“January’s housing market shows stable pricing alongside softer activity, suggesting confidence is rebuilding gradually rather than accelerating quickly,” says REINZ Chief Executive Lizzy Ryley. “This likely reflects a combination of seasonal holiday conditions and unusual, severe weather across parts of the North Island and East Coast. Interpreting the market over the summer can be challenging, as activity between November and February often reflects seasonal patterns rather than fundamental shifts,” says Ryley. “Once seasonal trends are taken into account, the data shows the January market held up well. Interest rate expectations have stabilised as inflation pressures ease, though there have been some concerns about potential rate increases and what that could mean for borrowing affordability,” says Ryley. “At the same time, the upcoming election may be influencing when people choose to make decisions. In previous election years, we’ve often seen buyers and sellers take a ‘wait and see’ approach early in the year.”
Market Summary:
Auction activity remained limited in January, as salespeople noted that auction campaigns typically commence in February. Nationally, there were 251 auction sales in January, accounting for 6.5% of all sales. In New Zealand, excluding Auckland, there were 134 auction sales, accounting for 4.7% of all sales. Auckland saw three fewer auctions than in January 2025, with 117 sales, representing 11.8% of all sales.
“Over the coming months, the housing market is expected to continue progressing gradually, with confidence rising ahead of any increase in transaction activity. While conditions are likely to remain cautious, the outlook suggests momentum building steadily,” says Ryley.
Northland Stats:
The median price for Northland decreased by 12.5% year-on-year to $630,000.
“Owner-occupiers were the most active buyer group in Northland, with fewer enquiries coming from first home buyers. Most vendors held realistic expectations regarding asking prices and were receptive to feedback. Attendance at open homes was mixed, with stronger numbers for well-located properties and newer listings, although some interest tapered off quickly.
Auction room activity also varied across the region, with some auctions recording steady attendance and improved clearance outcomes, while others saw a majority of properties passed in. Market sentiment was influenced by buyer caution around overpaying, some vendors’ high expectations of price growth, lending criteria, and the level of choice available to buyers.
Local salespeople expect conditions to remain stable over the coming months, with activity likely to lift again later in 2026.”
Lizzy Ryley
REINZ Chief Executive