New Zealand Property Market Tracker

May's housing market reflected a steadier but still cautious environment, as buyers navigated ongoing cost-of-living pressures, the end of the OCR cutting cycle, and Wellington-specific headwinds following pre-Budget public sector job cut announcements. The national median price held at $775,000, up 1.3% year-on-year, while sales of 5,261 were down year-on-year against a strong May 2025 comparison period, though remaining well clear of the lower end of the 35-year REINZ range. Ten of sixteen regions recorded price increases, with South Island markets again standing out; Southland reached a new record median of $540,000 and Canterbury matched its record at $725,000, with both regions leading the country for annual HPI growth.

What moved the market this month: 

• National median price $775,000: up 1.3% year-on-year, with Auckland contributing at $1,005,000, up 2.6%. The national HPI remains slightly negative on both an annual (-0.6%) and three-month (-1.7%) basis, pointing to a softer underlying price trend despite the median holding firm.
•  Sales activity down 12.6% year-on-year, though the comparison reflects a strong May 2025 baseline supported by earlier OCR cuts and greater market momentum. Seasonally adjusted figures present a more measured picture, consistent with buyers remaining selective rather than absent.
• New listings up 0.3% year-on-year, up to to 9,521, the most stable monthly listing result of 2026 to date, suggesting supply is settling heading into winter.