Price cuts ease even as listings rise
New data from realestate.co.nz, as reported by RNZ and 1News, suggest New Zealand sellers are adjusting asking prices more realistically, with fewer and smaller discounts even as stock levels rise.
Across the March quarter, 1647 listings – about 4.9% of all properties on the site – lowered their asking price, down from 1686 (5.2%) a year earlier. The total value of cuts reached $54.7 million, more than $8 million less than Q1 2025, despite 33,326 new listings coming to market and the combined value of those listings lifting to $35 billion.
REINZ’s March figures back up that picture of a market “holding its nerve”, with national sales broadly steady and prices flat overall, but buyers becoming more cautious and taking longer to commit.
Vendors who did adjust their expectations reduced prices by an average of $33,212, compared with $37,393 a year ago and more than $42,000 two years earlier.
Realestate.co.nz spokesperson Vanessa Williams (pictured) said the figures show sellers are becoming more realistic.
“More listings would normally mean more discounting, but that's not the case this quarter,” Williams said. “The data tells us that sellers are reading the room and pricing their properties closer to what buyers are willing to pay.”
Regional price cuts reveal starkly different buyer–seller dynamics
Behind the national averages, conditions vary sharply by region. Coromandel saw the largest average reduction at $72,049, followed by Wellington at $51,841. Northland, Central Otago/Lakes District, and Auckland recorded average drops of $39,353, $38,774 and $37,975 respectively.
Northland and Manawatū‑Whanganui had the highest share of listings cutting prices, at 11% and 12%, while Auckland and Canterbury saw just 2% of properties discount – signalling more pricing power in those markets.
Williams noted that national asking prices have been broadly flat for more than three years, suggesting the market may have found its floor.
“Well presented and well-priced properties are continuing to attract interest,” she said, adding that “ultimately, it reinforces that getting the price right from the start is key.”
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