Author: MIL-OSI Publisher

ASB has reported a cash net profit after tax (NPAT) of $1,350 million for the 12 months to 30 June 2025, down 1% on the previous year. Statutory NPAT was $1,449 million, down 0.4%.

Home lending was up 7% on the prior period, while business and rural lending grew by 2%. Total customer deposits increased by 4% and ASB KiwiSaver funds under management grew by 12% to $18.8 billion.

Chief Executive Vittoria Shortt says the result shows ASB has strong momentum.

“More New Zealanders are choosing to do their banking with ASB across home, business and rural, and we are working hard to make their experience simpler, safer and better.

“While there is uncertainty in the global environment, lower inflation and falling borrowing costs have provided some respite for households and businesses and our exports have held up.

“We continue to support the New Zealand economy, and over the past five years ASB has grown business lending more than any other bank, with net business lending up $4.5 billion.”1

Operating expenses were up 10% to $1,424 million, largely reflecting the investment being made in the business and the impact of inflation.

Investing for the future

“We are investing in our business at greater rates to provide even better experiences for our customers and stronger support for New Zealand. This financial year we have made significant investments in our technology and systems, meeting regulatory requirements and spent more than $100 million on the prevention of cybercrime, financial crime, and fraud and scams. We have grown our ASB whānau, hiring an additional 768 people.

“We continue to champion open banking in New Zealand and leading fintechs are choosing to partner with us to deliver greater choice and improved security for Kiwi making online payments or sharing data. We were the first bank to support POLi, one of New Zealand’s largest online payments providers, to embrace open banking, and we are eager to partner with more fintechs. To reduce barriers to entry, we have extended our open banking fee waiver for fintechs until December 2026.”

Accelerating home ownership and the development of more houses  

“We are helping more New Zealanders into homes. Our new home loan customers are up almost 90% on last year, including 12,300 first-home buyers that we have supported onto the property ladder. More than 6,800 customers used their ASB KiwiSaver towards a house deposit.

“Many Kiwi locked in short-term rates when interest rates were higher, which led to almost 50% of loans across the country maturing between January and June. To get ahead of this, we recruited 80 new home loan specialists and simplified our processes to speed up application approvals.

“We are working to increase Aotearoa’s housing supply and more than $288 million has been committed for the development of almost 700 new warm, dry and healthy homes through our Accelerated Housing Fund for social, affordable and Māori housing, which launched in November 2023. We continue to support lending on whenua Māori with several papakāinga housing projects underway.”

Backing business and the New Zealand economy to grow

“We are playing our part to help the country prosper with lending to the productive sector, linking food and fibre producers with trade advice and connections; and partnering with Māori business customers to contribute to their long-term intergenerational success.

“Since last July, we’ve extended more than $2 billion to new business lending customers, and cut our floating base rate by 2.25%.

“We continue to support our business customers to prepare for the future and manage risks related to ongoing uncertainty. This year we have launched innovative products and services to meet the needs of our customers such as our 0% ASB Smart Solar Loan, which helps to improve energy security and cost-savings for farmers, while also boosting regional resilience, and Our Every Hectare Matters programme to support farmers wanting to diversify their business.”

Building resilience for customers and communities

“We’ve made our digital banking experience easier, faster and safer, giving greater confidence to the more than 90% of our customers2 who bank with us digitally each month. Our customers have extra layers of protections against fraud and scams with ASB Caller Check, a verification tool to fight bank impersonation scams, and the industry-wide Confirmation of Payee service which gives reassurance when making payments.  

“We know the cost of living remains a top concern for many Kiwi, and we are helping our customers to manage their money and lift their financial position. This year, close to 570,000 New Zealanders used our digital tools for financial wellbeing. We see a real difference when customers take even small actions to improve their finances, such as automating payments to a savings account or using our Card Tracker feature to keep on top of subscriptions. Despite facing tough economic circumstances, our research shows young adults are taking actions to better their financial situation and are more likely than other age groups to do so.

“We encourage customers needing extra support to get in touch with us early as this means we may have more options available and can work together on solutions.

“As the country’s second largest KiwiSaver provider,3 we’re helping to set New Zealand up for the future by growing the retirement savings of nearly half a million Kiwi, who are benefiting from the strong returns and top-quartile performance of our multi-asset funds.”4

Partnering to accelerate progress for all New Zealanders

“Throughout our 178-year history, we have developed strong relationships and knowledge across the economy. When there is greater connectivity, we see the impact we can make.

