Author: MIL-OSI Publisher

Property values in Aotearoa New Zealand edged down by -0.2% in August, the fifth monthly fall in a row, according to Cotality NZ’s latest hedonic Home Value Index (HVI).

National values have dropped by -0.6% so far in 2025, with the modest gains seen late last year and early this year now negated.
The nationwide median now stands at $809,113, still -17.2% down compared to the January 2022 peak, and also the lowest level since August 2023.

Cotality NZ Chief Property Economist Kelvin Davidson said the August result was yet another reminder that market conditions remained soft over Winter.

“Given the continued economic weakness, further increases in unemployment, and subdued confidence, it’s no surprise that property values are treading water. While the downturn after the post-COVID boom has now petered out, steadier growth has yet to materialise.”

“That said, what might be discouraging for property owners and sellers is beneficial for those buyers on the other side of the coin.”

“In particular, we’re seeing continued strength from first home buyers, and a rising market share for mortgaged multiple property owners too.”

“That includes the cliched ‘Mum and Dad’ investors who are no doubt enjoying lower mortgage rates and reduced top-ups on their rental properties.”

“The psychology and mindset around house prices can change quickly, and we’ve seen that before. But right now, caution is the dominant theme, and with unemployment not expected to be at its peak just yet, it’s unlikely that many people will be rushing out to bid up house prices aggressively over the rest of 2025.”

Across the main centres, Tāmaki Makaurau Auckland was down by -0.5% in August, with Te Whanganui-a-Tara Wellington and Kirikiriroa Hamilton both seeing a more modest -0.1% fall. Tauranga was unchanged, with Ōtautahi Christchurch up by +0.2% and Ōtepoti Dunedin recording a +0.4% lift.

Index results for August 2025	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Tāmaki Makaurau Auckland	-0.5%	-1.8%	-1.0%	-22.5%	$1,047,698
Kirikiriroa Hamilton	-0.1%	-0.3%	2.0%	-11.1%	$753,454
Tauranga	0.0%	0.5%	1.0%	-16.3%	$912,627
Te-Whanganui-a-Tara Wellington*	-0.1%	-0.5%	-2.6%	-25.0%	$796,918
Ōtautahi Christchurch	0.2%	0.5%	3.3%	-4.1%	$705,704
Ōtepoti Dunedin	0.4%	-0.1%	-0.1%	-11.2%	$602,829
Aotearoa New Zealand	-0.2%	-0.9%	-0.1%	-17.2%	$809,113

Tāmaki Makaurau Auckland
Tāmaki Makaurau Auckland’s property values have certainly endured a testing Winter, with falls across the board in August, the third month out of the past four in which this has occurred (only July missed the cut, with only Rodney just holding steady).

August’s falls were fairly uniform across the sub-markets, ranging between -0.4% and -0.6% in Auckland City, Manukau, Papakura, North Shore, and Waitakare, with Franklin and Rodney a little weaker still.

Over a broader three-month period, the falls range from -1.5% to -2.0%, although Rodney’s has been a touch smaller at -1.3%. Each sub-market also still sits around -20% to -25% below the previous peak.

Mr Davidson added: “The stock of available listings around Tāmaki Makaurau has begun to drift downwards, but it’s starting from a high level, and the latest property value figures re-emphasise that it’s still a buyer’s market in our largest city. For example, the Cotality Buyer Classification figures show that first home buyers and mortgaged multiple property owners are enjoying conditions at present and taking a high or rising share of purchasing activity.”

Region	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Rodney	-0.8%	-1.3%	-0.3%	-20.4%	$1,203,878
Te Raki Paewhenua North Shore	-0.5%	-2.0%	-0.5%	-19.8%	$1,244,915
Waitakere	-0.6%	-1.9%	-0.5%	-24.7%	$910,699
Auckland City	-0.4%	-1.9%	-1.4%	-22.9%	$1,133,308
Manukau	-0.4%	-1.6%	-1.2%	-23.7%	$981,517
Papakura	-0.4%	-1.5%	-1.1%	-23.6%	$816,698
Franklin	-0.7%	-1.6%	-0.3%	-21.8%	$943,717
Tāmaki Makaurau Auckland	-0.5%	-1.8%	-1.0%	-22.5%	$1,047,698

Te Whanganui-a-Tara Wellington

August was also subdued across the wider Te Whanganui-a-Tara Wellington area, with Kāpiti Coast and Te Awa Kairangi ki Uta Upper Hutt both down by -0.6%, and Porirua slipping -0.3% lower. Wellington City itself was flat, but it has still dropped by -3.4% over the past 12 months.

