New Zealand’s housing market started 2026 on a steady footing. This NZ House Price Report summarises the key January signals, with prices holding broadly firm but activity softer than a year earlier. In REINZ’s January 2026 market update, the national median sale price came in at $753,106, up 0.4% year-on-year, while total sales eased to 3,837, down 5.4% from January 2025. REINZ also reported 9,019 new listings and a national median of 54 days to sell, which aligns with the usual slower start to the year, as holiday seasonality and more cautious buyer behaviour keep the market subdued.

The broader value measures tell a similar story in this NZ House Price Report: calm rather than booming. Cotality’s (formerly CoreLogic) January 2026 Home Value Index puts the national median value at $802,617, down 1.0% year-on-year, while QV’s January 2026 House Price Index shows the national average residential value at $910,285, up 0.4% year-on-year. The more useful takeaway, then, is not whether the market is “boom or bust,” but which regions are still holding firm and what sellers should do next.

If you want to translate those national numbers into something useful for your own address, start with your Free Market Property Report or read our guide on How much is my house worth in NZ?

TL;DR 

  •     REINZ’s January 2026 market update shows the national median sale price at $753,106, up 0.4% year-on-year.
  •       3,837 homes sold in January, down 5.4% year-on-year.
  •       9,019 new listings, up 1.3% year-on-year.
  •       REINZ puts the national median Days to Sell at 54.
  •       Cotality’s January 2026 Home Value Index puts the national median value at $802,617, down 1.0% year-on-year.
  •       QV’s January 2026 House Price Index shows the national average residential value at $910,285, up 0.4% year-on-year.

Practical takeaway: conditions look stable overall, but local pricing still matters more than national headlines. That reading is supported by steady national prices, softer activity, and still-elevated listing choice across the January data.

If you’re using this report to make a real selling decision, don’t stop at the national averages. Use a free Market Property Report for a property-specific range.

How to read this NZ House Price Report

Because this page uses three different datasets, REINZ’s January 2026 market update, Cotality’s January 2026 Home Value Index, and QV’s January 2026 House Price Index,  you will see different headline numbers. That is normal. If one source says $753,106, another says $802,617, and another says $910,285, they are not contradicting each other; they are measuring different parts of the market.

The simplest way to read them is this:

  •     REINZ median price is your sales-based market snapshot. It reflects what properties actually sold for, so it is the clearest headline view of the live sales market.
  •       REINZ HPI is your index-based trend check. It sits alongside the median price and helps you read the broader market direction, so you are not relying on one headline number alone.
  •       Cotality HVI is your modelled dwelling value trend. Cotality’s hedonic HVI is designed to track value changes across the residential market, which makes it useful for judging whether values are drifting up, flat, or down beneath the surface.
  •     QV HPI / average value is your broader valuation trend by region. QV says its House Price Index measures house price movements and shows how prices are trending in your area, making it especially useful for regional context.

So when you see $753k vs $802k vs $910k, the right question is not “which one is correct?” It is “what exactly is each number measuring?” 

Read together, they give you a fuller picture: REINZ tells you what is happening in current sales, Cotality shows the broader value trend, and QV helps you sense-check how values are moving across regions. That is why this report uses all three.

National Market Pulse 

January’s market looks best described as steady on prices, softer on activity. The headline figures from REINZ’s January 2026 market update show the national median sale price still edging higher year-on-year, but transaction volumes eased and the broader trend remained subdued. That combination points to a market that is holding up, but not yet accelerating.

Prices

On prices, REINZ says the national median sale price rose 0.4% year-on-year to $753,106, which suggests values are broadly steady rather than slipping sharply. But REINZ also says its national House Price Index was down 0.7% over the past year and down 0.6% month-on-month. Read together, that suggests a “stable but not accelerating” view: the market is not falling hard, but it is not showing a fast, broad-based rebound either.

Activity

Activity was softer. REINZ recorded 3,837 sales in January, down 5.4% year-on-year, and noted that seasonally adjusted sales fell from December as well. REINZ also explicitly says January is harder to interpret because the period from November to February often reflects seasonal patterns rather than a major underlying shift, so this dip should be read as a softer holiday-period market — not automatically as a fresh downturn.

That softer tone is echoed by QV’s January 2026 House Price Index release, which says values remain relatively stable across much of the country and buyers are still taking a measured approach. QV also notes that the data does not point to a rapid upswing, even though the widespread declines seen previously have largely eased.

Supply

Supply increased modestly, which helps explain why prices were not pushed sharply higher. REINZ says new listings rose 1.3% year-on-year to 9,019, while national inventory increased 2.3% to 33,149. More stock generally means buyers have more choice, and when buyers have more choice, they tend to compare harder and move with less urgency.