“Banks are working alongside Government, industry and consumer groups to strengthen protections through the Anti-Scam Alliance. We see value in this type of joined up approach on other issues of national significance.

“We look forward to working with Government and other partners on the development of a national framework for climate adaptation and better sharing of insurance data between banks and insurers. In the meantime, we encourage homeowners to check their insurance is current and the sum insured is still adequate.”

¹ RBNZ data to 31 March 2025
² Individual customers who are active with ASB each month
³ Morningstar KiwiSaver Report, 30 June 2025 
⁴ Morningstar KiwiSaver Peer Group Funds Performance – one-year returns to 30 June 2025, net of fees, gross of tax.

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Summary of key financial information

There's a warning New Zealand is too slow in adopting Artificial Intelligence in the healthcare sector, with specialist doctors declaring a more rapid uptake would relieve pressure on the country's medical system.

Joel Freiberg, Co-Founder of Medow Health said new cutting edge technology which  operates silently in the background transcribing notes, drafting reports, and streamlining medical documentation, had the power to reduce waitlists.

The number of people waiting more than four months for elective procedures like hip, knee, or cataract surgeries increased by over 2,500 per cent in a 12 month period, according to government data.

“We're not trying to replace doctors, we're trying to help them. Manually producing medical reports is a time-consuming and complex process that requires extensive paperwork and hours of labour-intensive work,” Mr Freiberg.

Dr James Leong, a Wellington-based ophthalmologist with expertise in cataract surgery, medical retinal conditions and uveitis, admits the technology has allowed him to stay on top of his workload, see more patients and spend more time with his family.

“I see between 24 and 30 patients a day as well as surgery days across both private practice and the public health care system. While I have been used to taking notes my entire career, it is not always what is best for the patient and the rest of the team, because I have my own form of shorthand that no one else can decipher,” Dr Leong said.

“I understand the concerns that some have about the concept of artificial intelligence. But what this technology really does is free up my human intelligence for where it matters most: my clinical judgment, my focus on the patient in front of me, and complex decision-making. It handles the mechanics of taking notes, but it never replaces the essential human elements of care: empathy, experience, and nuance.

“I often summarise what I am seeing and discuss the condition, like I would if a medical student was in the room, so not only does the AI scribe pick it up but the patient likes it too because they get slightly more detailed information about their condition.

“I can see a patient and by the time they see my receptionist I can have their follow up letter in laymen's terms ready for them,” Dr Leong said.

Joel Freiberg adds “Specialists have been stuck using outdated reporting systems that pull their attention away from the patient. AI not only saves time but also improves the quality of patient interaction.”

“While this technology allows a single doctor to see two or three extra patients a day, scaled up across the health system, it has the potential to make a serious dent in specialist waitlists.

“When doctors get their time back, patients benefit,” he said.

There have been 250,000 specialist consultations in the last quarter alone across both New Zealand and Australia using the AI “co-pilot” Medow Health technology, the only AI tech tailored specific to each medical specialist's need available in New Zealand.

“With the AI assistant taking care of tedious administrative tasks, clinicians are reporting improved focus during consultations, additional time in their day and reduced work out of hours and week

The World Literacy Foundation announced today that Zayna Mansoor, a student at Epsom Girls Grammar School, is a Youth Ambassador for 2025. She will serve as a local advocate, aiming to increase education and community awareness about the importance of reading and writing and lift literacy rates in Auckland, her home country of Pakistan, and beyond.

Zayna will join a global group of 15- 26-year-olds from 90 countries striving to improve literacy outcomes for disadvantaged children who struggle to read.

Zayna, a 17-year-old young woman with an unwavering passion for becoming a WLF ambassador, shares, “I am deeply committed to literacy as a fundamental human right and believe in its transformative power…I am excited about the opportunity to receive training in leadership and advocacy, enabling me to amplify my efforts and contribute meaningfully to eradicating illiteracy.”

Zayna is committed to ensuring everyone can access literacy resources. She feels strongly about joining a global initiative recognizing education as a fundamental human right and actively working towards a future where everyone can access resources to reduce illiteracy.

To Zayna, being a Youth Ambassador provides an opportunity for her to grow her abilities to advocate for issues she cares about and change the world. “Through the World Literacy Foundation Youth Ambassador program, I aim to develop the leadership and advocacy skills necessary to champion literacy in my home country, Pakistan. In rural areas, particularly among indigenous and tribal communities, girls face significant barriers to education due to cultural misconceptions, early marriages, and limited access to schools. Ultimately, I aspire to be a catalyst for change, empowering women and girls in Pakistan to pursue education without fear of societal constraints. This program will serve as a stepping stone in my journey to becoming a leader who advocates for and implements sustainable educational reforms in underserved communities,” she states.  