The falls from peak remain significant across the region too, ranging from around -22% in Kāpiti Coast and Porirua, to more than -25% in Wellington City and Te Awa Kairangi ki Tai Lower Hutt.

“Te Whanganui-a-Tara Wellington’s previous sharp downturn in property values has petered out, but the remnants of that phase haven’t disappeared altogether. Indeed, although the rate of decline has been much slower, Wellington City itself has still fallen further in the past 12 months, with lingering employment uncertainty a continued challenge,” Mr Davidson noted.

Region	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Kāpiti Coast	-0.6%	-2.0%	-1.0%	-22.1%	$796,431
Porirua	-0.3%	-0.2%	0.1%	-22.1%	$774,438
Te Awa Kairangi ki Uta Upper Hutt	-0.6%	-0.7%	-3.3%	-24.8%	$702,555
Te Awa Kairangi ki Tai Lower Hutt	-0.1%	-1.2%	-1.6%	-25.6%	$691,827
Wellington City	0.0%	-0.3%	-3.4%	-25.3%	$881,820
Te-Whanganui-a-Tara Wellington	-0.1%	-0.5%	-2.6%	-25.0%	$796,918

Regional results

The tentative evidence that a touch more economic resilience in provincial areas was also supporting property values continued from July and into August, with Whakatū Nelson, Waihōpai Invercargill, and Ngāmotu New Plymouth all rising by at least +0.5%.

That said, there’s still patchiness from month to month, with Tūranganui-a-Kiwa Gisborne, Heretaunga Hastings, and Ahuriri Napier all down by -0.5% or more.

“We shouldn’t get carried away with any flow-on effects from NZ’s two-speed economy into provincial property outperformance, not least because some of the regions have their own challenges in terms of losing young people overseas during this current phase of strong migrant departures.”
“That said, the longer the primary sector continues to grow strongly, the more cash will find its way into our regional towns and cities, giving property values some key support.”

Region	Change in dwelling values
	Month	Quarter	Annual	From peak	Median value
Ahuriri Napier	-0.6%	-1.1%	2.0%	-18.9%	$698,486
Te Papaioea Palmerston North	0.4%	0.0%	-0.7%	-18.9%	$606,886
Tūranganui-a-Kiwa Gisborne	-0.5%	-2.5%	-2.8%	-18.7%	$583,402
Whangārei	-0.2%	-0.7%	2.5%	-18.3%	$715,484
Heretaunga Hastings	-0.6%	-0.7%	1.7%	-18.2%	$725,905
Whanganui	-0.3%	-1.3%	-0.9%	-13.4%	$480,620
Whakatū Nelson	0.5%	-0.8%	-1.1%	-13.2%	$712,283
Rotorua	0.1%	-0.5%	1.0%	-12.3%	$640,650
Tāhuna Queenstown	0.4%	-0.2%	-1.3%	-6.2%	$1,680,803
Ngāmotu New Plymouth	0.6%	-0.2%	2.5%	-6.0%	$697,630
Waihōpai Invercargill	0.5%	1.2%	4.2%	–	$488,023

Property market outlook
Looking ahead, Mr Davidson noted: “It wouldn’t be a surprise if the final few months of the year remain consistent with the ‘conflicting forces’ theme that we’ve been reiterating throughout 2025. That is, the support from lower mortgage rates, but the headwinds of a weak economy and elevated levels of listings on the market.”

“That said, property sales volumes have basically ‘normalised’ and should rise further in 2026 as the lagged effects of lower mortgage rates continue to flow through – with more existing borrowers repricing their loans down to current interest rates. Those interest rates themselves may also drop further as the Reserve Bank pushes through more official cash rate cuts.”

“Housing affordability also looks a bit more comfortable now, and the unemployment rate is projected to start easing downwards gently in the first few months of next year too, with the stock of listings also potentially drifting lower.”

“Adding all of this together, property values may be poised to rise a little more clearly in 2026. But a fresh boom doesn’t look likely, especially given the debt to income ratio rules and Government measures to ramp up housing supply,” Davidson concluded.
For more property news and insights, visit www.cotality.com/nz/insights.

Notes:

The Cotality Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately.

What happens when a national park or conservation area is created next to a business that emits toxic substances into the environment?

A new study, co-authored by University of Auckland researcher Dr Marty Pham, shows that while companies near protected areas slash their toxic emissions, they do so by cutting jobs and production rather than cleaning up their act through investing in pollution reduction.

The research paper, ‘The real effects of protecting biodiversity’, is the first of its kind to investigate how protected areas (designated places aimed at conserving biodiversity and ecosystems) influence the operations of nearby businesses.

