High number of homes for sale leaves buyers in control
Wednesday, 3 June 2026
Economic uncertainty is not holding back home sellers, with new listings last month at the highest level since 2018, Realestate.co.nz says.
There were 9521 new listings nationwide in May, a 0.3% increase on 9489 at the same time last year, the property website’s latest figures showed.
But new listings were up 2.9% annually last May, and that made last month’s total a multi-year high for the month of May.
Coromandel had the biggest surge in new listings, with a 48.1% annual increase, but Taranaki, Otago, Southland and Nelson also recorded double-digit increases.
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In contrast, in Auckland and Canterbury - two of the country’s biggest markets - new listings were down by 0.7% and 1.9% respectively.
Realestate.co.nz spokesperson Vanessa Williams said she wondered if talk of interest rates rising had kicked people into action and led them to list their homes before that happened.
While economic uncertainty remained many sellers appeared to recognise the opportunities the current market presented, she said.
“There’s a healthy level of activity in the market, buyers are motivated and moving. I was in an auction room the other day, and nine out of the 10 properties sold.
“The high level of stock on the market means it is still a buyers’ market, but well-presented, well-marketed, and well-priced homes are attracting interest and selling well.”
Realestate.co.nz’s figures showed there were 36,130 homes on the market nationwide in May, a 5% increase on 34,415 at the same time last year.
There was an annual increase in the number of homes for sale in all but four of the 19 regions monitored. The exceptions were West Coast, Central Otago/Lakes, Southland and Canterbury, where stock was down 5.2% to 3629.
In Auckland 14,261 homes were on the market, up 8.5% from the same time last year, while Wellington’s stock was up 6.7% to 2182.
Williams said while total stock levels remained high in May, the national total had softened from 37,334 the previous month, and that was despite the increase in new listings.
“It suggests homes are still getting snapped up by buyers when they come on to the market, and the market is moving.”
But while sales were taking place, house prices largely remained stable, with the average national asking price hovering around the same level for more than three years now, she said.
That price dipped 0.2% to $862,518 in May, from $864,348 at the same time last year, according to Realestate.co.nz’s figures.
On a regional basis prices were more varied, with 10 of the 19 regions recording annual increases, and Central Otago/Lakes, West Coast, Southland, and Marlborough hitting new asking price highs.
In Auckland and Wellington the average asking price was down 1% and 6.3% to $1.01 million and $783,875 respectively, while Canterbury’s was up 2.5% to $727,564.
Central Otago/Lakes’ average asking price of $1.67m was an 18-year record, and reflected a 20.1% annual increase. The region has been the most expensive in the country to buy in for many years now.
Williams said that a decade ago you could buy in Central Otago/Lakes District for less than in Auckland, and the shift reflected a fundamental change in what people valued in property.
'Lifestyle, landscape, and liveability have become serious price drivers, and Central Otago/Lakes District has them all.
“That’s especially in a world where hybrid working means buyers no longer have to choose between a great job and a great place to live.'