Southland's median house price slipped to $505,000 in September, 3.8 per cent below the same month last year, according to the latest Real Estate Institute of New Zealand figures.

The REINZ data, released on 14 October, shows homes in the region are still selling faster than the long-run norm. The median days to sell was 30, two days quicker than the 10-year September average of 32.

Stock remains tight. Southland had 14 weeks of inventory in September, one week less than a year earlier, and the number of properties available for sale was down 8.4 per cent on September 2025. REINZ put the fall down to fewer new listings coming to market rather than a surge in sales.

Despite the softer monthly median, Southland's house price index has recorded the strongest annual growth of any region for 14 consecutive months, and all four South Island index series rose over the year.

First-home buyers were the most active group in the region during September, followed by owner-occupiers. Open homes were well attended, helped by the limited choice available to buyers, while auctions were rare as vendors favoured other methods of sale.

Local salespeople told REINZ that buyer sentiment had become slightly more cautious, with some people choosing to wait and see until after the general election. They said limited stock still favoured vendors and that activity could build after the election as the region heads into summer.

Invercargill

Within the region, REINZ's September median for Invercargill city was $542,500.

Suburb-level analysis by property investment firm Opes Partners, drawing on REINZ sales, puts Rosedale at the top of the city's market with a median of $822,600 and Appleby as the most affordable suburb at $388,250. Over the two years to September, Hargest recorded the fastest growth of any Invercargill suburb at 7.88 per cent a year, while Rockdale was slowest at 4.1 per cent.

Nationally, the median price was $755,000 in September, down 2.3 per cent year on year, while sales volumes fell 11.6 per cent to 5,752. Excluding Auckland, the national median was $691,200, virtually unchanged on a year earlier. Properties took a median 46 days to sell across the country.

REINZ said activity was continuing nationally but decisions were not being rushed.

The regional figures come a month after Great South launched a free online housing dashboard for Murihiku Southland. The tool brings together property value trends, market conditions, demand data and comparisons between communities, from regional level down to individual neighbourhoods, in one place.

Great South chief executive Chami Abeysinghe said good decisions relied on good information and the dashboard put that information at people's fingertips. Abeysinghe said housing was about much more than roofs over people's heads, and the agency expects councils, developers, investors and community organisations to use the data.

The dashboard sits within the Data and Insights Southland Hub at southlanddata.nz and delivers an action from the Murihiku Southland Housing Action Plan, which followed a region-wide housing needs assessment in 2023. Short-term accommodation data is planned for a future update.