NZ business sale prices rise 16% as multiples hold steady: Quarterly Market Intelligence Report – June 2026

Our 22nd Market Intelligence Report lands at a moment where sellers hold the advantage. Buyer demand is holding near record highs even as new listings keep shrinking, prices are climbing while multiples stay flat, and businesses are selling close to the fastest pace in five years.

Demand for businesses has reached record levels in the last twelve months. Volumes of confidentiality agreements are the 4th highest on record, with 26,086 potential purchasers entering the market, a 1% increase on June 2025. Meanwhile, Trade Me listings fell 5% (3,498 down to 3,309). That combination pushed completed sales up 19%, from 424 to 503, the 3rd highest 12-month total on record.

The average business sale price is up 16% annually to $871k. The key metric here, the earnings multiple, has stayed effectively flat (3.52x to 3.49x, -1%), still at the upper end of the past five years' range. That supports the view that business values are holding up, underpinned by strong buyer demand and a relatively low number of businesses coming to market.

Median days to sell sits at 135, up marginally on last year's 132 but still 28% below the Covid-era peak of 188 and close to the fastest turnaround in five years. It's another sign of the power shift toward sellers. Less time on market means less uncertainty and a quicker path to your next move.

Wholesale & Distribution remains the highest-value sector to sell into ($2.12m average), followed by Agri Businesses ($1.41m); Hospitality stays the most accessible entry point at $247k. If you're in Wholesale & Distribution, buyers are paying a premium for scale. In Hospitality, low barriers to entry keep price competition tight.

Conditions set to favour sellers through 2026, ABC forecasts

The data is clear: this is still a seller's market. What matters now is how long it stays that way. Here are the key themes and trends we expect over the next twelve months to June 2027, based on the latest data and our experience in the business sales market.

Supply should stay tight through the rest of 2026, with listings flat through December before lifting around 10% in the first half of 2027, as business owners wait for improved earnings before listing. That's about 5% more supply by June 2027, most of it arriving after the new year.

That timeline hinges on earnings recovering as expected. If conditions improve sooner, the window could tighten faster than forecast.

Demand is forecast to keep growing, just not at the pace of the past two years. Signed confidentiality agreements climb 3-5%, a step down from the 25-30% surges of the last two years, as the immigration and unemployment tailwinds that historically fuelled it are expected to ease.

Prices are on track to keep climbing. General business prices (excluding Hospitality) rise another 10% annually, as the mix shifts back toward more $1m+ businesses selling, after last year's dip was driven by a heavier share of sub-$1m deals.

Multiples should inch up, but only marginally — 2-3%. Business multiples never move more than 10% in a year, and nothing currently points to that changing.

For buyers waiting for conditions to ease: don't expect much relief. Demand is forecast to keep pace with the extra listings, keeping the market firmly seller-favoured through 2027.

Put together, the seller's market holds through 2026, with supply starting to catch up once 2027 begins. If you're weighing your timing, the clearest run to sell is before the new year, when buyer competition is most concentrated, the same dynamic driving this year's faster sales and stronger prices. Once the extra listings arrive in 2027, buyers spread across more options, meaning less competition for any single business for sale, and sellers start losing some of that advantage.

Most vendors are over 46, selling by choice

The typical vendor is over 46, has run their business for years, and is stepping away by choice, retirement, relocation, or a new opportunity, not distress.

69% of vendors are over 46, and the largest single group, nearly a third, are aged 56 to 65, owners at the natural point of stepping back after building a business over years. Vendors skew male too; 69% of sales are by male owners, 31% by female.

 Vendor Age:

• 00-35: 7.9% 
• 36-45: 23%
• 46-55: 25.3%
• 56-65: 30.6%
• >65: 13.2%

Retirement is the single biggest named reason for sale (23.7%), well ahead of migration or relocation (13.8%) and pursuing a new opportunity (13.5%). Together, these life-stage moves account for the majority of sales. Only a small share cite burnout or health — most vendors are moving on by choice rather than distress. 

Vendor Reason for Sale:

• Retiring: 23.7%
• Migration/Relocation: 13.8%
• New Opportunity: 13.5%
• Maximise Value: 12.5%
• Health: 6.9%
• Burnout: 1.6%
• Other: 28%

59% of vendors are NZ European, with Asian vendors the next largest group at 23%.

