Authored by the expert who managed and guided the team behind the New Zealand Property Pack
Everything you need to know before buying real estate is included in our New Zealand Property Pack
If you're looking to understand the New Zealand property market, you're in the right place.
We constantly update this blog post with the latest housing price data from authoritative New Zealand sources.
This guide covers everything from median prices and price per square meter to neighborhood comparisons and what you can actually buy at different budget levels.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in New Zealand.
Insights
- New Zealand housing prices remain about 17% below their early 2022 peak, meaning buyers in 2026 still have more negotiating power than they did during the market frenzy.
- The gap between Auckland's median property value (around NZ$1,050,000) and lower-cost regions like Invercargill (around NZ$500,000) is more than double, making regional New Zealand attractive for budget-conscious buyers.
- Buyers in New Zealand typically negotiate 3% to 6% off listing prices, with high inventory levels giving purchasers leverage in most markets throughout 2026.
- Queenstown's median property value sits at roughly NZ$1,560,000, making it the most expensive market in New Zealand and nearly three times the national median.
- New builds in New Zealand carry a premium of 10% to 20% per square meter compared to existing homes, driven by modern building standards and higher construction costs.
- Unlike many countries, New Zealand does not charge stamp duty on residential property purchases, which significantly reduces upfront buying costs for homeowners.
- Real housing prices in New Zealand have dropped about 1% over the past year when adjusted for inflation, even though nominal prices rose slightly.
- Over the past decade, New Zealand property prices have nearly doubled in nominal terms, with a real (inflation-adjusted) increase of around 60%.
- Wellington City's median property value (around NZ$865,000) sits well below Auckland but offers compact urban living that appeals to government workers and knowledge sector professionals.
- For buyers with a budget of around $500,000 USD (roughly NZ$860,000), a three-bedroom family home in Christchurch or a townhouse in Lower Hutt becomes realistic.
What is the average housing price in New Zealand in 2026?
The median housing price is more useful than the average because it represents the middle point of all sales, so it isn't skewed upward by a few extremely expensive luxury properties the way the average can be.
We are writing this as of the first half of 2026 using the latest available data from authoritative New Zealand sources including REINZ, Cotality (CoreLogic), and QV, all of which we manually verified.
The median housing price in New Zealand in 2026 is approximately NZ$810,000 (around $470,000 USD or €401,000 EUR). The average housing price in New Zealand in 2026 is estimated at NZ$910,000 (around $528,000 USD or €450,000 EUR), which is higher because expensive properties pull the average up.
About 80% of residential properties in New Zealand in 2026 fall within the range of NZ$450,000 to NZ$1,300,000 ($261,000 to $754,000 USD).
A realistic entry-level purchase in New Zealand in 2026 would be between NZ$300,000 and NZ$400,000 ($174,000 to $232,000 USD or €149,000 to €198,000 EUR), which could get you a one or two bedroom older unit or small cottage (60 to 90 square meters) in affordable regions like Invercargill.
A typical luxury property in New Zealand in 2026 ranges from NZ$2,000,000 to NZ$6,000,000 or more ($1.16 million to $3.48 million USD or €990,000 to €2.97 million EUR), which would include large architectural homes of 220 to 350 square meters in premium locations like Queenstown or Auckland's best suburbs.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in New Zealand.
Are New Zealand property listing prices close to the actual sale price in 2026?
In New Zealand in 2026, buyers typically pay about 3% to 6% less than the original listing price when the sale closes.
This gap exists because New Zealand has relatively high listing stock right now, which gives buyers more negotiating power. The discount tends to be larger for properties that have been on the market longer or in areas with more competition among sellers, while well-priced homes in high-demand suburbs often sell closer to asking price.
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What is the price per sq m or per sq ft for properties in New Zealand in 2026?
As of early 2026, the median housing price per square meter in New Zealand is approximately NZ$5,400 ($3,130 USD or €2,673 EUR), which translates to about NZ$502 per square foot ($291 USD or €249 EUR). The average price per square meter is higher at around NZ$6,067 ($3,519 USD or €3,003 EUR), or NZ$564 per square foot ($327 USD or €279 EUR).
