The Top of the South property market continues to show mixed results across the region, with pricing and buyer behaviour varying by area.

Source: REINZ – New Zealand Property Report, December 2025  *Compared to December 2024, REINZ Monthly Property Report Published January 2026.

Nelson saw the median price decrease 4.3% year-on-year, settling at $718,000.
Marlborough experienced an uplift, with the median price up 6.5% year-on-year to $660,000.
Tasman recorded a slight softening, with the median price down 1.6% year-on-year to $810,000.

Across the region, first home buyers remain the most active segment, providing consistent momentum. Some overseas buyer activity was noted in Nelson, while the Marlborough Sounds saw a reduction in buyers operating above the $1 million price point.

Vendor expectations continue to adjust to current market conditions. As supply has begun to outweigh demand in some areas, many sellers are adopting a more realistic and pragmatic approach to pricing.

Open home attendance varied, with stronger turnout at selected properties, though overall numbers remained modest. Auction activity also differed by location. In Nelson, auctions are increasingly being used as a sales strategy by agents, while Blenheim saw limited auction attendance and lower seller confidence in auctions as a preferred method of sale.

Encouragingly, market sentiment is improving, driven by increased buyer interest, steady sales volumes, and growing positivity among participants. Local salespeople expect the market to remain a buyer’s market in the near term, with optimism that sales volumes will lift as both local and visiting buyers re-enter the market.

The Top of the South average days to sell currently sits at 35 days, reflecting a market that is active but still measured — rewarding well-presented, well-priced properties.

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