Vendor Ethnicity:

• NZ European: 58.4%
• Asian: 23%
• Indian: 10.2%
• Other: 6.9%
• Māori: 1.6%

Nine in ten buyers are under 55, buying to secure their job

Buyers skew younger and more career-driven than sellers. 90% are under 55, and most are buying to secure their own job or grow a business they already own rather than chase a passive investment.

The two largest buyer groups are aged 36 to 45 (40%) and 46 to 55 (38%), together making up most of the buyer pool. Buyers skew male too, with 62% of purchases by male buyers and 38% by female buyers.

Buyer Age:

• 00-35: 11.8%  
• 36-45: 40.2%
• 46-55: 38.2%
• 56-65: 6.9%
• >65 years: 2.9%

The most common reason for buying is career change or job security (37%), followed by adding on to an existing business (25%) and wealth creation (18%). Just 5% are buying because of migration or relocation.

Buyer Reason for Purchase:

• Career Job/Job Security: 37.3%
• Add on to existing business: 24.5%
• Wealth Creation: 17.6%
• Other: 15.7%
• Migration/Relocation: 4.9%

NZ European buyers remain the largest group at 52%. Indian buyers are next at 27%, with Asian buyers close behind at 16%; together those two groups make up 43% of all purchasers.

Buyer Ethnicity:

• European: 52%
• Indian: 27.5%
• Asian: 15.7%
• Other: 3.9%
• Māori: 1%

Two sectors draw 39% of all business sale dollars

Across the eleven sectors tracked, sale value and average price tell two different stories. Wholesale & Distribution, and Education & Health draw the most investment overall, together accounting for 39% of all dollars invested in SME business sales, while the sectors commanding the highest individual prices aren't always the busiest.

Wholesale & Distribution leads at 21% of all sales, followed closely by Education & Health at 18%, together making up 39% of all dollars invested in SME sales. Both are popular with buyers because they're people-based businesses with low capex: no heavy investment in plant, equipment, or stock required. Services (14%) and Retail (13%) round out the next tier, while IT & Online remains the smallest share at just 1%.

Business Sales by Sector, June-26:

• Wholesale & Distribution: 21%
• Education & Health: 18%
• Services: 14%
• Retail: 13%
• Construction & Trades: 8%
• Hospitality: 6%
• Manufacturing: 6%
• Transport & Logistics: 5%
• Accommodation & Tourism: 5%
• Agriculture Business: 4%
• IT & Online: 1%

Wholesale & Distribution commands the highest average price at $2.12m, reflecting the high inventory levels typically required to operate in this space. Agriculture businesses follow at $1.41m, with many transactions involving the purchase of fixed assets, which lifts overall deal values. Hospitality has the lowest average price, a direct result of low barriers to entry and the high number of competitors in the market.

Average Business Price by Sector:

• Wholesale & Distribution: $2.12m
• Agriculture Business: $1.41m
• Transport & Logistics: $1.04m
• Construction & Trades: $872k
• Accommodation & Tourism: $838k
• Education & Health: $809k
• Manufacturing: $689k
• Retail: $602k
• IT & Online: $522k
• Services: $511k
• Hospitality: $246k

Business sales hit a record 503, with growth spreading beyond Auckland

Auckland alone accounts for close to four in every ten completed business sales nationwide — but deals are closing everywhere from Northland to Southland.

Completed Sales by Region (12 months to June 2026):

• Auckland/Northland: 241
• South Island: 113
• Waikato/BOP: 111
• Lower North Island: 38

The regional mix is shifting. Auckland/Northland remains the largest market by volume, with 241 sales in the year to June 2026, up 16% on last year. The sharpest growth, though, is happening elsewhere. Lower North Island posted the fastest growth of any region, up 36% (28 to 38 sales), with the South Island close behind at 23% (92 to 113), both outpacing Auckland's own rise.

Waikato/BOP grew a steady 15%. The South Island's gain is being driven largely by higher volumes of new domestic and international migrants moving to the region.