Central-city apartments and premium townhouses in Auckland, Wellington, or Queenstown have the highest price per square meter because expensive land costs are spread over smaller floor areas, while large older houses in regions like Whanganui or Invercargill have the lowest price per square meter because cheaper land and bigger homes dilute the cost.
In New Zealand in 2026, the highest price per square meter is found in Queenstown and Auckland's North Shore, where you can expect to pay NZ$7,500 to NZ$9,500 per square meter. The lowest ranges are in Whanganui and Invercargill, where prices sit around NZ$2,900 to NZ$3,700 per square meter.
How have property prices evolved in New Zealand?
Compared to one year ago, New Zealand housing prices in 2026 are up about 2% in nominal terms, though when you account for inflation they're actually down around 1% in real terms. This modest growth happened because mortgage rates fell from their peak and affordability improved, but high inventory levels kept buyers in a strong negotiating position.
Looking back ten years to 2016, New Zealand property prices have nearly doubled with a nominal increase of about 95%, or around 60% when adjusted for inflation. This dramatic rise was driven by years of housing supply not keeping up with demand, especially in major cities, combined with a long period of low interest rates before the 2022 tightening cycle.
By the way, we've written a blog article detailing the latest updates on property price variations in New Zealand.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in New Zealand.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in New Zealand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
How do prices vary by housing type in New Zealand in 2026?
The New Zealand property market in 2026 is dominated by standalone houses at around 70% of sales, followed by townhouses and units at about 20%, apartments at roughly 7%, and lifestyle or smallholding properties at about 3%, reflecting New Zealand's traditional preference for houses with land.
Average prices by property type in New Zealand as of the first half of 2026 are: entry-level units or small cottages in regional areas around NZ$350,000 ($203,000 USD or €173,000 EUR), apartments at around NZ$650,000 ($377,000 USD or €322,000 EUR), townhouses at around NZ$820,000 ($476,000 USD or €406,000 EUR), standalone houses at around NZ$950,000 ($551,000 USD or €470,000 EUR), character villas at around NZ$1,250,000 ($725,000 USD or €619,000 EUR), and luxury houses at around NZ$3,500,000 ($2.03 million USD or €1.73 million EUR).
If you want to know more, you should read our dedicated analyses:
How do property prices compare between existing and new homes in New Zealand in 2026?
New-build properties in New Zealand in 2026 typically cost 10% to 20% more per square meter than comparable existing homes.
This premium exists because new homes come with modern insulation, double glazing, and updated building systems that reduce maintenance costs, plus construction and compliance costs in New Zealand have risen significantly in recent years.
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How do property prices vary by neighborhood in New Zealand in 2026?
Auckland's North Shore is a popular family-oriented area with good beaches and schools, where standalone houses typically range from NZ$1,150,000 to NZ$1,400,000 ($667,000 to $812,000 USD or €570,000 to €693,000 EUR). Prices are high here because of the combination of lifestyle amenities, quality school zones, and easy access to Auckland's CBD.
Wellington City offers compact urban living with apartments and character homes ranging from NZ$780,000 to NZ$950,000 ($452,000 to $552,000 USD or €386,000 to €471,000 EUR). Government jobs, the knowledge sector, and a vibrant cultural scene make Wellington attractive to professionals who prefer walkable city living.
Christchurch provides a more affordable family market where three-bedroom homes typically cost between NZ$635,000 and NZ$776,000 ($368,000 to $450,000 USD or €315,000 to €384,000 EUR). The city has rebuilt extensively since the earthquakes and offers good value compared to Auckland and Wellington.
