In contrast, Wellington’s median slipped 2.5% to $780,000, while Hawke’s Bay and Gisborne also recorded annual declines. These areas now offer more negotiating power for buyers with solid deposits and serviceability, particularly those entering the market for the first time.
Auctions, days to sell, and the outlook
Nationally, the median days to sell held at 41, the same as a year earlier but 15 days faster than February. This suggests vendors are adjusting expectations rather than withdrawing listings. Auctions remain concentrated in Auckland, Bay of Plenty and Canterbury, where competitive bidding still draws interest for well‑located stock.
Looking ahead, Ryley cautions that “the focus now shifts to what happens next. Any early signs of a ceasefire have been overshadowed by renewed tensions, leaving uncertainty around fuel costs for New Zealand households, and whether confidence begins to rebuild over the coming months.”ASB shares that cautious view, expecting demand to “decrease further over the coming months” amid elevated living costs, rising job insecurity, and higher mortgage interest rates, and seeing subdued demand plus very high inventory as leaving “little likelihood of a lift in nationwide house prices”.
Taken together, those risks suggest the housing market is likely to stay steady but finely balanced through 2026.