Homes for sale: Where stock has grown the most

Elevated supply continues to shape New Zealand’s market

The high supply of homes for sale has become a key driver of New Zealand’s housing market in recent years, with the wide choice for buyers helping to keep pressure off prices. Whilst the high supply holds true for most of the country, a handful of districts have gone the other way.

Housing stock up 45% nationally

At national level, the supply of homes for sale has risen 45% from 22,750 in August 2023 to 32,908 in August 2026. To help understand how this rise is distributed across the country, we used the individual for sale listings at those time points to help build up a district-level comparison.

Most districts are impacted

The rise is widespread with 71 of the country’s 78 council districts showing a rise in stock over the 3-year period. Among the major cities, the Wellington region has been hardest hit, reflecting the weaker public sector job market and the unwinding of a strong pre-downturn run-up in prices. Stock is also up in the Auckland region, Hamilton and Tauranga, while Christchurch is also affected to a lesser degree.

Few districts bucked the trend

The ten largest increases in stock were registered in parts of Wellington, Gisborne, Auckland, Manawatu and Otago. Seven districts bucked the national trend, with their supply of homes for sale getting tighter over the 3 years. These districts were located in parts of the Waikato, Southland and Central Otago.

An opportunities for buyers

For buyers, the elevated supply of homes for sale presents opportunity. More choice allows greater ability to compare properties and negotiate terms without the fear of missing out.

What this means for vendors

For vendors, the situation translates to increased competition. In this environment, effective marketing, dedicated salespeople and a realistic pricing strategy are key ingredients for a successful sale.

Tight supply likely to keep price growth modest

Nationally, we expect the market will take some time to work through the elevated supply of homes for sale. Until then, price growth is likely to remain modest. Our analysis does however show supply is tight in some areas, so a local agent’s view is a valuable starting point for buyers and vendors looking to navigate their local market.