You will find a much more detailed analysis by areas in our property pack about New Zealand. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Category | Price Range (NZD / USD) | Per sqm (NZD / USD) | Per sqft (NZD / USD) |
|---|---|---|---|---|
| Whanganui | Budget / Value | NZ$440k-540k / $255k-313k | NZ$2,900-3,600 / $1,700-2,100 | NZ$270-330 / $156-191 |
| Invercargill | Budget / Value | NZ$455k-555k / $264k-322k | NZ$3,000-3,700 / $1,700-2,100 | NZ$280-340 / $162-197 |
| Gisborne | Lifestyle / Regional | NZ$536k-655k / $311k-380k | NZ$3,600-4,400 / $2,100-2,600 | NZ$330-410 / $191-238 |
| Dunedin | Student / Yield | NZ$555k-678k / $322k-393k | NZ$3,700-4,500 / $2,100-2,600 | NZ$340-420 / $197-244 |
| Napier | Coastal / Lifestyle | NZ$617k-755k / $358k-438k | NZ$4,100-5,000 / $2,400-2,900 | NZ$380-460 / $220-267 |
| Christchurch | Family / Balanced | NZ$635k-776k / $368k-450k | NZ$4,200-5,200 / $2,400-3,000 | NZ$390-480 / $226-278 |
| Nelson | Lifestyle / Retiree | NZ$650k-795k / $377k-461k | NZ$4,300-5,300 / $2,500-3,100 | NZ$400-490 / $232-284 |
| Lower Hutt | Commute / Value | NZ$605k-740k / $351k-429k | NZ$4,000-4,900 / $2,300-2,800 | NZ$370-450 / $214-261 |
| Wellington City | Urban / Professional | NZ$780k-952k / $452k-552k | NZ$6,000-7,300 / $3,500-4,200 | NZ$560-680 / $325-394 |
| Papakura | Entry Auckland | NZ$730k-892k / $423k-517k | NZ$4,900-6,000 / $2,800-3,500 | NZ$450-560 / $261-325 |
| North Shore | Family / Premium | NZ$1.15m-1.40m / $667k-812k | NZ$7,700-9,300 / $4,500-5,400 | NZ$720-860 / $418-499 |
| Queenstown | Luxury / Lifestyle | NZ$1.41m-1.72m / $817k-998k | NZ$7,800-9,600 / $4,500-5,600 | NZ$720-890 / $418-516 |
How much more do you pay for properties in New Zealand when you include renovation work, taxes, and fees?
When buying property in New Zealand in 2026, you should budget an additional 2% to 4% on top of the purchase price for an existing home with no major renovation needed, or 7% to 20% extra if you plan significant renovations soon after purchase.
For a property around $200,000 USD (approximately NZ$345,000), your additional costs would typically be around NZ$10,000 to NZ$14,000 ($5,800 to $8,100 USD), covering legal fees, inspections, and moving costs. This brings your total outlay to approximately NZ$355,000 to NZ$359,000 ($206,000 to $208,000 USD).
For a property around $500,000 USD (approximately NZ$862,000), expect additional costs of around NZ$26,000 to NZ$35,000 ($15,000 to $20,000 USD) for fees and basic setup, bringing your total to approximately NZ$888,000 to NZ$897,000 ($515,000 to $520,000 USD).
For a property around $1,000,000 USD (approximately NZ$1,720,000), additional costs without major renovation would be around NZ$52,000 to NZ$69,000 ($30,000 to $40,000 USD), or significantly more if you plan renovations, potentially bringing your total to NZ$1,772,000 to NZ$1,789,000 ($1,028,000 to $1,038,000 USD) before any renovation work.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in New Zealand.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in New Zealand
| Expense | Category | Estimated Cost (NZD / USD) |
|---|---|---|
| Legal / Conveyancing | Fees | NZ$1,400 to NZ$2,000 ($812 to $1,160 USD). This covers the lawyer who handles the property transfer, title searches, and settlement paperwork. More complex transactions cost more. |
| Building Inspection | Fees | NZ$500 to NZ$900 ($290 to $522 USD). A qualified inspector checks the property's structure, moisture levels, and overall condition. Essential for identifying hidden problems before you commit. |
| LIM Report | Fees | NZ$250 to NZ$450 ($145 to $261 USD). The Land Information Memorandum from the local council reveals building consents, zoning, and any known issues with the property. |
| Valuation | Fees | NZ$700 to NZ$1,200 ($406 to $696 USD). Your bank may require an independent valuation to approve the mortgage. Some lenders include this in their service, others charge separately. |
| Mortgage Setup / Bank Fees | Fees | NZ$0 to NZ$1,000 ($0 to $580 USD). Some banks charge application or establishment fees while others waive them as part of promotional offers. Always ask what fees apply. |
| Moving / Setup Costs | Fees | NZ$800 to NZ$2,500 ($464 to $1,450 USD). Covers professional movers, utility connections, mail redirection, and initial household setup. Costs vary based on distance and volume. |
| Initial Maintenance Buffer | Renovation | NZ$2,000 to NZ$10,000 ($1,160 to $5,800 USD). A sensible reserve for unexpected repairs or minor fixes you discover after moving in. Older homes typically need more. |
| Renovation (Kitchen / Bathroom / Paint) | Renovation | Typically 5% to 15% of purchase price. A basic refresh with new paint and fixtures sits at the lower end, while full kitchen and bathroom renovations push toward the higher end. |
We made this infographic to show you how property prices in New Zealand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in New Zealand in 2026 with different budgets?
