News Next article
Arrowtown crowned Aotearoa’s most expensive postcode
Property Pulse Report - March 2026
By Gavin Lloyd 15 April 2026.jpg)
New Zealand’s property market continues to show a ‘wait and see’ approach as national asking prices dipped slightly in March, while a new leaderboard of the country’s most expensive postcodes reveals a shift in luxury demand toward the South Island.
Trade Me’s Property Pulse Report shows the national average asking price sat at $862,550 in March, flat (0.3%) year-on-year and down 2.5 per cent from February.
Property prices March 2025 - March 2026
Mr Lloyd says while this upward movement is a welcome sign for market confidence, it's important to keep expectations grounded.
“Given the current economic climate, we’re unlikely to see a return to the rapid growth of previous years. Instead, we are seeing a measured, sustainable recalibration, and while the tide has turned in a positive direction, the market is likely to favour steady, incremental growth as opposed to sharp spikes.”
The golden postcodes
While the national average cooled, the top end of the market is heating up.
New data from the first three months of the year reveals the suburbs that are leading the charge in property values, with Arrowtown claiming the early title of the most expensive with an average asking price in 2026 of more than $3 million dollars.
The Central Otago hotspot is followed by Tāmaki Makaurau’s Parnell ($2,640,350) and Westmere ($2,598,900), which makes its top three debut. Former frontrunner Remuera ($2,378,500) has slipped to fourth position, while Ponsonby ($2,300,650) rounds out the top five of the year to date.
Trade Me Property Customer Director Gavin Lloyd says the rise of Arrowtown reflects a broader trend of premium lifestyle-seeking among Kiwi buyers.
"Arrowtown hitting the $3 million mark is a massive milestone. It’s no longer just a holiday destination, it’s fast becoming a status postcode for those looking for a mix of heritage charm and alpine luxury," said Lloyd.
"While Auckland still dominates 15 of the top 20 most expensive spots, the South Island is making its presence felt with Arrowtown, Wānaka, Queenstown and Christchurch’s Fendalton all firmly in the multi million-dollar club".
Regional highlights and inventory
The March data shows a surge in activity as Kiwi head into autumn.
New listings across the country are up 2 per cent from February, and buyer demand also remains resilient, with search activity up 5 per cent month-on-month.
"We are seeing a fairly balanced market right now," Lloyd added.
"Supply is up, but so is demand. It’s a great time for buyers who have been sitting on the sidelines, as they have more choice than they did a year ago, particularly in regions such as Otago and Southland where new listings have jumped by 14 per cent and 15 per cent respectively".
Top 20 most expensive suburbs in New Zealand for Jan–Mar 2026
The data reflects the Property Price Index for January, February, and March 2026. The analysis is based on the following filters: Suburbs with 30 or more live listings and property category is 'Residential For Sale' or 'New Homes'.
| Suburb | Property Price Index | ||
|---|---|---|---|
| Arrowtown, Queenstown-Lakes | Arrowtown, Queenstown-Lakes | $3,026,200 | $3,026,200 |
| Parnell, Auckland City | Parnell, Auckland City | $2,640,350 | $2,640,350 |
| Westmere, Auckland City | Westmere, Auckland City | $2,598,900 | $2,598,900 |
| Remuera, Auckland City | Remuera, Auckland City | $2,378,500 | $2,378,500 |
| Ponsonby, Auckland City | Ponsonby, Auckland City | $2,300,650 | $2,300,650 |
| Devonport, North Shore City | Devonport, North Shore City | $2,139,750 | $2,139,750 |
| Saint Heliers, Auckland City | Saint Heliers, Auckland City | $2,055,450 | $2,055,450 |
| Kohimarama, Auckland City | Kohimarama, Auckland City | $2,028,800 | $2,028,800 |
| Ōrākei, Auckland City | Ōrākei, Auckland City | $2,028,400 | $2,028,400 |
| Mission Bay, Auckland City | Mission Bay, Auckland City | $2,005,400 | $2,005,400 |
| Wānaka, Wānaka | Wānaka, Wānaka | $1,974,350 | $1,974,350 |
| Glendowie, Auckland City | Glendowie, Auckland City | $1,973,350 | $1,973,350 |
| Town Centre, Queenstown-Lakes | Town Centre, Queenstown-Lakes | $1,972,200 | $1,972,200 |
| Epsom, Auckland City | Epsom, Auckland City | $1,854,600 | $1,854,600 |
| Greenhithe, North Shore City | Greenhithe, North Shore City | $1,846,500 | $1,846,500 |
| Riverhead, Rodney | Riverhead, Rodney | $1,839,950 | $1,839,950 |
| Fendalton, Christchurch City | Fendalton, Christchurch City | $1,824,200 | $1,824,200 |
| Takapuna, North Shore City | Takapuna, North Shore City | $1,791,850 | $1,791,850 |
| Freemans Bay, Auckland City | Freemans Bay, Auckland City | $1,784,950 | $1,784,950 |
| Oneroa, Waiheke Island | Oneroa, Waiheke Island | $1,761,050 | $1,761,050 |
Explore Past Property Market Reports
National average asking price hits two-year high, February 2026
Auckland property prices back over million-dollar mark, January 2026
Auckland de-throned as most expensive property market, December 2025
Author
Other news you might like
