Property market shows signs of shaking off holiday break
Wednesday, 11 March 2026
New Zealand’s property market appears to have shaken off the summer break, with the national average asking price climbing to $883,800 in February as activity picks up.
Christchurch hit a record high for all properties in the last month where the average asking price reached a record $749,000 across all property types. The city’s popular three- to four-bedroom homes also set a new high of $822,800.
The latest Trade Me Property Pulse Report showed the national average asking price rose 3.1% month-on-month in February, up 1.7% compared with the same time last year and reaching its highest level since early 2024.
Trade Me Property customer director Gavin Lloyd said the latest figures suggested positive momentum was building across much of the country.
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“It’s not just one or two regions of the 15 we monitor, but the majority that are seeing increases both year-on-year and month-on-month,” Lloyd said. “The South Island in particular is looking solid across the board.”
Only Marlborough showed a 3.5% fall year on year - all other regions showed an increase with Southland’s rise in double digits with 11.2%.
Otago’s average asking price climbed to $915,000, the highest level recorded in the region since December 2023.
The North Island was a different story, with drops in Taranaki, Northland, Manawatū/Whanganui, Wellington, Bay of Plenty and Hawke’s Bay.
In Wellington, only one or two-bedroom homes showed an increase in price up 8.7%, all other sized homes fell between 2.2% and 6.9%.
Auckland, however, rose 2.5% for the year, continuing its recent rises with the average asking price reaching $1,096,000, a 5.4% jump from January.
“For the first time in more than a year, prices in Auckland are up year-on-year with February increases sitting 2.5% ahead of where they were in February 2025. Prices in Auckland are now the highest they have been since October 2024,” Lloyd said.
Waikato rose a modest 1.6% and Gisborne went up by 5.3%.
However, Lloyd said expectations should remain realistic, with the market likely to favour steady growth rather than a return to the rapid price increases seen in previous years.
“Given the current economic climate we’re unlikely to see a return to the rapid growth of previous years,” he said.
“Instead, we are seeing a measured, sustainable recalibration, and while the tide has turned in a positive direction, the market is likely to favour steady, incremental growth as opposed to sharp spikes.”
Trade Me data also showed strong buyer activity, with property searches up about 18% year-on-year, although the number of listings remained largely unchanged.