With $100,000 USD (around NZ$172,000), conventional freehold housing is very limited in New Zealand. You might find a tiny relocatable home of 30 to 45 square meters on a leased site, a small share in a leasehold arrangement in a low-cost area, or possibly a retirement village license-to-occupy unit (which is not freehold ownership).
With $200,000 USD (around NZ$345,000), you could purchase a one or two bedroom older unit of 60 to 80 square meters in Invercargill, a small two bedroom cottage of 70 to 90 square meters on the outskirts of Whanganui, or a small older townhouse in another affordable regional town, all existing homes.
With $300,000 USD (around NZ$517,000), your options expand to a two or three bedroom house of 90 to 120 square meters in Whanganui, a two bedroom townhouse of 80 to 100 square meters in outer Dunedin suburbs, or a similar sized house in Gisborne, all existing properties.
With $500,000 USD (around NZ$862,000), you could buy a three bedroom family home of 140 to 170 square meters in Christchurch, a two or three bedroom townhouse of 110 to 140 square meters in Lower Hutt, or an entry-level smaller home in Auckland's Papakura area, all existing homes.
With $1,000,000 USD (around NZ$1,720,000), you could purchase a four bedroom house of 180 to 240 square meters on Auckland's North Shore, a high-quality character home in Wellington City, or a near-luxury property in Christchurch's premium pockets, typically existing but well-maintained or renovated homes.
With $2,000,000 USD (around NZ$3,450,000), you enter the luxury market where you could buy a 250 to 350 square meter home in Queenstown, a large house in Auckland's premium suburbs with excellent school zoning, or an architect-designed coastal lifestyle property, often existing homes that have been renovated to high standards or new builds.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in New Zealand.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about New Zealand, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Real Estate Institute of New Zealand (REINZ) | REINZ is the industry body that compiles widely cited sales statistics from real estate agents nationwide. | We used it for the national median sale price and year-on-year change from the November 2025 release. We treated this as the transaction-price anchor for our January 2026 estimates. |
| Cotality (CoreLogic NZ) Home Value Index | Cotality is a long-standing property data provider whose hedonic index methodology is widely used by banks and policymakers. | We used it for national and regional median property values including Auckland, Wellington, and many other cities. We also used its peak-to-current and annual change data to verify price levels. |
| QV (Quotable Value) | QV is New Zealand's government-owned valuation and property data organization, commonly referenced across the market. | We used it for the national average home value to triangulate an average price estimate. We used it as a second check against Cotality's median value and REINZ's median sale price. |
| Reserve Bank of New Zealand (RBNZ) | RBNZ is New Zealand's central bank and its published exchange rate series is the cleanest official reference for currency conversions. | We used it to convert NZD amounts into USD and EUR using late December 2025 rates. We applied those same rates as a practical January 2026 working assumption throughout the article. |
| Stats NZ Consumer Price Index | Stats NZ is the official statistics agency and CPI is the standard inflation measure for real price comparisons. | We used the latest published annual CPI rate to estimate inflation-adjusted price changes. We used CPI as the deflator for the one year ago and ten years ago comparisons. |
| Stats NZ 2023 Census Housing Data | The Census provides the most comprehensive official snapshot of New Zealand's housing stock composition. | We used it to estimate the breakdown of property types in the market. We referenced dwelling type outputs to support our estimates of houses versus townhouses versus apartments. |
| Trade Me Property | Trade Me is New Zealand's largest online marketplace and provides practical guidance on property transaction costs. | We used it for typical conveyancing fee ranges. We cross-referenced these with standard market expectations reported by legal professionals. |
| Auckland Council | Auckland Council governs New Zealand's largest city and provides official local property and planning information. | We used Auckland Council resources to understand local market dynamics. We referenced their data when analyzing Auckland sub-markets like North Shore and Papakura. |
