The New Zealand Market at a Glance
The national median sale price was $755,000 in September, down 2.3% compared with the same time last year. However, excluding Auckland, the median was $691,200, virtually unchanged year-on-year.
There were 5,752 property sales nationally, down 11.6% from September 2025. Homes took a median of 46 days to sell, three days longer than a year ago.
Despite the slower pace, the market is continuing to move. Buyers are making decisions when the property, price and timing suit their circumstances, while sellers are recognising the importance of patience and preparation.
Regional differences remain significant. All four South Island House Price Index regions recorded annual growth, while all eight North Island regions recorded declines. This reinforces the importance of looking beyond national headlines to understand what's happening in your own neighbourhood.
Wellington Market Update
Wellington's median sale price was $745,000 in September, down 2.0% year-on-year. However, the region's House Price Index increased by 1.1% over the month, providing an encouraging sign of recent movement.
Properties took a median of 52 days to sell, compared with the 10-year September average of 40 days. Housing inventory also increased, giving buyers more choice.
There are positive signs, too. First-home buyers were the most active buyer group, open home attendance strengthened, and appraisal activity increased. Some properties attracted particularly strong interest, although auction activity remained subdued.
As the market moves towards summer, we are cautiously optimistic that activity could begin to build.
Lower Hutt and Upper Hutt Property Snapshots
Lower Hutt recorded a median sale price of $715,000 from 103 sales in September. The median price was 5.1% higher than a year ago and 2.9% lower than three years ago. Properties took a median of 54 days to sell.
Upper Hutt recorded a median sale price of $672,127 from 41 sales. The median was 0.4% lower than September last year and 5.2% lower than three years ago. Properties took a median of 87 days to sell.
These figures highlight the differences between our local markets. While Lower Hutt recorded annual median price growth, Upper Hutt's median remained relatively stable. Selling times also varied, showing why understanding local conditions is essential when planning your next move.
What's Influencing the Market?
Interest rates, household costs, and confidence continue to influence property decisions. The Official Cash Rate increased by 0.25 percentage points to 2.75% on 2 September, while rising fuel and living costs have encouraged some buyers to take a more cautious approach.
Meanwhile, national housing inventory increased by 10.7% year-on-year to 34,001 properties, and new listings rose slightly to 9,466.
For buyers, more available properties can mean greater choice and time to compare options. For sellers, it highlights the importance of setting a realistic price, presenting their property well and having a marketing strategy that helps it stand out.
Opportunities Remain
The market may be moving more slowly, but that doesn't mean opportunities have disappeared.
For buyers, a measured market can provide more time to research properties and make informed decisions. For sellers, preparation, realistic expectations and local expertise remain valuable tools for achieving the best possible result.
Thinking About Selling?
Every property is different, and having the right strategy can make all the difference in today's market.
Whether you're thinking about selling soon or simply want to understand your property's current value, our local team can help you make an informed decision with a marketing strategy tailored to your property and the market.
Ready to explore your options? Get in touch with our team to discuss your property and create a marketing strategy that works for you!
Data sourced from REINZ, September 2026.