27 Mar 2026February 2026: The New Zealand Property Report
New data from realestate.co.nz suggests the property market may be gaining momentum.
In February, new listings rose 7.8% year-on-year to 12,252, the highest February total since 2013. Meanwhile, total housing stock increased by a more modest 1.8%. This gap indicates that properties are being absorbed by the market rather than building up, a potential sign of improving demand.
Several regions contributed strongly to the rise in new listings, with four recording year-on-year growth above 20%:
• Central North Island led the increase, up 25.0% to 160 listings
• Taranaki followed with a 22.3% rise to 280 listings
• Marlborough climbed 21.1% to 15 listings
• Manawatū/Whanganui increased 20.9% to 549 listings
In contrast, Southland was the only region to experience a double-digit decline, dropping 13.9% to 217 new listings.
Regional trends in asking prices
Nationally, the average asking price remained relatively stable, rising just 1.4% year-on-year to $861,180. However, regional markets showed more variation.
Southland reached a record average asking price of $584,768, up 10.6% compared to February 2025. It was one of four regions to hit a February high. Central North Island recorded the strongest annual growth, rising 15.3% to $868,057. Central Otago/Lakes District increased 12.1% to $1,613,298, while Canterbury saw a modest 3% rise but still achieved a February high of $738,385.
Elsewhere, Northland’s average asking price dipped below $800,000 for the first time since June 2025, settling at $799,879. Waikato, however, edged back above the $800,000 mark for the first time in a year, with a slight 0.8% annual increase.
According to Wood, the stability in national pricing offers reassurance, while regional differences suggest renewed confidence is emerging across the country.
Do stock levels signal stronger market activity?
Total housing stock across the country rose 1.8% year-on-year to 36,357 in February 2026. However, with stock levels growing more slowly than new listings, this points to properties being sold rather than accumulating, a sign of strengthening market activity. While not a record high, this is the first February since 2015 in which stock levels have exceeded 36,000.
Of the 19 regions, 13 recorded modest single-digit growth, with Northland posting the largest increase at 9.1%. No region experienced double-digit growth in stock levels.
On the other hand, three regions saw notable declines. Southland recorded the sharpest drop for the eighth consecutive month, with stock levels falling 21.4% to 522 properties, down from 664 a year earlier. Central Otago/Lakes District also saw a significant decrease, down 15.6% year-on-year to 862 listings, compared to 1,022 in February 2025.
This blog post references content from realestate.co.nz