Palmerston North and Manawatū Property Market Report, July 2026

Palmerston North recorded 119 residential sales during June, while the city’s median sale price increased to $632,000. Buyers remain active but selective, and properties that are well presented and accurately priced continue to attract the strongest response.

Kia ora and welcome to the July property market update

This July update reports the latest available sales data from June 2026.

June delivered another month of mixed signals across the New Zealand housing market.

Nationally, prices remained relatively steady, but conditions continued to vary considerably between regions. Locally, Palmerston North recorded a healthy level of sales activity and a stronger median price than both May 2026 and June last year.

However, this is not a market being driven by urgency or fear of missing out. Buyers generally have time, choice and access to plenty of information. They are comparing properties carefully, completing their due diligence and making decisions based on value.

The result is a market where good properties are still selling, but price, presentation and marketing strategy matter enormously.

New Zealand property market overview

The national median sale price was $770,000 in June 2026, up 0.7% from $765,000 in June 2025 but down 1.3% from May.

There were 5,996 residential sales nationally, down 2.9% from June last year and 11% from May. Once normal seasonal patterns were taken into account, national sales activity was only 1.7% lower than the previous month.

The national median time to sell was 48 days, one day faster than June 2025.

The difference between the median price and the House Price Index is worth noting. The median price can be affected by the mix of properties sold during a particular month, while the House Price Index provides a broader indication of underlying property value movements.

The slightly negative national index suggests that, beneath the headline median, property values remain relatively soft overall.

Regional differences remain significant

There continues to be no single national housing market.

Canterbury recorded a median price of $710,000, up 5.2% year on year, while the West Coast recorded a 12.9% annual increase to $474,350. Southland had the country’s strongest annual House Price Index movement, increasing 8.6%.

At the other end of the spectrum, Wellington remained subdued. Its median price was unchanged from June 2025 at $750,000, but sales were down 10.3% and the median time to sell reached 56 days.

This reinforces the importance of relying on local evidence rather than broad national headlines.

Palmerston North property market

Palmerston North recorded 119 residential sales in June 2026.

That was slightly below the revised total of 121 sales recorded in May, but 12.3% higher than the 106 sales recorded in June 2025.

The city’s median sale price increased to $632,000, compared with a revised $622,000 in May and $586,000 in June last year.

• A 1.6% increase from May
• A 7.8% increase from June 2025
• 119 completed sales
• A 12.3% annual increase in sales volume

These figures indicate that Palmerston North performed more strongly than the wider national market during June. However, one month’s median result should never be interpreted as proof that every property has increased by the same percentage.

The median can move depending on the type and price range of the homes sold during the month.

Palmerston North sales by price range

Based on the local sales data provided, June transactions were distributed as follows:

Approximately two thirds of recorded sales occurred at or below $700,000.

The largest concentration was between $501,000 and $700,000, which accounted for 44% of transactions. This remains an important segment for first home buyers, downsizers and established owner occupiers.

Seven sales were recorded above $1 million, showing that there is still activity at the upper end of the Palmerston North market. However, premium properties generally require particularly strong presentation, targeted promotion and realistic price expectations.

There were also three residential section sales recorded during June.

How long are Palmerston North properties taking to sell?

The local data supplied records a median selling period of approximately 39 days, although a separate local summary also refers to 46 days. These figures may reflect different property selections or reporting methods.

At a wider Manawatū and Whanganui regional level, REINZ recorded a median of 52 days to sell, compared with the 10 year June average of 42 days.

The regional market had approximately 22 weeks of inventory, four weeks more than at the same time last year.

The practical message is that buyers generally have more choice and less pressure to act immediately.

New listings often receive their best attendance and enquiry during their first two or three weeks on the market. After that, activity can taper away unless the property is clearly positioned as good value.

That makes the launch period extremely important. Photography, presentation, pricing, promotion and follow up all need to work together from the beginning.

Palmerston North listing supply

Approximately 435 to 445 residential properties were available for sale in Palmerston North during the reporting period.

That level of supply gives buyers a meaningful range of alternatives. Buyers can compare properties, wait for new listings and negotiate without the urgency experienced during more competitive market cycles.