Zayna is already a leader in her efforts to serve her community. As the co-head of the social media team for Chambeli, she promotes awareness for indigenous women’s rights through digital campaigns. She has also raised money for disabled children, worked on environmental initiatives, and done advocacy work.  

Driven to create tangible change and empower individuals, Zayna looks forward to working with the World Literacy Foundation with the goal of promoting the cause of literacy as much as she can, both in her local community and worldwide. 

About the World Literacy Foundation

The World Literacy Foundation, a leading international literacy nonprofit, aims to eradicate illiteracy by 2034. Currently, 770 million people worldwide can't read a single word, and a further 2 billion people struggle to read a sentence. In low-income homes, on average, 72% of children struggle to read. Illiteracy can have a lifelong social and economic impact on a young person, but with the collective efforts of organizations like the World Literacy Foundation, we can envision a future where these numbers are significantly reduced.

As a Youth Ambassador, Zayna can develop leadership skills and highlight literacy issues to the broader community.

Further information:
https://worldliteracyfoundation.org/

Source: NZCTU Te Kauae Kaimahi

The NZCTU Te Kauae Kaimahi is supporting the Pay Equity Coalition Aotearoa’s (PECA) urgent appeal to the United Nations to investigate the recent pay equity changes.

“Cancelling pay equity for more than 180,000 working women was a flagrant attack on their economic and political rights. It also breaches our international commitments to uphold women’s rights,” said NZCTU Secretary Melissa Ansell-Bridges.

“PECA are right to call for action from the United Nations to ensure that Aotearoa New Zealand lives up to its reputation on the world stage. 

“Overnight our world-leading system was gutted without consultation or normal checks and balances. What remained in its place is a series of roadblocks, thresholds and obstacles masquerading as pay equity.

“We could once be proud on the world stage for making progress on ensuring women are paid what they're worth. It is shameful that our government has such low regard for women's rights.

“This Government refuses to listen. We must use every forum to pressure them to restore pay equity claims. In June I raised pay equity at the International Labour Organization conference, and support taking the fight to the UN,” said Ansell-Bridges.

New Zealand homes 13% cheaper than late 2021 peak – QV

The latest QV House Price Index shows average home values across Aotearoa New Zealand dipped by 0.5% over the three months to the end of July, with the national average now $909,671. Values remain almost unchanged compared to the same time last year and the nationwide average value is 13.1% below the market peak in January 2022 of $1,047,132.

While the rate of decline has slowed in many areas, the overall market remains subdued. Values were down in most of the main centres this quarter, including Auckland (-1.2%), Wellington (-2.3%) and Dunedin (-1.5%), though some cities such as Tauranga (1.7%), Queenstown (2.4%) and Invercargill (1.2%) bucked the trend with value growth over the past three months. Whangarei and Christchurch were largely flat.

QV National Spokesperson Andrea Rush said the housing market is still adjusting to a softer economic environment, with many buyers carefully weighing affordability, employment security and mortgage servicing costs before committing to a purchase.

“There’s more activity occurring at the lower to mid-value end of the market, where first-home buyers and owner-occupiers remain the most engaged,” she said. “These buyers are being supported by relatively stable interest rates, improving access to finance, and a wide range of listings, particularly in larger urban centres.”

Rush said market conditions continue to vary by location and property type, with some regional centres experiencing renewed value growth off the back of earlier declines and ongoing demand for affordable housing.

“While national value levels have broadly stabilised, the recovery is uneven and fragile,” she said. “Vendors in many areas are having to meet the market to achieve a sale, while some buyers remain hesitant due to broader economic uncertainty.”

With the traditional spring uplift in listings just around the corner, Rush said the next few months will be pivotal in determining whether the market begins to tilt more decisively toward recovery.

Regional Breakdown

Northland
The upswing in the Northland market continued this quarter but at a slower pace, with values rising 1.2% in the three months to July. The average value across the region is now $739,755, which is 1.3% higher than the same time last year.

In the Far North, the average property value is $702,473 up 2.5% over the quarter, down 0.9% year-on-year, and 5.0% below the January 2022 peak. Whangarei’s average value is $739,113, unchanged over the quarter, 3.2% higher than a year ago, yet still 9.0% below its peak. In Kaipara, the average value is $846,043 after a 2.6% quarterly lift, but remains 0.5% lower year-on-year and 5.0% below its late-2021/early 2022 high.