That same pattern shows up in Cotality’s January 2026 Home Value Index. Cotality says there is still a good stock of listings for buyers to choose from, that a cautious attitude persists, and that buyers are not in a rush to bid up prices, even though most vendors are not generally having to drop expectations much either.

So the practical reading for this month is simple: January looked calm, balanced, and selective. If you’re trying to decide what that means for your own property, national trends are only the starting point. Your suburb, buyer depth, and nearby comparable sales will matter much more. That is exactly where a free Market Property Report becomes useful.

January 2026 by the major data sources

Using all three sources together makes this a more rounded monthly market view, not just commentary. Each source measures the market differently, so this side-by-side view helps readers see both the sales picture and the broader valuation trend.

REINZ snapshot

According to REINZ’s January 2026 market update:

  •     Median sale price: $753,106 (+0.4% YoY)
  •     Sales count: 3,837 (-5.4% YoY)
  •     New listings: 9,019 (+1.3% YoY)
  •     Median Days to Sell: 54
  •     House Price Index: -0.7% YoY and -0.6% month-on-month

REINZ provides a strong view of what actually sold and how active the market was during the month.

Cotality snapshot

According to Cotality’s January 2026 Home Value Index:

  •     Monthly change: -0.1%
  •     Annual change: -1.0%
  •     From peak: -17.5% from the early-2022 peak
  •     National median value: $802,617

Cotality is useful because it shows the broader trend in dwelling values, not just the subset of homes that sold in January.

QV snapshot

According to QV’s January 2026 House Price Index:

  •     3-month movement: +0.9%
  •     Annual movement: +0.4%
  •     National average value: $910,285
  •     From peak: 13.1% below the January 2022 peak

QV adds a broader regional valuation lens, which is especially useful when market conditions are uneven across the country.

Put together, these three sources all point to the same broad conclusion: New Zealand’s housing market in January 2026 was stable overall, but still uneven and highly local.

What changed since December?

Compared with December, January felt softer, largely seasonal, not like a major market reversal. In REINZ’s December 2025 update, the national median price was $786,977, and REINZ said the market was “holding up” once seasonal patterns were considered. By January, REINZ’s January 2026 update showed seasonally adjusted sales down 8.9% month-on-month, while the national median Days to Sell rose to 54, which was 15 days higher than December — a shift REINZ says is typical for this time of year.

The bigger change is that January looked more selective. Cotality’s January 2026 Home Value Index says national values dipped just 0.1% for the month, which it described as a continuation of the broadly flat finish to 2025. Cotality also says borrowers are feeling the benefits of lower interest rates, but there is still a good stock of listings and a cautious attitude among buyers, so they are not rushing to bid prices higher.

That is why sellers should read January as a balanced market, not a panic market. Buyers may be getting more help from lower mortgage costs, which fits the logic in your own guide on How interest rate drops in mortgages help you sell your house  but Cotality also says vendors are not generally having to drop their expectations much either. In other words, sellers do not need to slash prices, but they also cannot assume urgency from buyers.

Regional movers and laggards 

This is where the national averages start to matter less and the local market starts to matter more. January 2026 was still a locally driven market: some centres stayed soft, some posted modest gains, and a few southern areas continued to look firmer than parts of the north. REINZ says Canterbury, Southland, and Otago showed the strongest confidence signals at the start of the year, while QV says value movements remained uneven between centres rather than being driven by one national trend.

Softer spots: Auckland and Wellington

Auckland still looks like a softer, slower market than many regional centres. Cotality shows Auckland values down 0.3% in January, down 1.0% over the quarter, and down 2.7% year-on-year. QV adds that Auckland activity was subdued over the summer break, with a large amount of stock still available, and buyers were generally taking a cautious approach, even though prices were broadly stable.

Wellington also remains on the softer side. Cotality shows the wider Wellington area down 0.1% for the month, down 0.5% over the quarter, and down 1.6% year-on-year. QV says Wellington values were largely flat, with a significant number of properties on the market, giving buyers more choice and bargaining power.

More resilient: Tauranga and Dunedin

Tauranga continues to look more resilient than the main-centre average. Cotality shows Tauranga values up 0.3% in January, up 1.1% over the quarter, and up 1.6% year-on-year. QV also lists Tauranga among the stronger main centres for the January quarter, with 1.6% growth. That makes Tauranga a good example of a market that is still moving forward, even if only modestly.

Dunedin was one of the clearest outperformers. Cotality shows Dunedin up 0.4% in January and up 0.7% over the quarter, while QV says Dunedin recorded the strongest quarterly growth of the main centres at 2.7%. That lines up with REINZ’s broader view that southern markets are showing stronger confidence than many other regions.