For sellers, this does not mean a property cannot achieve a strong result. It means the home needs to stand out for the right reasons.

Ashhurst property market

Ashhurst recorded four residential sales during June. These transactions are included within the Palmerston North City figures.

With a relatively small number of monthly transactions, Ashhurst statistics can fluctuate significantly depending on the individual properties sold. A small number of higher or lower priced transactions can noticeably affect averages and medians. Property specific evidence is therefore more reliable than relying solely on a single monthly suburb figure.

Feilding property market

Feilding recorded 24 residential sales in June 2026, down from 35 sales during May and broadly comparable with the 26 sales recorded in June 2025.

The median sale price was $560,000, while the median selling period was 37 days.

The median rateable value of the properties sold was $550,000, and the median asking price was $585,000.

Approximately 160 to 165 properties were available for sale in Feilding, slightly higher than the previous reporting period. No residential section sales were recorded.

The wider Manawatū District data contained in the REINZ report records 28 sales at a median of $554,000. This includes areas outside Feilding, so it should not be compared directly with Feilding township figures.

Levin and Horowhenua

Levin recorded 32 residential sales in June, with a median sale price of $490,000 and a median selling period of 56 days.

The median rateable value was $520,000, while the median asking price was $498,000. Approximately 210 to 215 residential properties were available for sale.

Across the wider Horowhenua District, REINZ recorded 47 sales at a median price of $490,000. Sales were down 19% from June 2025, while the median price was 2% lower year on year.

Foxton and Foxton Beach

Foxton township recorded two residential sales, with an average sale price of $573,500 and an average marketing period of 107 days.

Foxton Beach recorded seven residential sales, with an average sale price of $396,200 and an average marketing period of 178 days.

Because these areas had relatively few transactions, the averages can be heavily influenced by the particular homes sold. They should not be treated as a direct valuation guide for an individual property. No residential sales were recorded in Tokomaru.

From the coal face locally

June remained a difficult and unpredictable market.

Concern surrounding international conflict, global markets, job security, household costs and the approaching general election continued to affect confidence.

For many households, discretionary income remains extremely limited. Buyers are not only thinking about the purchase price. They are also considering mortgage repayments, insurance, rates, maintenance, transport, food and energy costs.

The properties selling most successfully are generally those where vendors recognise the conditions and are prepared to meet the current market.

New listings can still attract good attendance during their first few open homes. However, that interest does not always translate immediately into offers.

There is little evidence of widespread fear of missing out. Most buyers do not feel they need to purchase the first suitable property they see. They are comparing options and taking their time.

This does not mean buyers are inactive. It means they are more selective.

A property that is well presented, properly promoted and supported by a realistic pricing strategy can still generate strong competition. A property that begins above the market may receive online views and open home visitors but struggle to convert that attention into offers.

What has changed economically?

The Official Cash Rate increased to 2.50%

On 8 July, the Reserve Bank increased the Official Cash Rate to 2.50%.

The Reserve Bank said inflation was expected to remain above its 1% to 3% target range in the coming quarters and that the increase was intended to help return inflation toward the 2% midpoint.

This is important for the property market because the OCR influences wholesale funding costs and, over time, mortgage and deposit rates. Some mortgage rates had already adjusted before the announcement because financial markets were expecting a change. The immediate effect on every borrower will differ depending on their lender, loan structure and fixed rate expiry date.

However, the broader message is clear: buyers are likely to remain careful about affordability, and households refixing mortgages may continue to face pressure.

Inflation increased to 4.1%

Figures released by Stats NZ on 21 July showed that the Consumers Price Index rose 1.5% during the June quarter and 4.1% over the year. Annual inflation had been 3.1% in the March quarter.

The increase explains why the Reserve Bank remains concerned about inflation and why interest rates may stay restrictive for longer than many households had previously hoped.

• Household living costs remain under pressure
• Borrowing capacity may be constrained
• Construction, insurance and maintenance costs can remain high
• Buyers may retain larger financial buffers
• Sellers may take longer to adjust their expectations

Employment conditions remain important

The most recent official labour market data available is for the March 2026 quarter. The national unemployment rate was 5.3%, while the employment rate was 66.7%.

