Sellers slash less as more realistic pricing returns
New Zealand’s property market is stepping back from the heavy discounting that defined much of 2025, with new figures pointing to the lowest level of asking‑price cuts in two years.
Realestate.co.nz data for the final quarter of 2025 shows 1,374 listings recorded a price drop, representing just 3% of all properties advertised on the platform over that period. That is the smallest share of discounted listings in two years and suggests vendors are having to negotiate less aggressively to secure a sale.
Over the quarter, the combined value of reductions reached $41,309,345 – more than $40 million trimmed from advertised prices nationwide, but still well down on the roughly $55 million wiped out in Q4 2024. Instead of deep, widespread discounting, the market is now seeing fewer properties needing to adjust at all, a shift that hints at better alignment between what buyers will pay and what sellers expect.
Are New Zealand house prices stabilising?
Vanessa Williams (pictured), spokesperson for realestate.co.nz, says the change in tone could signal an early turning point after a year of intense repricing.
“While $40 million coming out of the market is still significant, fewer vendors reduced the price of their property last quarter than we’ve seen over the two years prior, an indication that the overall amount trimmed from the market in Q4 is a result not of smaller reductions but by fewer properties needing to reduce their price,” Williams said.
“This indicates that sellers may be starting to price more realistically from the outset, and buyer confidence could be slowly returning. It’s not a full recovery yet, but it could be one of the first signs that conditions are beginning to stabilise.”
How much are NZ sellers cutting asking prices?
For buyers, the data means sizeable discounts are still available but less common. Nationally, vendors who did cut prices in Q4 2025 reduced their asking figure by an average of $30,065.
Marlborough saw the largest typical reduction at $50,500, followed by Gisborne on $49,333. Northland, Wellington and Coromandel recorded average drops of $38,479, $37,607 and $35,645 respectively.
Even so, expectations of higher mortgage rates are starting to outweigh the hunt for bigger discounts, with ASB reporting that fence‑sitters are moving sooner rather than risk paying more to borrow.
OCR stability underpins 2026 property outlook
Williams notes that “the stability of the OCR” in recent decisions should further support confidence as the market heads into 2026, with price‑adjusted listings on realestate.co.nz boosted by free billboard advertising and instant alerts for interested buyers.
But analysts remain cautious, with ANZ trimming its 2026 house price outlook and warning that national values have started the year with “little momentum.”
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