NZ Property Market Update 27 March 26 | Rates, Auctions + House Prices

TLDR; by Luminate

It’s been one of those weeks where the market kept moving, but mostly in small, careful steps. Rates stayed largely where they were, buyers remained watchful, and fresh data kept confirming that confidence is returning, just not in a hurry. With Easter shortening next week and attention already drifting toward hot cross buns and long weekends, the market feels a little like it has hidden the big moves for now. We can at least be grateful butter prices have dropped a touch ahead of hot cross bun season. 🐣🧈

Home loan rates

No major moves on published mortgage rates this week. That said, wholesale funding remains firm, and banks are still pricing carefully behind the scenes. Negotiated deals remain sharper than carded rates, especially around 2 and 3 year terms.

ANZ sees a softer pace ahead

ANZ says the market is still moving, but slowly. House prices lifted 0.6% in February, though high stock levels and cautious buyers are keeping pressure on momentum. Their latest view is that prices may fall 2% across 2026 as costs stay elevated.

👉 Read the ANZ Property Focus

Auctions softened again

Auction activity remains patchy, with buyers still cautious and many sellers adjusting expectations. ANZ notes auction clearance rates are sitting below long run averages, which suggests confidence is improving, just gradually.

Oil risk keeps rates on watch

The Reserve Bank says if higher oil prices stick around and flow through to inflation, interest rates may need to stay higher for longer, or even rise again. It is not a forecast of immediate hikes, but it is a reminder that global energy shocks are still very capable of changing the rate outlook here.

So for now, the market keeps doing what it has done for most of this year: moving steadily, even if not dramatically. Rates are steady on the surface, buyers are still selective, and sellers are adjusting to a market where good opportunities are there for those prepared to look carefully. Heading into a shorter Easter week, it feels a bit like finding a hidden Easter egg, the rewards are there, you just need to know where to look.

If you’re thinking about fixing a rate, buying, refinancing, or simply want to understand what this market means for you, hit the button below and we’ll talk through your options together. Sometimes the right move is simply knowing where to look first.