Job security has a significant influence on housing confidence. Even buyers with finance approval may delay major decisions when they are uncertain about employment or future income.

This is especially relevant in a market where purchasers do not generally feel pressured by rapidly rising prices.

Economic recovery remains gradual

Treasury reported that the economy had begun showing early signs of recovery by late 2025 and early 2026, with GDP rising during the second half of 2025.

However, the recovery was expected to be gradual rather than rapid, and the Middle East conflict introduced additional uncertainty through energy prices and global financial conditions.

Net migration has also begun improving. Treasury reported seasonally adjusted net migration of 3,090 people in April, taking annual net migration to 22,811. Stronger migration can support housing demand over time, although the effects are not immediate and vary between regions.

What does this mean for Palmerston North sellers?

The local market is functioning, but buyers are setting the pace.

A seller should not interpret a quieter open home or a lack of immediate offers as evidence that there are no buyers. Often, buyers are watching several properties and waiting to see which vendor demonstrates the greatest willingness to transact.

Launching well

The first few weeks usually provide the best opportunity to reach the largest pool of active buyers.

Pricing from evidence

The most relevant evidence is recent comparable sales, current competing listings and feedback from genuine purchasers. A rateable value or an older market appraisal may not accurately reflect today’s buyer behaviour.

Responding to the market

Repeated feedback about price, presentation or condition should be treated as market evidence.

The market is always communicating. Sometimes it speaks loudly through multiple offers and busy open homes. At other times, it whispers through low enquiry, repeated objections and a lack of second viewings.

Understanding the cost of waiting

Holding out for a higher price may be appropriate in some circumstances. However, sellers should also consider additional mortgage payments, rates, insurance, maintenance and the possibility of competing stock entering the market.

What does this mean for buyers?

Buyers currently have more time and choice than they experienced during the strongest parts of the previous cycle. That creates opportunities, but good properties can still attract competition.

• Have finance approval updated before making an offer
• Understand the effect of current interest rates on repayments
• Complete proper building, legal and insurance checks
• Compare recent sales rather than relying only on asking prices
• Act decisively when the right property is fairly priced

Waiting indefinitely for the market to become perfect can create its own risks. A buyer’s decision should be based on affordability, personal circumstances and the suitability of the property rather than an attempt to predict the exact bottom of a market cycle.

Our view of the market

The Palmerston North market is best described as active but cautious.

Sales volumes remain respectable, and June’s median price was stronger than both May and June last year. However, the number of available properties, increased living costs and interest rate uncertainty mean buyers retain meaningful negotiating power.

We are not seeing a broad shortage of buyers. We are seeing a shortage of urgency.

Properties that offer obvious value can still sell well. Properties that begin with expectations above what buyers are prepared to pay generally take longer and may require a later price adjustment.

The market is likely to remain selective through winter. Confidence may improve as economic and political uncertainty clears, but sellers should make decisions using current evidence rather than relying on a future market change that may or may not occur.

June at a glance

Palmerston North

• 119 residential sales
• Median price of $632,000
• Up 1.6% from May
• Up 7.8% from June 2025
• Approximately 435 to 445 homes available
• 44% of sales occurred between $501,000 and $700,000

Feilding

• 24 residential sales
• Median price of $560,000
• Median selling period of 37 days
• Approximately 160 to 165 homes available

Levin

• 32 residential sales
• Median price of $490,000
• Median selling period of 56 days
• Approximately 210 to 215 homes available

New Zealand

• National median price of $770,000
• 5,996 residential sales
• Median selling period of 48 days
• National inventory up 7.3% annually

Thinking about selling?

Every property and every seller’s situation is different.

A broad market statistic cannot tell you exactly what your home is worth or how buyers are likely to respond to it. That requires an assessment of the property, its presentation, location, competing listings and the most recent comparable sales.

For a confidential and no obligation discussion about your property, contact Ants and the Team Ants Real Estate team.

REINZ statistics are based on unconditional residential sales reported by real estate agencies. Local township figures and available listing estimates may come from additional local reporting sources and can differ from REINZ territorial authority totals. Statistics for areas with a small number of sales should be interpreted with care.