House prices ease, sales fall as REINZ flags soft market
New figures from the Real Estate Institute of New Zealand (REINZ) show the housing market lost momentum in April, with both prices and sales easing while stock remains high.
Nationally, the median residential price slipped 0.6% year‑on‑year to $775,000. Excluding Auckland, the median was unchanged at $700,000 compared with April 2025.
Sales volumes fell more sharply, down 7.9% over the year to 6,262 transactions, with Auckland recording a 14.8% annual drop to 1,783 sales.
The REINZ House Price Index (HPI), which tracks underlying value, declined 0.4% month‑on‑month and 0.9% over the year. Southland stood out with an 8.0% annual HPI rise and a record high, while Canterbury was up 3.0% and Otago 2.0%. Auckland’s HPI fell 2.8% annually and Wellington’s by 2.5%.
Median days to sell held at elevated levels, underlining a slow market. Properties took a median 42 days to sell nationally, one day longer than a year earlier, with Auckland at 43 days and Wellington at 45. Inventory rose 3.9% year‑on‑year to 37,334 listings, remaining around multi‑year highs and at elevated levels.
“The April REINZ housing data paint a picture of a soft housing market,” ASB economists said, noting that 12 regions recorded monthly price declines compared with six in March.
Westpac senior economist Michael Gordon, commenting on the REINZ figures, said “The New Zealand housing market softened again in April,” with seasonally adjusted sales at their lowest level since September and the HPI giving back recent gains.
REINZ said “buyer activity softens as living costs remain a consideration across key regions,” particularly in more vehicle‑dependent, lower‑income areas. Rising fuel, food, insurance and rates bills are weighing on household budgets at the same time as talk of higher mortgage rates intensifies.
The Reserve Bank left the official cash rate on hold in April but has warned that further tightening is possible if core inflation does not ease.
Bank economists now expect any broad housing recovery to be delayed: in its latest outlook, ASB said, “We expect house prices to remain flat in 2026, although the risks are clearly skewed to the downside,” while Westpac is forecasting a modest 1% fall in national prices over the year.
For more insights, read the Westpac and ASB commentaries.
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