January reset keeps market in its comfort zone
ATOM GO TIAN RAY WHITE SENIOR DATA ANALYST
New Zealand’ s housing market kicked off 2026 in typical understated fashion. The national median house price settled at $ 753,106 in January, easing from December’ s $ 790,000 – a seasonal adjustment that occurs almost every summer.
More importantly, prices were 0.4 per cent higher than the year prior, marking the first positive year-on-year result for January since before the market correction.
January has long been the housing market’ s summer holiday. With buyers and sellers away, transaction volumes fell sharply and a smaller pool of sales can influence headline medians. This year followed that familiar pattern, with 3,837 homes sold nationally – a seasonal slowdown rather than a structural shift.
Viewed in this context, the underlying trend is encouraging. Activity typically rebuilds as households return, new listings come forward, and decision-making resumes after the holiday period. The fact that annual price growth has turned positive suggests the market is gradually transitioning away from stabilisation toward recovery.
Perhaps the clearest way to understand where the market sits as 2026 begins is to compare it with conditions five years ago, before the pandemic surge and subsequent correction reshaped housing dynamics.
National house prices remain 8.70 per cent below their July 2021 peak, while sales volumes are still 19.20 per cent lower. Listings, however, are 3.40 per cent higher than five years ago.
In practical terms, today’ s market offers buyers more choice at more sustainable price levels – a fair healthier foundation than the intense, supply-starved conditions of 2020 and 2021.
Encouragingly, activity continues to rebuild. The gap in sales volumes has narrowed steadily, improving from 26.10 per cent below five-year-ago levels in January 2025 to 19.20 per cent below in January 2026.
While transaction numbers have not yet returned to pre-pandemic norms, the direction of travel is clear: participation is strengthening as confidence gradually returns.
Christchurch continues to distinguish itself among major centres. With a median price of $ 699 and annual growth of 7.50 per cent, it recorded the highest January sales volume of any major city at 389 transactions, along with the fastest median selling time at 49 days. The city’ s combination of relative affordability, strong local economy, and steady population growth continues to underpin consistent demand.
Auckland also showed encouraging momentum, with prices rising 8.70 per cent year-on-year to $ 1,060,000. While sales volumes were modest at 247 transactions – typical for the holiday period – the annual gain suggests the market is rebuilding from last year’ s softer base, with conditions expected to firm as activity returns through autumn.
Wellington’ s market remains more subdued, with a median price of $ 815,500 down 5.20 per cent annually and a median selling time of 67 days. However, this softer phase may present opportunities for buyers seeking value, while lower price pressure can help support longer-term recovery.
Hamilton($ 755,000) and Tauranga($ 885,000) were broadly stable year-on-year, reflecting markets that appear to be consolidating after recent volatility.
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