Southland property prices hit record high as housing stock tightens

Southland's property market has hit a milestone, with average asking prices breaking through the $600,000 mark for the first time on record — part of a nationwide surge in activity that realestate.co.nz says has returned the market to 2021 peak levels.

The region's average asking price reached $617,879 in April 2026, a 17.9% jump year-on-year from $524,098 in April 2025, and the largest annual percentage increase of any region in New Zealand. Month-on-month, prices rose 12.7%.

It's the first time Southland has ever recorded an average asking price above $600,000.

Stock tightest in New Zealand
While prices are climbing, the number of homes available for sale is falling sharply. Southland recorded just 485 properties on the market — a 21.3% drop compared to April 2025, the steepest decline in housing stock of any region nationwide.

New listings also fell, with 161 new properties listed in April, down 10.6% on the same month last year.

The combination of fewer listings, shrinking stock and rising prices points to a market firmly tilted in favour of sellers.

Properties selling faster than anywhere
Southland's rate of sale — a measure of how quickly existing stock would clear at current sales rates — came in at just 10 weeks, well below the region's long-term average of 24 weeks, and the fastest rate of sale of any region in the country. Nationally, the inventory rate sits at 22 weeks against a long-term average of 26 weeks.

In practical terms, that means if no new homes came onto the market today, everything currently listed in Southland would be sold within ten weeks.

National picture
Nationally, total new listings were up 7.3% year-on-year to 9,139 in April 2026, and the average asking price rose 2.2% to $869,023. REINZ data shows 7,853 properties sold during March — the highest monthly total since November 2021.

realestate.co.nz CEO Sarah Wood says the market is finding a more sustainable rhythm than previous peaks.

"The market is finding its footing again and it's come with a more measured dynamic between buyers and sellers. There isn't the urgency of past peaks, this is more sustainable. Buyers have choice, sellers have confidence and the level of stability the property market is offering is enabling people to make considered decisions."

Canterbury also recorded an all-time asking price high of $735,798, up 3.8% year-on-year, while the West Coast posted a 22.1% annual increase to $560,725.

Source: realestate.co.nz NZ Property Report, April 2026. Average asking price is an indicator of market sentiment and is not a valuation or confirmed sale price.