Across all four regions, completed sales reached 503 for the 12 months to June 2026, the highest figure on record — with growth now broadening well beyond the usual centres, after several years where Auckland's volume moved up and down while the smaller regions lagged behind.

Buyer numbers up 85% since 2023

Signed confidentiality agreements rose 1% to 26,086 for the twelve months to June 2026, keeping demand at the highest end of the range on record. Existing owners, new migrants, redundant employees, and buyers wary of AI disruption are all converging on business ownership at the same time. Demand for business ownership has grown 85% in the last three years, from 14,123 to 26,086.

Existing NZ business owners consider current market conditions optimal for making new acquisitions. Many hold the view that we're at the bottom of the cycle, and that if they don't purchase now, they'll be paying more in 6-12 months' time.

New Zealand continues to experience high levels of arriving migrants — 135,500 for the year to March 2026 — and given the ethnicity mix of these migrants (predominantly Indian and Chinese), they show stronger interest in business ownership than working for a salary.

Unemployment rates at 5.3% are at historical highs, with companies continuing to reduce staff levels. This is providing more potential purchasers, many of whom are effectively buying themselves a job.

A number of new purchasers are concerned about losing their job to AI, and are now looking at business ownership as a more secure future.

ABC listings rise 8% as Trade Me listings fall to a six-year low

ABC listings rose 8% over the past 12 months, from 715 to 775, bucking the wider market slowdown. This suggests sellers are increasingly choosing brokerages with scale and a track record to represent them in a tougher market. ABC listings have held in a tight band of 715–825 over the past six years, even as Trade Me listings fell sharply over the same period.

New ABC Listings (year to June):

• Jun-21: 825
• Jun-22: 766
• Jun-23: 749
• Jun-24: 778
• Jun-25: 715
• Jun-26: 775

The average number of businesses listed for sale on Trade Me fell 5% year-on-year, from 3,498 to 3,309, and is down 25% since June 2023 (4,430). Business owners are delaying coming to market until they can show improved financial performance, after two years of declining earnings amid tough trading conditions and a recession-affected economy. Many owners perceive the current economic climate as not an optimal time to sell.

Average Trade Me Listings (year to June):

• Jun-21: 4,284
• Jun-22: 4,344
• Jun-23: 4,430
• Jun-24: 3,898
• Jun-25: 3,498
• Jun-26: 3,309

NZ businesses are selling faster than any time since Covid

At 135 days, the median time to sell a NZ business is now 28% faster than the Covid-era peak of 188 days, and sits close to the fastest pace recorded in the past five years. Days to sell rose slightly to 135 this year, up from 132 last year, a 2% increase.

Median Days to Sell (year to June):

• Jun-22: 150
• Jun-23: 156
• Jun-24: 147
• Jun-25: 132
• Jun-26: 135

A buyer-to-seller ratio of 34:1 for the twelve months to June 2026 confirms competition for listed businesses remains intense, keeping completion times short. Where the market sits above 30 buyers per listing, sellers hold the advantage, and that's exactly where NZ sits today. For every new business listed, an average of 34 buyers are now competing for it, down slightly from 36 last year, but still well above the neutral ratio of 26 recorded two years ago. That shift confirms the market has moved firmly into seller's-market territory over the past two years.

12-Month Trend — Buyer-to-Seller Ratio:

• 12mth to Jun-21: 16,507 qualified buyer enquiries, 825 new listings, 20:1 ratio
• 12mth to Jun-22: 13,309 qualified buyer enquiries, 766 new listings, 17:1 ratio
• 12mth to Jun-23: 14,123 qualified buyer enquiries, 749 new listings, 19:1 ratio
• 12mth to Jun-24: 20,424 qualified buyer enquiries, 778 new listings, 26:1 ratio
• 12mth to Jun-25: 25,847 qualified buyer enquiries, 715 new listings, 36:1 ratio
• 12mth to Jun-26: 26,086 qualified buyer enquiries, 775 new listings, 34:1 ratio

Seller's market: more than 30 buyers per listing. Neutral market: 15–30 buyers per listing. Buyer's market: fewer than 15 buyers per listing.

503 businesses sold in 12 months, the 3rd-highest total on record

503 businesses sold in the 12 months to June 2026, the 3rd highest number on record, and confirmation that rising buyer demand is now translating into completed transactions rather than just listings and enquiries.