“Our findings show a sharp decline in firms’ toxic emissions, suggesting that these businesses react to heightened regulatory and public scrutiny and adjust their polluting activities accordingly,” says Dr Pham.

Using data from 1990 to 2021, the researchers examined 18,341 industrial facilities that generate toxic emissions across the United States, spanning industries including mining, manufacturing, forestry and agriculture.

To track the effect of conservation zones on companies, the researchers developed a novel ‘Corporate Biodiversity Exposure’ (CBE) measure. This identifies facilities located near newly designated protected areas and quantifies the ecological, regulatory, and reputational implications that follow.

“Our findings reveal a significant association between higher CBE metrics and reduced on-site toxic chemical emissions into the air, ground, and water”, says Pham. “This highlights the localised impact of protected areas.”

The study also points out that being near protected areas is associated with significant declines in sales, productivity, and workforce size for affected establishments. However, there’s no evidence of increased investment in abatement technologies.

Pham says this suggests firms respond to biodiversity conservation pressures by scaling down production, possibly through relocating or outsourcing their production, rather than adopting new environmental innovations.

These localised disruptions have broader financial consequences at the parent-company level, according to the study, which shows that reduced economic activity at affected establishments contributes to firm-wide declines in profitability and stock market valuation.

One likely contributor to these financial pressures, says Pham, is increased regulatory oversight.

“While protected areas don't directly impose land-use constraints on neighbouring establishments, they trigger more frequent environmental inspections, strengthen compliance requirements and attract greater public scrutiny, increasing enforcement risks and operational costs.”

With biodiversity in crisis worldwide, many countries are expanding protected natural areas, compelling businesses and investors to adapt their strategies.

This shift is particularly relevant to the United Nations’ 30-by-30 target, which aims to protect 30 percent of the planet’s land and oceans by 2030, reshaping the interface between conservation policy and corporate operations.

In Aotearoa New Zealand around 30 percent of the total land area is protected in some way, and Pham says the study highlights the need for policymakers here and overseas to strike a balance between achieving ecological goals and managing their associated economic impacts.

“We need to promote effective conservation planning and transparency in corporate biodiversity disclosures.”

While around 200 of New Zealand's largest companies and biggest emitters are required to provide climate-related disclosures, there are currently no specific mandatory biodiversity disclosure requirements, something Pham says is worth considering.

“Transparency is so valuable in this area; understanding how companies are operating and responding to biodiversity conservation measures helps governments create policies that support both the environment and businesses.”

In light of their findings, Pham and his co-authors say companies should integrate biodiversity risk assessments into their operational and location decisions. They also say investors need to recognise the regulatory risks stemming from proximity to protected areas, given the significant cashflow implications highlighted by their analysis.

The study, The Real Effects of Protecting Biodiversity, is under consideration for publication in the Review of Finance and is authored by Amir Akbari (DeGroote School of Business, McMaster University, Canada), Lilian Ng (Schulich School of Business, York University, Canada), Marty Pham (Business School, University of Auckland), and Jing Yu (the University of Sydney, Australia).

Consumer NZ's latest retailer survey has found the five shops with the most satisfied customers – and those falling short.

The stores with the most satisfied customers and winners of Consumer NZ’s People’s Choice award were:

100% Home Appliances – in the large whiteware + appliances category and small appliances category

• PB Tech – in the home tech category and mobile tech category
• Stihl Shop – in the hardware category
• Mitre 10 – in the hardware category
• Macpac – in the sports and outdoors category.

Consumer NZ digital journalist Kate Harvey said Stihl Shop and Macpac got the highest satisfaction ratings across the survey. Both received ratings of 94%.

“Stihl Shop rated particularly high for its customer service and staff members’ product knowledge,” Harvey said.

“Macpac beat its competitors – Kathmandu, Torpedo7 and Rebel – in all the categories we ask about, including perceived value and range of products available.”

Mitre 10 was beaten by Stihl Shop in the hardware category but still had an excellent result.

100% Home Appliances has dominated both the large and small appliance categories for 11 years, so it was no surprise to see it back at the top again.

“100% Home Appliances’ satisfaction score was well above the next highest scoring store in both the large and small appliance categories. Smiths City, which has just entered voluntary administration, rated second in the large appliance category and Briscoes has second spot for small appliances,” said Harvey.

PB Tech shone in the home tech and mobile tech categories.

“PB Tech’s customers particularly rate it for its prices and range,” Harvey said.

The shops that got the lowest ratings in the survey were:

• Rebel Sport – in the sports and outdoors category

“Rebel’s customers gave especially low scores for customer service and staff’s product knowledge,” said Harvey.

• One NZ and Spark stores – in the mobile tech category

“Both One NZ and Spark got low scores for value for money and their range of products,” said Harvey.

