House sellers knock $33k off average asking prices
Tuesday, 28 April 2026
New Zealand property sellers trimmed tens of thousands off their asking prices taking an average reduction of more than $33,000 per listing in the first three months of the year.
New quarterly figures from realestate.co.nz showed vendors who dropped their prices in the first quarter took an average of $33,212 off each property — a sign sellers are increasingly aligning expectations with more cautious buyers.
A total of $54.7 million was wiped from property asking prices across the country in the first quarter, realestate.co.nz’s Vanessa Williams said.
However she said, in a shift from last year, the total value of price reductions has fallen by more than $8m.
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“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 $800m.”
Williams said for past three and a half years, the national average asking price had 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.”
The total value of new listings rose by nearly $800m year-on-year, but fewer vendors felt the need to cut their prices — suggesting many are getting it right from the outset.
She said more listings would normally mean more discounting, but that was 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.”
Nationally, just 4.9% of listings were reduced in price over the quarter, although there were sharp regional differences.
Manawatū/Whanganui recorded the highest level of price drops, with 12% of listings reduced, followed by Northland at 11%. Both regions hit their highest levels since records began in early 2024.
The central North Island also reached a record high, with 8.0% of listings having their prices reduced. At the other end of the scale, Auckland and Canterbury recorded the lowest levels, with just 2.0% of listings having their prices reduced.
The scale of price cuts also varied widely. Coromandel recorded the largest average reduction at $72,049, followed by Wellington at $51,841. Northland, Central Otago/Lakes District and Auckland rounded out the top five.
Despite the adjustments, the size of price drops has been easing over time. In early 2024, the average reduction per listing was significantly higher at $42,864.
Williams said the figures reinforced the importance of pricing accurately from the start.
“In some regions, sellers are still needing to adjust more often, while in others pricing is more stable,” she said.
“Ultimately, it reinforces that getting the price right from the start is key.”
For buyers, the data suggested a market that is still moving, but on more deliberate terms — with well-priced, well-presented properties continuing to attract interest, she said.
*CORRECTION: An earlier version of this story gave an incorrect total for rise in new listings. The total value of new listings rose by nearly $800m year-on-year. (Amended Tuesday April 28, 2025.1.32pm)