Nelson, Tasman & Marlborough Market Update

The latest REINZ figures for November 2025 show a mixed but steady picture across the Top of the South, with price growth continuing in Nelson and Marlborough, while Tasman recorded a year-on-year softening.

Median Prices Across the Region

• Nelson: Median price increased 13.3% year-on-year to $745,000
• Marlborough: Median price rose 15.2% year-on-year to $749,000
• Tasman: Median price decreased 5.5% year-on-year to $780,000

While price growth remains strong in Nelson and Marlborough, the Tasman market reflects a more cautious buyer response, likely influenced by broader market conditions and increased choice.

Buyer Activity & Market Behaviour

First home buyers and owner-occupiers were the most active groups across the region in November. Investor enquiry remained lower, reflecting continued caution around yields and lending conditions.

Vendors were largely realistic with their pricing expectations, which has helped maintain solid engagement for well-presented homes. Open home attendance was strongest for new listings, with good momentum often carrying through into the second and third weeks of a campaign when the property met buyer expectations.

Auctions & Sales Conditions

Auctions are becoming a more commonly used sales method across the region. However, results under the hammer have been mixed, highlighting the importance of accurate pricing, presentation, and buyer competition.

Overall market sentiment continues to be influenced by:

• Surplus stock levels
• Ongoing job security concerns
• An increase in properties being withdrawn from the market
• Broader buyer choice and reduced urgency

Sales volumes were down 10.9% compared to October, reinforcing the measured pace of the market.

Looking Ahead to Summer

Despite the current lack of urgency, there is cautious optimism among local salespeople. The summer months are expected to bring an uplift in activity, particularly as overseas visitors return following the Christmas period — a trend that traditionally supports buyer confidence in the Top of the South.

“First home buyers and owner-occupiers were the most active buyer groups across the region… broader choice in available properties continues to contribute to a lack of urgency.”
– Lizzy Ryley, REINZ Chief Executive

What This Means for Sellers and Buyers

For sellers, realistic pricing and strong presentation remain key to generating competition. For buyers, the current market offers choice and time — but well-positioned properties continue to attract strong interest.

If you’re considering a move or would like a tailored view of how these figures apply to your property, the Summit team is here to help with local insight and honest advice.

Talk to a Local Summit Sales & Marketing Consultant