One trend in the business sales market is becoming increasingly clear: buyer demand is strengthening faster than new businesses are coming to market.
Listing supply has stabilised following the elevated conditions of 2021 and 2022, when many owners chose to test the market after the disruption of COVID. Since then, volumes have returned to more typical levels.
“Compared with the same period last year, listing volumes are tracking slightly lower overall, with early 2025 showing a typical seasonal lift from the summer period rather than a surge in new supply. It feels like a steady flow of businesses coming to market rather than a spike,” says Matt Stevenson, Managing Director of NZBizBuySell.
Buyer activity, however, has continued to strengthen.
“Buyer enquiries are meaningfully stronger year on year. We are seeing enquiry volumes up solidly compared to last year, continuing the upward trend that began through 2023 and strengthened in 2024. Month to month, enquiry levels have remained resilient, even where listing volumes have softened.”
That shift is beginning to influence how businesses are received in the market.
“The result is a clear demand-led market. Enquiries are growing faster than new supply is coming on, which means well-prepared businesses priced in line with current market conditions are generating strong engagement. Buyers are active and motivated.”
For sellers, the message is straightforward: demand is there, but buyers remain selective. Engagement is concentrating around businesses that are clearly presented and realistically priced.
Pricing expectations are adjusting
Another signal emerging across the market is improving pricing realism.
“We’re still in the early stages of integrating the two platforms at a deeper analytical level, so we’re cautious about drawing hard conclusions from combined datasets just yet,” Stevenson, who also manages business sales data aggregator Bizstats, says.
“That said, there are some clear directional trends emerging.”
Stevenson continues that pricing realism has improved compared with the same time last year. Vendors are coming to market with a better understanding of current trading conditions and buyer expectations. In practical terms, this is showing up as fewer aspirational asking prices and closer alignment between price expectations and underlying business performance.
This shift is beginning to influence how quickly businesses move through the market.
“One of the clearest indicators of this is time on market. After lengthening slightly through the more uncertain period of 2023–24, we’re now seeing early signs that businesses are transacting more quickly again.”
“While it’s still early in 2026 and the dataset is smaller, the initial trend suggests stock is beginning to move faster, particularly where pricing and presentation are disciplined.”
A shift in buyer composition
Stevenson also points to a change in the mix of buyers entering the market, particularly since the introduction of the Business Investor Work Visa in November.
“While domestic buyers remain the core of the market, offshore interest is increasing and is becoming a meaningful part of the enquiry pipeline.”
One of the key questions for 2026 will be how growing offshore enquiry converts into completed transactions. If that international interest continues to build, Stevenson suggests it could begin to influence valuation benchmarks in some sectors, particularly for well-structured, compliant businesses that meet investor visa criteria.
What this means for the market
For sellers, that creates opportunity, but only where businesses meet the market well. Clear presentation, realistic pricing and operational clarity remain the factors most likely to convert buyer interest into offers.
For buyers, the improving alignment between vendor expectations and business performance is creating clearer opportunities to engage with well-prepared businesses. In a demand-led market, buyers who are organised, funded and ready to move can position themselves strongly when the right opportunity appears.
Whether you are preparing to sell or actively looking to acquire, the current market is rewarding preparation. A confidential conversation with a LINK broker can help you understand buyer demand, realistic value and the opportunities emerging in your sector.