| Wellington City Council | Wellington City Council provides official information about the capital city's property market and planning rules. | We used it to understand Wellington's housing characteristics. We referenced Wellington-specific data when analyzing the city's property values and neighborhood profiles. |
| Christchurch City Council | Christchurch City Council provides data on the South Island's largest city, which has rebuilt extensively since the earthquakes. | We used it to understand Christchurch market context. We considered post-earthquake rebuilding when analyzing Christchurch property values and market characteristics. |
| Queenstown Lakes District Council | QLDC governs New Zealand's premier resort destination and provides official local property information. | We used it to understand Queenstown's unique luxury market dynamics. We referenced local factors when explaining why Queenstown has New Zealand's highest property values. |
| Dunedin City Council | Dunedin City Council provides official information about this South Island university city. | We used it to understand Dunedin's student-influenced housing market. We referenced local characteristics when analyzing Dunedin's relatively affordable property prices. |
| Hutt City Council | Hutt City Council governs Lower Hutt, an important commuter market for Wellington. | We used it to understand the Lower Hutt market dynamics. We referenced commuter patterns when explaining Lower Hutt's position as a value alternative to Wellington City. |
| Nelson City Council | Nelson City Council provides official data on this popular lifestyle and retirement destination. | We used it to understand Nelson's market characteristics. We referenced lifestyle factors when analyzing Nelson's property values and buyer demographics. |
| Napier City Council | Napier City Council provides information about this coastal Hawke's Bay city. | We used it to understand Napier's coastal lifestyle market. We referenced local characteristics when analyzing Napier property values. |
| Gisborne District Council | Gisborne District Council governs this East Coast regional center. | We used it to understand Gisborne's regional market dynamics. We referenced local factors when analyzing Gisborne's affordable property prices. |
| Whanganui District Council | Whanganui District Council provides information about one of New Zealand's most affordable property markets. | We used it to understand why Whanganui offers some of New Zealand's lowest property prices. We referenced local characteristics when analyzing entry-level buying opportunities. |
| Invercargill City Council | Invercargill City Council governs New Zealand's southernmost city, known for affordable housing. | We used it to understand Invercargill's budget-friendly market. We referenced local factors when discussing entry-level property options in the deep south. |
| New Zealand Treasury | The Treasury is the government's lead economic and financial advisor and provides macroeconomic context. | We used Treasury data to understand broader economic factors affecting housing. We referenced economic conditions when analyzing market drivers. |
| Ministry of Business, Innovation and Employment (MBIE) | MBIE oversees building and construction policy and provides data on housing supply. | We used MBIE resources to understand construction costs and supply dynamics. We referenced building trends when explaining new-build premiums. |
| Ministry of Housing and Urban Development (HUD) | HUD is the government department responsible for housing policy in New Zealand. | We used HUD resources to understand housing policy context. We referenced government housing initiatives when analyzing market trends. |
| Interest.co.nz | Interest.co.nz is a respected independent financial news site that tracks mortgage rates and property data. | We used it to cross-reference property market commentary. We checked mortgage rate trends when analyzing affordability factors affecting the market. |
| New Zealand Herald Property Section | The NZ Herald is New Zealand's largest newspaper and its property section provides market coverage and analysis. | We used it to verify market trends and sentiment. We cross-referenced property news when analyzing current market conditions and buyer behavior. |
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