Business Sales by Year (year to June):

• Jun-21: 451
• Jun-22: 399
• Jun-23: 369
• Jun-24: 386
• Jun-25: 424
• Jun-26: 503

Completed sales are up 19% on the 424 sold in the same period the year before, driven by demand. The volume of confidentiality agreements signed by potential buyers has been rising, and that's now clearly flowing through into completed sales.

Three buyer groups are fuelling the growth: existing business owners who see now as a great time to buy at the bottom of the market, new migrants arriving in New Zealand, and employees made redundant and buying themselves a job.

Growth has been steady rather than a spike, continuing three straight years of gains.

Business prices rise across the board: general up 16%, hospitality up 12%

The average price for general SME businesses ($0–$10m), excluding hospitality, has risen 16% over the past year, to an average of $871,812 — just shy of the previous average peak of $874k set in September 2024, pulled up by one clear factor: more businesses over $1m are selling.

General Business Average Price (12-Month Rolling, year to June):

• Jun-21: $733k
• Jun-22: $794k
• Jun-23: $836k
• Jun-24: $833k
• Jun-25: $755k
• Jun-26: $871,812 (up 16% on Jun-25)

General Business Average Price (3-Month Rolling):

• Mar-25: $769k
• Jun-25: $755k
• Sep-25: $763k
• Dec-25: $802k
• Mar-26: $815k
• Jun-26: $871,812 (up 7% on Mar-26)

Trade buyers and other businesses looking to grow their existing operations are behind the majority of these higher-priced purchases, pushing more $1m-plus deals through the market and lifting the average with them. Expect this average to keep moving around from quarter to quarter — it tracks wherever the higher volumes of transactions happen to land, not a steady, predictable climb. Quarter-on-quarter, the average is already up 7% since March 2026, suggesting this trend has more room to run.

Hospitality prices are climbing too, though from a much steadier base. The average price for hospitality SME businesses ($0–$10m) has risen 12% over the past year, to an average of $246,817, up from $219,751. Unlike general businesses, hospitality prices have stayed within a tight range for years — this is steady growth, not a breakout.

Hospitality Business Average Price (12-Month Rolling, year to June):

• Jun-21: $203k
• Jun-22: $284k
• Jun-23: $223k
• Jun-24: $210k
• Jun-25: $220k
• Jun-26: $246,817 (up 12% on Jun-25)

Hospitality Business Average Price (3-Month Rolling):

• Mar-25: $220k
• Jun-25: $220k
• Sep-25: $232k
• Dec-25: $202k
• Mar-26: $245k
• Jun-26: $246,817 (up 1% on Mar-26)

A higher-than-usual volume of hospitality businesses are selling below $300k, with most of these buyers new migrants to New Zealand. The average will keep moving around depending on the quality of businesses sold in any given quarter, consistent with the narrow range hospitality prices and multiples have held for years. Quarter-on-quarter, the average is up just 1% since March 2026, reinforcing how narrow this range really is compared with the general market.

The data set used for the average price calculations is all the transactions completed by the ABC Group in the $0–$10m price range. ABC Group has approximately 40%–45% market share of this segment, so this data is regarded as accurate and meaningful. The proportion of NZ businesses in the $0–$10m segment is approximately 89% of all businesses in New Zealand. As per Stats NZ, 189,384 entities have 1 employee or more, and 167,790 of these entities have between 1–19 employees; many of the businesses with 1–19 employees would be valued between $0–$10m.

Buyers are paying near a five-year high, at 3.49x earnings

General multiples are holding firm. Buyers are paying near the top of a five-year range.

The median EBITDA multiple being paid for privately owned NZ businesses is currently 3.49x, down 1% on last year, but still at the upper end of the range. Purchasers are facing intense competition to secure listed businesses, and with fewer opportunities coming to market, they're having to work harder to acquire them, keeping multiples elevated rather than pushing them down.

