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 slashed from asking prices nationwide in the three months to March 2026. The data indicates a shift in market dynamics, with sellers increasingly 'reading the room' and lowering prices to attract buyers in a slower market.
The trend reflects broader economic conditions, including high interest rates and tighter lending criteria, which have dampened buyer demand. Realestate.co.nz spokesperson Vanessa Williams said the data shows sellers are becoming more realistic about pricing.
Regional variations were noted, with the largest cuts in Auckland and Canterbury. The average price reduction across the country was around 3.5% of the original asking price, though this varied by region and property type.
