NZ Property Market January 2026: Steady Prices, Surging Listings, FHB Revival

The New Zealand property market entered 2026 at a steadier pace than many expected. REINZ January data shows stable median prices, a significant jump in listings, and a clear shift in who's buying: first-home buyers are surging while investor appetite has softened for the first time since August 2023.

Prices Hold Steady

The national median sale price edged up 0.4% year-on-year to $753,106. Outside Auckland, the median reached $700,000 — a 1.4% increase. Auckland itself softened by 1.2% to $1,015,000, while regional standouts included the West Coast, which recorded a record median of $480,000. Canterbury, Southland and Otago continued to show sustained price growth, reflecting ongoing confidence in southern markets.

Listings Hit a Three-Year High

Total property stock rose 18% compared to January 2025, with new listings jumping 14% — the highest level in three years. Sales activity declined 5.4% year-on-year to 3,837 nationally. Median days to sell increased to 48 days, giving buyers more choice and stronger negotiating power. For investors scanning for deals, this suggests a buyer-friendly environment with less pressure to rush decisions.

First-Home Buyers Dominate; Investors Retreat

A survey of mortgage advisers found that 33% saw increased first-home buyer activity — the strongest reading in months. In contrast, investor appetite has weakened, with more advisers reporting fewer investors than before — the first time this has happened since August 2023. The Reserve Bank eased lending restrictions in December, allowing banks to extend low-deposit lending to investors with deposits below 30%, which may gradually encourage more investor participation as the year progresses.

Borrowing Trends

Two-year fixed-rate mortgages now dominate borrower preferences, accounting for 75% of cases — up from one-year fixes. Lenders have become more willing to advance funds, with a net 26% of brokers reporting easier lending conditions. For investors weighing refinance or new purchases, the two-year rate offers a balance between certainty and flexibility.

“The shift from one-year to two-year fixes suggests borrowers are seeking stability in an environment where rate cuts are expected but timing remains uncertain.”

What to Watch in 2026

• Inventory levels — if listings stay elevated, expect continued buyer leverage
• Investor response to relaxed LVR rules — will sub-30% deposit lending draw them back?
• Regional divergence — southern markets may continue to outperform Auckland
• OCR and mortgage rates — further cuts would support both FHB and investor activity

For investors using FindMyProperty.co.nz, the current environment reinforces the value of data-driven screening. With more stock on market and less competition from other investors, taking time to analyse renovation costs, rental yields and flip ROI before making offers could pay off. Filter by Verdict and region to focus on the strongest opportunities.