General Business Multiples (Managed EBITDA Median Multiple, year to June):

• Jun-21: 3.45x
• Jun-22: 3.51x
• Jun-23: 3.41x
• Jun-24: 3.32x
• Jun-25: 3.52x
• Jun-26: 3.49x (down 1% on Jun-25)

The median is used to give an accurate measure of the midpoint for business multiples paid across all industries, excluding hospitality. It's based on all business sales from 2020–2026 (~2,000 transactions), for businesses valued at $0–$10m. A salary of $120k has been removed from reported earnings to calculate a fully managed EBITDA number.

Hospitality multiples have barely shifted in five years, even through Covid and rising costs. The median hospitality multiple is 1.98x, up 1% on last year and sitting within the same 1.85x–2.10x range it's held for five years, even through what has been a genuinely challenging market, from the pandemic through to the recent cost-of-living crisis.

Hospitality Business Multiples (EBITPDA Median Multiple, year to June):

• Jun-21: 1.96x
• Jun-22: 2.04x
• Jun-23: 1.95x
• Jun-24: 1.89x
• Jun-25: 1.97x
• Jun-26: 1.98x (up 1% on Jun-25)

The typical buyer right now is a new migrant to New Zealand, most often looking at businesses valued under $300k.

EBITPDA excludes the owner's salary, reflecting the full return paid to a working owner — standard practice for hospitality, and different to the managed-EBITDA basis used for general businesses.

Business ownership returns 29% a year, nearly six times what NZ shares pay

By almost every measure, owning a business beats parking your money elsewhere.

Owning a privately-held business returns an average pre-tax yield of 29%, against 5% for NZ shares, 4% for residential property, and 3.5% for a term deposit — roughly 500% higher than other investment options available to New Zealanders.

Investment Returns by Segment (based on a $500,000 investment):

• Privately Owned Business: $145,000 return, 29.0% yield
• Investment Property: $20,000 return, 4.0% yield
• Term Deposit (12mths): $17,500 return, 3.5% yield
• NZ Share Market Average: $25,000 return, 5.0% yield

Business ownership does carry more risk than these other investments, but that risk doesn't come close to explaining a 500% return gap. If the market were pricing that risk fairly, the premium would be far smaller. ABC expects business values to keep growing as more investors recognise this asset class can be far more rewarding than the alternatives.

Based on a $500k investment: a privately-owned business returns $145,000 (29% yield), against $25,000 for NZ shares (5%), $20,000 for residential property (4%), and $17,500 for a term deposit (3.5%). The 29% yield reflects the current median business multiple (3.49x EBITDA) for a fully managed business with limited input required from the investor. This comparison excludes capital gains for business ownership or any other asset class; it's pre-tax income return only.

Real prices from businesses sold this quarter

Behind every average is a set of real transactions.

The following NZ business sales were completed by ABC Business Sales in the quarter to June 2026, listed by industry, location, EBITPDA, sale price, and multiple. Sale prices in this quarter's transactions ranged from $515,000 to $3.3 million, with multiples between 1.4x and 3.9x EBITPDA.

Behind the numbers: what ABC's leadership makes of this market

"We're currently seeing 34 buyers for every business that comes to market. That's the clearest sellers' market we've recorded since we started this report in 2020… If you're thinking about selling, the conditions right now are about as good as they get."

— Chris Small, ABC Business Sales, Managing Director

"It's a very emotive business we deal with. And if you ever forget that, you're not going to succeed. It's not all about logic."

— Steve Smith, Founder and Chairman, ABC Business Sales

Behind every number in this report is a business owner weighing that same decision. The track record behind this report: 10,000+ businesses sold, $4 billion+ in transactions, 40 years in the market.

Meet the person behind ABC's market data

Chris Small joined ABC Business Sales in 2020, after more than 20 years in banking and finance across Sydney, London, and Auckland, including a senior corporate role at ASB. In 2024, founder Steve Smith transitioned into the Chairman role, with Chris stepping in as Managing Director. Chris runs ABC day-to-day alongside General Manager James Sheppard, with Steve remaining closely involved. Chris has been involved in over 100 M&A deals across his banking and ABC career, and holds an ACA, BCom, and BPhEd.

For media enquiries or interview requests, contact Chris Small, Managing Director, ABC Business Sales — 09 630 1600 | 021 996 834 |chris.small@abcbusiness.co.nz

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