New Zealand Property Market Tracker

August 2026 Sales Activity

August's housing market continued to reflect a stable pricing environment, despite a noticeable slowdown in sales activity and longer selling times. The national median sale price remained relatively steady at $750,000, down 1.3% year-on-year, while sales volumes softened, making it the sixth-lowest August result in 35 years of REINZ records. Regional performance remained mixed, with South Island markets continuing to outperform. Canterbury, Otago and Southland all recorded annual House Price Index growth of more than 1%, highlighting the growing divide between North and South Island market conditions.

What moved the market this month:

National median price $750,000: down 1.3% year-on-year, with sales activity easing 13.0% compared to August 2025 and properties taking a median of 51 days to sell.
Inventory levels remained elevated: new listings declined 5.1% year-on-year to 8,326, while inventory increased 9.7% to 32,908. Southland remained the only region to record a decrease in inventory, reflecting ongoing buyer demand and efficient absorption of available stock.

Real estate by the numbers

August's year-on-year REINZ figures, published September 2026.

5,430

Sales Count | ↓ 13.0%

$750,000

Median House Price | ↓ 1.3%

Days to sell | ↑ 3 days

Lizzy Ryley, REINZ Chief Executive

"Property values generally held steady nationally, even as transactions softened in August. Rather than significant price movement, the change was in the pace of the market, with fewer sales and properties taking longer to sell. Buyers and sellers continued to move forward when the property, price and timing suited their circumstances."