Auckland
The Auckland property market remained subdued in July, with high stock levels and cautious buyer sentiment continuing to keep a lid on price growth. The average home value across the Auckland Region declined 1.2% over the quarter to $1,219,470, which is 1.5% lower than at the same time last year and 19.7% below the market’s nationwide peak of January 2022.

In the July quarter, the only area to see values hold relatively steady was the local council area previously known as Auckland City (-0.1%). All other parts of the region recorded value drops: Manukau (-1.9%), North Shore (-2.0%), Waitakere (-1.6%), Rodney (-0.3%), Papakura (-0.2%), and Franklin (-0.8%).

QV Auckland Registered Valuer, Hugh Robson said the Auckland housing market remains largely unchanged, with average values holding steady across most suburbs and little movement in either direction. “There’s been very little price movement over the past month. Listings levels remain in line with April, May and June, and overall prices are just sitting stable – not rising, not falling,” Mr Robson said.

He noted that the higher end of the market continues to perform well, with stronger-than-usual sales activity in the $2 million-plus bracket. “Barfoot & Thompson sold 51 properties over $2 million and 16 over $3 million in July – their best results since 2021, which shows confidence remains for quality homes in top locations,” he said.

“Developers are also pressing ahead with new builds across a wide range of suburbs, which is another indicator of underlying market resilience,” he said.

Waikato
The latest QV House Price Index shows Hamilton’s average home is now worth $784,642, following a modest 1.0% decline over the July quarter. Values are 0.8% higher than this time last year and 14.2% lower than the nationwide peak of late 2021/January 2022.

The largest decline this quarter was in Hamilton Central, where values dropped 5.6%. South East Hamilton was also down 2.4%, while North East Hamilton declined 1.3%. North West Hamilton was the only area to show growth, rising 1.6% over the quarter. South West Hamilton remained relatively stable, with only minor movements.

QV Hamilton Registered Valuer Marshall Wu said the city’s property market softened through July, with most areas recording value declines despite stable interest rates.

“While buyer conditions are broadly favourable, cost-of-living pressures and job market uncertainty continue to weigh on decision-making. Properties are taking longer to sell, and some vendors are choosing to lower asking prices or delay their plans,” he said.

Bay of Plenty
Home values in Tauranga rose 1.7% over the July quarter to an average of $1,031,583. This marks a 1.2% increase compared to the same time last year and home values are now 11.6% lower than the previous peak. Across the wider Bay of Plenty region, the average value increased by 0.7% this quarter to $890,517, which is 0.8% higher year on year.

QV North Island Revaluation Manager Sophie Treder said steady demand from first-home buyers and owner-occupiers had supported values in most parts of the region. “While developers have been less active in some areas such as Rotorua, overall market sentiment remains stable,” she said.

Rotorua and Gisborne recorded quarterly declines of 0.9% and 2.4% respectively. Rotorua is now 1.5% lower year on year and 10.9% below the late 2021/early 2022 peak: while Gisborne is 0.7% up annually and 9.6% below peak.

Hawkes Bay
Napier City home values fell 2.0% over the past three months to a new average value of $745,151. Values are flat compared to the same time last year and sit 16.5% below the late 2021 market peak. Hastings District rose 0.7% for the quarter to an average of $779,281. Values are 0.4% lower than this time last year and 15.3% below the previous peak.

Wairoa District posted the strongest growth in the region, with values up 7.2% over the quarter and 1.6% year on year to an average of $444,616 — one of the few areas in the country now above its previous peak, sitting 2.7% higher than the previous peak however it’s also one of the most affordable places to buy a residential property in the country.

Meanwhile, Central Hawke’s Bay District rose 1.4% in the three months to July and is now 4.0% lower year on year, with an average value of $547,776 — 18.2% below the previous peak.

QV North Island Revaluation Manager Sophie Treder said the Hawke’s Bay property market remained mixed in July, with modest growth in some districts balanced by value declines in others.

“First-home buyers and owner-occupiers were the most active participants in the market, while investor activity has remained more subdued. Vendors are increasingly realistic in their price expectations, particularly when planning to buy again in the same market,” she said.

“Buyers are taking a cautious approach and making well-informed decisions, which is contributing to a steady, if subdued, level of activity.”

