prestige property market.

While activity across the broader market has slowed, we're continuing to see quality activity at the top end. Our agents are reporting strong interest from high-net-worth New Zealanders, international buyers and expats looking to return home.

We've seen some great examples recently.

In St Heliers Auckland, 90 Grampian Road attracted 48 groups in just 10 days and sold in a multi-offer after its first weekend of open homes for $5.3 million.

And in Taupō, 2 Pataka Road, directly opposite the lakefront on tightly held Lake Terrace, sold for an impressive $4.8 million.

There are some exceptional properties coming to market too.

In Queenstown, 66 Cedar Drive is a newly completed residence with uninterrupted frontage to Lake Wakatipu and spectacular views across to The Remarkables.

And on Auckland's North Shore, 52 Hinemoa Street is a grand 1880s colonial villa overlooking the harbour, set on more than 1,500 square metres – the kind of property that rarely comes to market.

All in all, we may see a little more caution over the months ahead, but this remains a functioning market with genuine buyers and good property continuing to transact.

And finally, our latest edition of Property Style is out now, featuring beloved Kiwi artist Simon Lewis Wards on the cover. Pick up a copy from one of our offices around the country, or head to our website to read it online.

Thanks for watching and see you next time.