More than $54 million has been cut from property asking prices across New Zealand in the first quarter of 2026, new data shows, as sellers adjust expectations to better match what buyers are willing to pay.
Figures from realestate.co.nz show $54.7 million was wiped from asking prices between January and March — down more than $8 million compared with the same period last year.
The drop has occurred despite more homes coming onto the market and the total value of new listings rising by nearly $800 million year on year.
In total, 1647 properties nationwide lowered their asking price in Q1, down slightly from 1686 a year earlier. That represents 4.9% of all listings, compared with 5.2% in Q1 2025.
On average, vendors who reduced their price took $33,212 off each listing, also lower than last year's average cut of $37,393.
Realestate.co.nz spokesperson Vanessa Williams said the data suggested sellers were becoming more realistic.
"More listings would normally mean more discounting, but that's not the case this quarter," Williams said.
"The data tells us that sellers are reading the room and pricing their properties closer to what buyers are willing to pay."
During the quarter, 33,326 new properties were listed, up from 32,296 a year earlier. The total value of all new listings rose to $35.0 billion, from $34.2 billion in Q1 2025.
Williams said national asking prices had remained broadly flat for more than three years, putting pressure on vendors to meet the market.
"Buyers are still taking a considered approach, but the market is moving," she said.
"Well presented and well priced properties are continuing to attract interest."
Regional differences
The size of price reductions varied widely across the country.
Coromandel recorded the largest average cut, with sellers trimming $72,049 from their original asking prices. Wellington followed with an average drop of $51,841.
Northland, Central Otago/Lakes District and Auckland rounded out the top five, with average reductions of $39,353, $38,774 and $37,975 respectively.
Northland and Manawatū-Whanganui also recorded the highest share of price drops relative to total listings.
Manawatū-Whanganui had 12% of listings reduce their price, while Northland followed at 11%. Both marked their highest levels since realestate.co.nz began tracking the data in early 2024.
The Central North Island also reached a record high, with 8% of listings dropping their asking price.
At the other end of the scale, Auckland and Canterbury saw the least discounting, with just 2% of listings reducing their price.
"What this shows is that conditions can vary significantly across the country," Williams says.
"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."
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