Property Market – Home run: Prices of homes in NZ outpace apartments by more than double

Source: Brainchild PR for RealEstate.co.nz

  • The average asking price nationally of homes has increased by $296,000 since 2015; compared to the $132,000 increase of apartments.
  • Kiwis still see apartments as a comparable investment, despite long-term data showing stronger capital gains for homes.
  • Price gap between homes and apartments expected to keep growing.
Analysis by realestate.co.nz shows a widening gap between New Zealand homes and apartment prices.

A comparison of home prices and apartment prices between June 2015 and June 2025 showed the national average asking price of a home had increased from $521,183 to $817,279 – a 56.8% increase of $296,096.

In the same period, the average apartment asking price increased by just 25.1%, from $524,926 in June 2015 to $656,719 in June 2025, a difference of $131,793, half that of a home.

Vanessa Williams, spokesperson for realestate.co.nz, said, over the past decade, New Zealand homes have delivered more than twice the capital growth of apartments, but it didn’t start out that way.

“In the first five years, homes and apartments were tracking neck and neck. However, the second half of the decade has seen the gap between these two property types widen considerably. The last 10 years have certainly been a game of two halves.”

“While apartments remain an attractive entry point for many buyers, this long-term data reinforces the increase in land value during the last five years.”

In a recent survey conducted by realestate.co.nz, the number of people who would consider buying an apartment versus a home was split evenly at 41%. When price wasn’t a factor, the preference for homes jumped significantly to 85% versus 15% for an apartment.

“It’s clear that Kiwis inherently view homes as more valuable,” says Williams. “When price is taken off the table, the overwhelming preference for homes reflects a desire for more space, land, and long-term lifestyle benefits – all of which continue to influence perceived value.”

Surprisingly, 55% of survey respondents still considered apartments to be a better or similar investment to that of a home, while 28% perceived apartments to be a worse investment.

“It’s interesting to see that many Kiwis still see apartments as a comparable investment, despite the long-term data showing stronger capital gains for homes.”

Williams says if current tr

Universities – Study calls time on vague ‘drier’ homes claims – UoA

Source: University of Auckland (UoA)

As many New Zealanders contend with condensation, drafts, and mould this winter, a recent study challenges assumptions about what makes a home ‘drier’. It urges green building rating tools to clarify how humidity and dampness are measured and understood.

University of Auckland senior property lecturer Dr Mike Rehm, researcher Dr Rochelle Ade, and Dr V. Vishnupriya (Massey University) examined winter humidity levels in a 40-unit Auckland apartment building for residents aged 65 and older.

The building is 7-Homestar certified under New Zealand’s green building rating system (v4), which promotes warmer, healthier, and drier homes, representing best practice for New Zealand housing.

The study found that relative humidity within the apartments often exceeded the recommended 40 – 60 percent range, which is commonly used to minimise condensation and mould risk.

However, the researchers stress that elevated relative humidity doesn’t necessarily mean the building is ‘damp’ or unhealthy. In fact, when the same apartments were assessed using absolute humidity – a measure of the total moisture in the air – they fell consistently within the epidemiologically acceptable range for health and comfort.

“Humidity and dampness are often used interchangeably, but they are not the same,” says Rehm. “A building can have high relative humidity without being damp. That nuance is often lost, including in how certification tools like Homestar communicate ‘drier’ living conditions.”

The findings raise questions about which humidity metrics best reflect health and comfort, particularly in New Zealand’s naturally ventilated housing and humid coastal climates.

Despite relative humidity being outside the ideal range, most residents in the study reported feeling comfortable in their homes. The researchers say this suggests relative humidity alone may not reliably reflect health risks or occupant satisfaction, especially for older people.

The authors argue that green rating systems could improve clarity and effectiveness by explicitly defining ‘drier’ and considering both relative and absolute humidity.

“In cities like Auckland, where outdoor air is often humid, natural ventilation may not reduce relative humidity. But that doesn’t automatically mean a home is unhealthy or inefficient,” says Rehm. He proposes relative humidity be used as a primary performance metric, with absolute humidity included in some cases, to better reflect actual indoor conditions.

“Certification systems like Homestar already play an important role in improving New Zealand’s housing stock. Clarifying how terms like ‘drier’ are defined and measured could enhance their effectiveness and help align performance goals with occupant wellbeing,” he says.

The paper, What is Drier? Understanding Humidity in Green-Certified Dwellings, is published in the Journal of the Royal Society of New Zealand and is part of a growing body of work calling for more precise, performance-based humidity guidelines in building standards.

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