House prices in Nelson are on the rise, while the Tasman market has taken a step back, according to new data.
The latest figures from the Real Estate Institute of New Zealand (REINZ) for March 2026 show Nelson’s median house price increased 9.2 per cent over the past year, climbing from $650,000 to $710,000.
That makes it one of the strongest increases in the country, second only to Southland, which saw prices rise 11.9 per cent.
In contrast, neighbouring Tasman saw prices fall. The median price dropped 6.7 per cent over the year, from $851,000 to $794,000.
REINZ chief executive Lizzy Ryley says most buyers in the region were owner-occupiers and first-home buyers, with fewer investors in the market.
“The majority of buyers remain owner-occupiers and first home buyers. There were fewer enquiries from investors and those at the top end of the market.”
She says sellers were adjusting their expectations to match current conditions, especially as more properties came onto the market. Open home attendance was strong early on and remained steady.
Fewer auctions were held than in previous months, but those that did take place had good results.
Despite the increase in Nelson, the overall mood of the market is cautious. Buyers are still active but taking longer to make decisions, with concerns about the economy and job security playing a role.
“Local salespeople anticipate a cautious market over the next three months, with buyers and vendors proceeding carefully amid high stock levels,” Lizzy says.
Across the country, the housing market remained steady in March despite global uncertainty and rising fuel prices. Sales activity was similar to last year, while the national median price dipped slightly by 0.3 per cent to $788,000.
“March shows a housing market holding its nerve. Despite rising fuel costs and global uncertainty, buyers didn’t step away, but they are becoming more cautious,” Lizzy says.
The figures suggest buyers are still active, but more careful about their decisions.
