Sellers are pricing closer to what buyers expect to pay

• $54.7m wiped from property asking prices in Q1 2026, down more than $8m year-on-year
• Fewer price drops, despite more homes for sale and $800m increase in the total value of all listings
• Vendors took an average of $33,212 off each listing nationally

$54.7 million was wiped from property asking prices across New Zealand in the first quarter of 2026, according to the latest data from realestate.co.nz. 

However, in a shift from last year, the total value of price reductions has fallen by more than $8 million. This is despite more properties hitting the market than in the same quarter in 2025 and the total value of new listings increasing by nearly $800 million. 

Vanessa Williams, spokesperson for realestate.co.nz, says when the number of listings increases, you could expect to see more vendors dropping their price in response to increased competition, but that has not been the case in the first quarter of 2026. 

“More listings would normally mean more discounting, but that’s not the case this quarter. The data tells us that sellers are reading the room and pricing their properties closer to what buyers are willing to pay.” 

For the last three and a half years, the national average asking price has remained largely flat, placing greater pressure on sellers to meet the market. 

“Buyers are still taking a considered approach, but the market is moving. Well-presented and well-priced properties are continuing to attract interest,” says Williams.  

This data reflects the difference between a property's original asking price when listed on realestate.co.nz and its price at the point of sale or withdrawal. While it doesn’t show the final sale price, it provides a strong signal of how much sellers are adjusting to meet buyer demand. 

How much are sellers cutting property asking prices by? 

Nationally, vendors who reduced their asking prices in Q1 2026 took an average of -$33,212 off each listing.

Regionally, Coromandel recorded the largest average drop, with sellers trimming $72,049 from their original asking prices. Wellington followed at $51,841, while Northland, Central Otago/Lakes District, and Auckland rounded out the top five with average reductions of $39,353, $38,774, and $37,975, respectively.

Overall, the amount that vendors are needing to reduce their prices by nationally has been trending down over the last two years. In Q1 2024, when realestate.co.nz started tracking this data, the average price drop per listing was $42,864.

Where did sellers adjust prices the most?

Nationally, 4.9%% of all listings were reduced in price in the first quarter of 2026. However, some regions saw a much higher share of vendors needing to adjust.

Manawatū/Whanganui recorded the highest level, with 12.0% of listings in the region dropping their price, followed by Northland at 11.0%. Both regions recorded their highest levels since tracking began in Q1 2024. The Central North Island also reached a record high, with 8.0% of listings reducing their price.

At the other end of the scale, Auckland and Canterbury recorded the lowest levels, with just 2.0% of listings reducing their price.

“What this shows is that conditions can vary significantly across the country,” says Williams.

“In some regions, sellers are still needing to adjust more often, while in others, pricing is more stable. Ultimately, it reinforces that getting the price right from the start is key.”

She adds that talking to your local real estate professional who understands the nuances of your neighbourhood and can advise the best strategy for your property is invaluable.

realestate.co.nz is helping buyers and sellers move faster. When a property drops its price, it can qualify for free billboard advertising, and potential buyers who have the listing saved will be instantly notified.

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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