NZ Property Market Update 17 July 26 | Rates Rise, House Prices Park the Bus

The World Cup is heading for the final whistle. New Zealand’s housing market, meanwhile, seems happy to park the bus and play for a draw.

Floating rates are up, fixed rates are holding and house prices are going nowhere fast. Here’s the TLDR.

TLDR; by Luminate | 17 July 2026

Floating mortgage rates are rising

ANZ, ASB, BNZ and Westpac have increased their floating home loan rates by 0.25%, passing on the Reserve Bank’s OCR increase.

ANZ and ASB’s main variable rates are now 6.04%, while BNZ’s standard variable rate increased to 6.09%.

Fixed rates are holding, for now

Fixed rates have not followed floating rates higher this week.

As at 17 July, the lowest advertised major-bank rates included:

• 6 months: 4.49%
• 1 year: 4.65%
• 2 years: 5.19%
• 3 years: 5.29%

The right option depends on more than the headline rate, including flexibility, fees and lender fit.

House prices remain flat

June’s REINZ data showed the national median price reached $770,000, up 0.7% annually. However, the House Price Index fell 0.8% and sales volumes were down 2.9%. Homes took a median of 48 days to sell.

The regions are playing different games

Auckland and Wellington recorded some of the largest annual price declines.

Canterbury’s median increased 5.2% to $710,000, while the West Coast led the country with 12.9% growth.

The market has not fallen over, but it is not exactly attacking with much intent either. Buyers still have negotiating room in many areas. Sellers need to remain realistic, and borrowers should prepare for rates to stay higher for longer.