• The Warehouse – in the home tech category

“Only 63% of those who had bought home technology such as TVs and game consoles at The Warehouse were very satisfied with the experience,” said Harvey.

• OPSM – in the eyewear category

“People had a better shopping experience at Specsavers but those who shopped at an independent optometrist had the best experience,” said Harvey.

More than 3,200 Consumer NZ members and supporters detailed the purchases they’d made over the past year when they undertook this survey in June and July.

Zero Waste Aotearoa will celebrate 25 years of building a waste free future at the Zero Waste Aotearoa National Hui from 8-10 September. The event will be hosted at the University of Auckland/Te Taumata Rau o Tāmaki Makaurau featuring a range of fantastic speakers.

“From the movement's early voices to those meeting the challenges of today, this hui will bring together the people and organisations committed to a future where all people and things are valued, and nothing goes to waste,” said Dorte Wray, General Manager, Zero Waste Aotearoa.

The goal of zero waste is to minimise and ultimately eliminate waste by:

• Preventing the creation of waste by using better designs and systems
• Using tools to ensure those who create waste take responsibility for it
• Repurposing, reusing and repairing materials
• Recycling and composting.

“Here in Aotearoa NZ, zero waste is built upon the foundations of Te Tiriti o Waitangi. We see partnership with Tangata Whenua as essential to maximising just and enduring outcomes.”

“We have the solutions right now. Our members have been making zero waste a reality in communities across the country for decades. Places like Xtreme Zero Waste in Raglan/Whaingaroa and Wastebusters in Wānaka are leading the way by diverting 70-80% of the materials that come to them away from landfill.”

“Anyone who has been to one of these places knows how great they are. Zero waste is a real win-win for the economy and environment. Community Resource Recovery Centres are creating sustainable, dignified employment while reducing climate emissions and keeping valuable resources in use.”

“The Zero Waste Hui provides a space for cementing relationships and strong connections across the zero waste sector. We enjoy a great relationship with Auckland Council who are committed to a zero waste approach to reducing waste to landfill and addressing climate change and it's great to have them as sponsors for the hui.”

The Zero Waste Aotearoa Hui is a great place for attendees to participate in collective action, inspiration and learning. The first two days are a mix of keynote speakers, panels and workshops. On the third day, attendees tour different zero waste projects around the city for a close up view of the waste minimisation work happening.

IHC is welcoming today’s announced changes to the disability system that will make it more consistent, transparent, sustainable and fair.

The Government has announced a raft of changes that include consistency for Needs Assessments across the country and greater flexibility for individualised funding while holding firm on Enabling Good Lives principles.

IHC’s Director of Advocacy Tania Thomas says this is a big step forward for the sector and it’s great to see that more work has been done to make sure disabled people, their families and carers have a system they can trust and is easy to use.

“The announcement that in 2026 purchasing guidelines, including March 2024 amendments to them, will no longer apply is likely to go some way to helping some to rebuild trust,” says Tania.

“Under the new approach, flexible funding users will have more choice and control but will need to keep their spending within their budget.”

Minister Louise Upston also stated that longer-term work is being done to strengthen the disability support system to reflect the Enabling Good Lives vision and principles.

“Giving disabled people and their families and carers more clarity, certainty, flexibility, and choice is a welcome move,” says Tania. “But it’s a waiting game to understand the detail around how the new approach will make a positive change in the lives of people with disabilities.

“There is still more information to come about the new personal plans, purchasing rules, and what this means for individual people with intellectual disability. We look forward to seeing this in due course.

“We recognise that the changes and earlier announcements support the Enabling Good Lives principles of self-determination and being mana-enhancing.

Earlier this year the Government announced that Disability Support Services would change the way it paid residential service providers. The Community Group Home Pricing Model is simplifying and clarifying the process for residential service providers.

“It is crucial that government continues to prioritise creating spaces for the voice of disabled people in the decision-making processes around key decisions that impact their lives,” says Tania.

These changes are positive, but they come against a backdrop of stark inequality for people with intellectual disability, who are far more likely to live in hardship than other New Zealanders.

Across every measure of deprivation, households with intellectually disabled people are worse off. While the return to greater flexibility is something to applaud, there is still some way to go to address the deep and enduring financial inequities people with intellectual disability experience.

About IHC New Zealand

IHC New Zealand advocates for the rights, inclusion and welfare of all people with intellectual disabilities and supports them to live satisfying lives in the community. IHC provides advocacy, volunteering, events, membership associations and fundraising. It is part of the IHC Group, which also includes IDEA Services, Choices NZ and Accessible Properties.