The New Zealand Property Report

Key figures

• Central Otago/Lakes records a new average asking price high of $1,671,980
• National average asking price remains flat, down just 0.2% year-on-year to $862,518
• 9,521 new listings nationally, a 0.3% increase year-on-year
• Stock levels up 5.0% year-on-year to 36,130

Latest data from realestate.co.nz shows Central Otago/Lakes District has set a new 18-year asking price record of $1,671,980. This is a 20.1% increase from May 2025 and surpasses the region’s previous high of $1,661,390 set in December 2023.

In May 2016, property could be purchased in the region for an average of $836,782, which was $45,000 less than an Auckland home. Today, that gap has been reversed. Auckland’s average asking price of $1,018,960 in May is $653,000 less than Central Otago/Lakes District.

The surge in prices has been driven primarily by the Queenstown and Wanaka districts, where average asking prices reached $2,028,738 and $1,713,239 respectively in May 2026, while the Central Otago district sits around half at $974,076.

Note to editors: District data is a truncated 80% mean but not seasonally adjusted like the regional data.

realestate.co.nz spokesperson Vanessa Williams says the shift reflects a fundamental change in what Kiwis value in property.

"Lifestyle, landscape, and liveability have become serious price drivers, and Central Otago/Lakes District has them all. Especially in a world where hybrid working means buyers no longer have to choose between a great job and a great place to live."

Which regions recorded the highest number of new listings in May?

Across Aotearoa, there were 9,521 new listings on the market in May, the highest level for the month of May since 2018.

Coromandel led the charge with a 48.1% year-on-year increase. Four other regions also recorded double-digit growth: Taranaki up 19.2%; Otago up 15.5%; Southland up 14.0%; and Nelson up 12.6%.

Wairarapa was the only region to record a double-digit decline, with new listings down 11.2% year-on-year.

Williams says although economic uncertainty remains, many sellers appear to be recognising the opportunities this market presents.

National average asking price remains steady, but four regions shine

The national average asking price fell just 0.2% year-on-year, to $862,518 in May 2026, extending a period of stability that has now lasted more than three years.

However, at a regional level, performance varied considerably.

Alongside Central Otago/Lakes District’s record average asking price, three other regions set 18-year record highs for the month:

• West Coast was up 11.7% year-on-year to $559,572.
• Southland’s asking price of $595,901 was a 5.9% increase year-on-year.
• Marlborough recorded an average asking price of $805,949, up 5.3% year-on-year.

Taranaki recorded the greatest decline, dropping 9.7% year-on-year to $678,359.

How much stock is on the market?

Buyers still have plenty of choice with national stock levels rising 5.0% year-on-year to 36,130 (up from 34,415 in May 2025). Gisborne led the way with a 38.9% increase in stock year-on-year.

Only four regions recorded lower stock levels than a year ago.

Southland continued to record the country’s largest stock decline, down 17.8% year-on-year, a position the region has held for the past 11 months.

Central Otago/Lakes District’s stock levels fell 13.3% year-on-year, as did West Coast (6.2%) and Canterbury (5.2%).

For media enquiries, please contact:

Hannah Franklin | hannah@realestate.co.nz

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