Market Update June 2026

The New Zealand property market continues to tread a careful path through 2026. While lower interest rates have improved affordability compared with the highs of recent years, confidence remains fragile and buyers are taking their time before making major decisions.

Recent commentary from economist Tony Alexander suggests the market recovery that appeared to be gaining momentum earlier in the year has softened again. Across New Zealand, open home attendance and auction participation have declined, while more agents report prices easing in their local markets. Concerns about employment, global uncertainty, oil prices and inflation are influencing buyer confidence more than access to finance itself.

One theme emerging nationally is the continued strength of first-home buyers. Investors remain cautious, while many buyers are focused on value and are unwilling to stretch beyond what they see as fair market pricing. Buyers know they have choices and are prepared to walk away if they feel a property is overpriced.

Northland & Kerikeri

Locally, the market remains relatively stable compared with some parts of the country, although conditions continue to favour buyers.

Inventory levels remain higher than they were during the boom years and properties generally take longer to sell than many vendors expect. Well-presented homes that are priced realistically continue to attract enquiry, while properties carrying yesterday’s price expectations are finding buyers harder to secure.

The under-$1 million price bracket remains the most active segment of the market, supported by local buyers, first-home buyers, and those relocating from other parts of New Zealand. Lifestyle buyers continue to see value in Northland’s climate, community and quality of life, although decision-making is taking longer than it did a few years ago.

Appraisal activity remains healthy, which suggests many homeowners are considering their options. However, we’re still seeing some vendors delay coming to market while they wait for stronger conditions or hold expectations based on prices achieved during the peak years of 2021–2022.

Our Take

In simple terms, this remains a market where preparation, positioning and negotiation matter more than timing.

The strongest results are generally being achieved by sellers who enter the market well-prepared, understand current buyer behaviour, and work with a strategy designed for today’s conditions rather than yesterday’s.

At REAL, our approach draws on more than 100 years of combined real estate experience and the collective knowledge of our entire team. In a market where buyers hold much of the negotiating power, careful preparation, accurate pricing advice, thorough disclosure, and skilled negotiation become even more important. This collaborative approach continues to help our clients make informed decisions and achieve the best outcome available in the current market.