Taranaki
Average home values in Taranaki eased 0.4% over the past three months to $649,860, though they remain 1.9% higher than a year ago. New Plymouth dipped 0.9% this quarter but is still up 1.3% annually, with an average value of $723,161 — 3.1% below peak. South Taranaki rose 0.6% for the quarter and 4.3% year on year, while Stratford led the region with 4.1% quarterly and 5.7% annual growth to $497,653.

QV New Plymouth Registered Valuer Danny Grace said the market is steady, with consistent demand at the more affordable end and slower movement for high-end properties above $1 million.

“Listings are increasing, sales remain subdued, and with buyers in no rush, these conditions are likely to persist into spring,” he said.

Palmerston North
Home values in Palmerston North fell 0.4% over the three months to July, with the average value now sitting at $631,287. This represents a 0.6% decline year on year, and values are now 18.2% below the market’s peak.

QV Palmerston North Registered Valuer Olivia Betts said the market softened further in July, with values continuing a slow downward trend.

“Compared to earlier in the year, activity has tapered off and there’s less urgency from buyers. While demand remains for well-presented homes, others are taking longer to sell,” she said.

Ms Betts said buyer caution had grown slightly, and that economic uncertainty and the winter slowdown were keeping conditions subdued for now.

Wairarapa
Home values declined slightly across the Wairarapa region in the three months to July, with the average regional value stable at a dip of just 0.1% to $623,778. This is 2.6% lower than at the same time last year.

Masterton was the only district to record quarterly growth, with values rising 1.8% to an average of $573,035 — 1.5% lower year on year and 16.3% below the nationwide market peak. In contrast, Carterton values fell 3.1% over the quarter to $613,655, while South Wairarapa dropped 2.4% to an average value of $735,557.

Wellington
Residential property values across the wider Wellington region fell 2.3% over the past three months to $818,274, down 4.5% from a year ago.

Wellington City dropped 3.3% to $922,101, which is 6.7% lower annually and 27.3% below the nationwide market peak.

Hutt City fell 1.9% to $748,215, down 3.0% annually and 27.5% below peak. Porirua eased 0.4% to $810,951, 1.5% lower annually and 21.2% below peak. Upper Hutt declined 2.4% to $726,725, down 4.5% annually and 24.2% below peak. Kapiti Coast fell 1.9% to $816,942, 1.6% lower annually and 18.3% below peak.

QV Wellington Registered Valuer and Senior Consultant David Cornford said, “The Wellington property market remains relatively soft. Stock levels have eased slightly but remain healthy, and we expect a fresh wave of listings in spring. This will continue to give buyers plenty of choice and bargaining power. Activity is strongest at the lower end of the market, with first-home buyers benefiting from significantly lower interest rates and reduced values.”

“We are seeing more investors selling or planning to sell, as the costs of owning a rental — including higher council rates, insurance premiums, and maintenance — have risen sharply, making residential investment less attractive.”

“Falling interest rates have yet to spark market growth, likely because many homeowners have not yet rolled off higher fixed rates, combined with wider economic challenges such as rising unemployment and cost-of-living pressures. Unemployment has now reached 5.2%, the highest since 2020, and household expenses continue to climb — both factors that are keeping the market subdued.”

Nelson-Tasman-Marlborough
Home values declined across the top of the South Island in the three months to July. In Nelson, values fell 2.2% to an average of $781,443. This represents a 1.5% increase compared to the same time last year, but values remain 10.2% below the previous nationwide peak.

Tasman District also saw a quarterly decline of 1.8%, with the average home value now sitting at $814,780. That’s 0.4% higher than a year ago but still 5.4% below the previous peak.

QV Nelson/Marlborough Manager Craig Russell said the property market across the top of the South Island remained sluggish in July, with values softening further over the past quarter.

“Market confidence is still relatively low, with modest economic growth, rising unemployment, and persistent inflation continuing to weigh on buyer sentiment,” he said. Mr Russell noted that first-home buyers remained the most active group in the market, while investor activity was limited due to weak confidence and subdued short-term capital growth expectations.

“Sales volumes remain low, which is typical for this time of year, and the number of properties available for sale has continued to decline. The recent weather event in the Tasman area has also impacted confidence in some of the more affected locations,” he said.

West Coast
Our QV House Price Index for July shows the West Coast region saw values rise 2.9% over the past three months to a new average value of $441,854 — an increase of 9.7% year on year.

