Source: eXp New Zealand
The latest research from eXp New Zealand has found that almost a quarter of homes currently listed for sale across New Zealand have seen an asking price reduction within the last 28 days, as sellers continue to adjust expectations in a slower-moving market environment.
The research by eXp New Zealand analysed current for-sale listings across the New Zealand market, looking at the proportion of homes that have seen a price adjustment over the last 28 days.
Across New Zealand as a whole, 23.4% of homes currently listed for sale have seen an asking price reduction within the last month.
Wellington has seen the highest proportion of price-adjusted listings, with 33.9% of homes on the market seeing a reduction in asking price over the last 28 days.
Gisborne ranks second at 28.2%, followed by the Bay of Plenty at 27.5%, Hawke’s Bay at 27.3%, and Canterbury at 25.6%.
Even Auckland, New Zealand’s largest housing market, has seen 24.0% of listings reduced in price, whilst Otago (23.4%) and Waikato (23.1%) also sit above the national average.
The figures suggest that many sellers are still pricing homes based on expectations formed during the post-pandemic property boom, despite current market conditions being notably slower and more balanced in favour of buyers.
As a result, homes entering the market at overly ambitious price points are increasingly requiring reductions later in the sales process in order to generate renewed buyer interest.
Head of eXp New Zealand, Matt Jones, commented:
“One of the biggest mistakes sellers can make in the current market is relying too heavily on historic pricing expectations rather than current buyer behaviour.
During the pandemic boom there was an expectation that strong offers would come quickly and competition between buyers would naturally push prices higher, but today’s market conditions are very different.
Buyers have far more choice, they’re more cautious, and they’re much more value conscious, particularly given wider economic pressures and affordability considerations.
That means local expertise is absolutely vital when it comes to pricing a home correctly from day one. A broad understanding of national trends is important, but understanding exactly what buyers are willing to pay within a specific suburb or market at a specific moment is even more critical.
When a property is overpriced at launch it can often sit on the market for longer than expected, which ultimately weakens negotiating power and makes a price reduction almost inevitable further down the line in order to reignite interest.”
Data tables and sources
• Data sourced from Realestate.co.nz listings data collected on 30th March 2026.
• Analysis based on the proportion of active for-sale listings showing an asking price reduction within the previous 28 days.