Watch this area: Christchurch (and the wider South Island)

Christchurch stands out as the main “watch this area” note. Cotality shows Christchurch was flat in January, but still up 2.6% year-on-year, and QV says Christchurch City rose 2.0% over the quarter. QV’s local commentary also says demand remains solid, while REINZ’s January release points more broadly to stronger confidence across southern markets. In other words, Christchurch is not surging, but it does look firmer than many larger northern centres and is a good example of the South Island’s relative resilience.

The practical takeaway is simple: Auckland and Wellington still require more pricing discipline, while Tauranga, Dunedin, and parts of the South Island are showing firmer conditions. That is exactly why sellers should treat regional headlines as context only and make decisions based on evidence at the suburb level.

What this means for sellers in NZ

In this NZ House Price Report, national headlines are useful for context, but they are not enough to set an asking price. January’s data shows a market that is broadly stable at the top level. REINZ’s national median sale price was $753,106 and the median Days to Sell was 54,  yet that same REINZ update also says January is shaped by the usual seasonal slowdown, which means the national number can hide very different suburb-by-suburb conditions. For sellers, the right takeaway is simple: use the national trend to frame the market, then price from local comparable sales, local competition, and current buyer depth.

More listings also mean buyers can compare harder. REINZ says 9,019 new listings came to market in January, which helps explain why prices were not pushed sharply higher. More competing listings usually mean buyers negotiate harder. That is exactly the kind of market sellers are dealing with right now: not weak, but more selective.

That is why presentation and evidence-backed pricing matter more than broad optimism. If buyers have more choice, the homes that stand out are usually the ones that look better, feel move-in ready, and are priced against real nearby evidence rather than a hopeful “headline” number.

If you’re selling this quarter, get a local price range first, before you decide on auction, tender, deadline, or private treaty. A practical next step is a free Market Property Report for your address, which can help you compare your home with recent local sales and current listings. That creates a clearer bridge from this market update into a property-specific pricing decision.

What this means for buyers

For buyers, January 2026 still looks less frantic than the peak-cycle market. REINZ’s January 2026 update shows a national median of 54 days to sell, while Cotality’s January 2026 Home Value Index says there is still a good stock of listings for buyers to choose from. That combination usually means more time to compare properties and less pressure to rush.

That said, conditions are not the same everywhere. Cotality’s January 2026 Home Value Index shows Auckland and Wellington still soft on a monthly and annual basis, while QV’s January 2026 House Price Index says values remain uneven by centre. In practical terms, some regions are still flat enough for buyers to negotiate carefully, especially where stock is deeper and demand is more selective.

The key for buyers is the same as it is for sellers: local comparable sales matter more than national headlines. National averages can help you understand the market mood, but the smarter move is to judge each suburb, price band, and property type on its own merits.The guide What Affects Property Prices in NZ is a helpful internal read here.

What could your home sell for in today’s market?

National market reports like REINZ’s January 2026 market update and QV’s House Price Index are useful for context, but they cannot tell you what your specific home is likely to sell for. Your real likely sale range depends on your suburb, property type, condition, and the buyers active in your price band right now.

For a more realistic local view, use a free Market Property Report for your address and compare it with nearby comparable sales and current listings.

Sources and methodology

This NZ House Price Report is based on three primary market sources:

Because these sources use different methodologies and measure different things, from sold prices to index-based value movements, their headline figures should be read as complementary, not directly interchangeable. That is why this report uses all three together, rather than relying on a single number in isolation.

Frequently Asked Questions About the NZ House Price Report

Q: Are NZ house prices rising in 2026?

A: Not strongly. In January 2026, New Zealand house prices looked mostly stable, with only small year-on-year growth. Some regions are improving, but the market is not in a fast rebound.

Q: What was the average NZ house price in January 2026?

A: It depends on which measure you use. The national average residential value was $910,285, the national median value was $802,617, and the national median sale price was $753,106. These figures are different because they measure different parts of the market.

Q: Why do REINZ, Cotality, and QV show different numbers?

A: They show different numbers because they track different things. REINZ is based on actual sale results, while Cotality and QV track broader property values and market trends. That means the numbers should be read together, not treated as if they all mean the same thing.

Q: Are house prices falling in Auckland?

A: Auckland is still one of the softer markets. Prices are not crashing, but conditions are flatter, and buyers generally have more choice than they do in stronger regional centres.

Q: Is now a good time to sell in New Zealand?

A: It can be, but only if you price correctly. The market is balanced rather than overheated, so sellers who price realistically and present their home well are in a better position than those relying on old peak-market expectations.

Q: How can I estimate what my house could sell for?

A: Start with a property-specific estimate rather than a national average. A good first step is to get a FREE Market Property Report from Price My Property and compare it with recent local sales and current listings.