The New Zealand property market has officially returned to activity levels last seen during the 2021 market peak.
Latest data from realestate.co.nz indicates a significant shift in momentum, characterised by a recovery in sales volumes and a “measured dynamic” providing a rare window of opportunity for the industry.
The recovery is underpinned by a 7.3% year-on-year increase in new listings, which reached 9,139 in April 2026.
This follows a strong performance in March, where REINZ sales data confirmed 7,853 properties sold; the highest monthly total since November 2021.
While activity is lifting, price growth remains disciplined and the national average asking price rose 2.2% year-on-year to $869,023*.
For more than three years, national prices have hovered steadily between $840,000 and $890,000, showing a level of stability not seen in recent history.
Regional records broken
While the national picture is one of stability, several southern regions recorded all-time highs:
- Canterbury: The average asking price reached $735,798, a 3.8% increase on April last year, overtaking the previous high of $735,383 from March 2022.
- Southland: Recorded an average asking price high of $617,879, a 17.9% year-on-year increase, marking the first time the region has tipped into the $600,000 bracket.
- West Coast: Recorded a new April high with a double-digit increase of 22.1%, bringing the average asking price to $560,725.
Marlborough was the only region to report a double-digit decline, down 10.1% to $707,013.
High intent and “sustainable” growth
Sarah Wood, CEO of realestate.co.nz, said that the current environment is distinct from the frantic energy of previous booms.
“We’re seeing more people browsing for property on our site, both locally and from overseas, and with total enquiries up by 14% year-on-year1, there’s clear intent from buyers.”
Ms Wood said that the current market footing is more grounded, allowing for better decision-making for both sides of the transaction.
“The market is finding its footing again and it’s come with a more measured dynamic between buyers and sellers. There isn’t the urgency of past peaks, this is more sustainable.
“Buyers have choice, sellers have confidence and the level of stability the property market is offering is enabling people to make considered decisions. Right now, the conditions are there for those ready to act.”
Listing trends: regional shifts
Inventory flow remains varied across the country. Auckland saw a significant 23.1% rise in new listings (3,422 total), followed by growth in the Bay of Plenty (+10.6%) and Otago (+10.3%).
However, supply constricted at the other end of the scale, with the Central North Island (-15.1%), Northland (-14.0%), and Southland (-10.6%) all experiencing double-digit declines in new stock year-on-year.
*All prices in NZD
1Total enquiries (includes email, phone, and text message) about residential properties for sale on
realestate.co.nz were up 14.3% in April 2026 compared with April 2025. Source: realestate.co.nz
internal metrics month to date.