Average home values in Buller were up 2.7% for the quarter to $386,097, which is 7.2% higher year on year and 14.1% higher than the nationwide peak of late 2021/early 2022. Grey District rose 4.4% over the quarter to $464,849 — up 12.2% annually and 30.3% above the peak. Meanwhile, Westland increased 0.7% this quarter to $474,522, which is 8.3% higher year on year and 21.1% above the peak.

Canterbury
Christchurch City’s average home values dipped marginally by 0.2% in the July quarter to $775,030. This is an annual increase of 1.9% values are now 0.2% lower than the nationwide peak.

In the Waimakariri District, average home values rose 0.5% in the three months to July. The average home is now valued at $724,942, which is 1.5% higher year on year and 4.2% higher than the peak.

The Selwyn District recorded a 0.2% decline in average home values this quarter to $847,324. Values are now 2.0% higher than a year ago and remain virtually unchanged since the peak.

QV Christchurch Registered Valuer Olivia Brownie said the city’s residential property market remains steady, with sales activity holding at consistent levels and buyer demand still evident across most parts of the city.

“Despite a large number of listings, which continues to give buyers the upper hand in negotiations, the market is showing resilience. Annual value growth remains modest but stable, even as many other parts of the country experience a downturn,” she said.

Neighbouring districts are also largely following this trend. “While values have softened slightly in some areas, the overall pattern remains one of stability. Buyers are still active, but price growth is subdued.”

“Multi-unit, two-bedroom townhouses have seen steeper value declines than the wider Christchurch market since its late-2021 peak, as higher interest rates, reduced investor demand, and cost-of-living pressures weigh on buyers. Stand-alone townhouses or those with garaging and parking in desirable locations have generally held their value better, while less desirable areas and units without off-street parking have seen larger falls.”

Dunedin
The Dunedin property market remains highly mixed, with values declining overall but varying significantly between suburbs.

Dunedin City’s average home value fell 1.5% in the three months to July to $636,994, remaining unchanged at 0.0% annually and 11.3% below the nationwide peak of late 2021/early 2022.

Dunedin–Taieri recorded the largest drop, down 6.7% this quarter and 18.5% year-on-year, followed by Dunedin–Central (-2.2% and -13.4%). Dunedin–South remains the strongest performer, falling 1.8% this quarter but up 11.3% annually. Dunedin–North eased 1.2% but is still 1.9% higher year-on-year, while Dunedin–Peninsula & Coastal inched up 0.2% but remains 3.5% lower annually.

QV Dunedin Registered Valuer Becs Wilde said the city’s property market remains steady, with listing numbers continuing to fall and values holding relatively firm.

“Listings levels have dropped over winter however it remains a buyer’s market, with well-prepared purchasers still able to negotiate strongly,” she said.

She noted Dunedin’s overall values are down just 0.02% year on year, indicating a broadly stable market. “Well-presented properties continue to attract multiple offers, while the lower quartile has softened more than the upper — highlighting stronger demand in higher-value segments.”

Queenstown
Our QV House Price Index for July shows values in the Queenstown Lakes District have continued to rise, increasing 2.4% over the past three months to an average value of $1,861,871. This represents a 1.6% increase compared to the same time last year and places values 16.9% above the nationwide market peak of late 2021, early 2022.

QV Queenstown Registered Valuer Greg Simpson said the local property market continues to perform well, with values remaining steady in recent months. “The average value has fluctuated within a relatively narrow band of $1.82M to $1.86M in recent quarters,” he said.

“Demand is also steady but fairly thin, with depth in the market limited and supply and demand currently well balanced. While winter’s high season is in full swing — bringing strong visitor numbers from across New Zealand and overseas — buyers are proving more particular and selective,” Mr Simpson said.

He noted that while there is a broader sense the market may be building toward 2026, some hesitancy remains. “Interest from owner-occupiers and first-home buyers is solid, with a noticeable lift in investor activity as confidence slowly improves, but overall the market is moving at a measured pace.”

In the July quarter, Central Otago home values rose 0.3% to an average of $860,778, now 4.2% higher than the same time last year. In contrast, values in Clutha District fell 1.2% over the quarter to an average of $415,347, down 1.6% year on year. Waitaki District saw a stronger quarterly lift of 1.6%, with average values now at $512,110 — 2.6% higher year on year.

Southland
The Southland region continues to see values increase more than many other parts of the country buoyed by the primary sector and low entry to the residential property market. Values rose 1.3% over the quarter to an average value of $505,467 and are up 4.7% year on year. Invercargill values rose 1.2% over the three months to July, with the average home now valued at $507,403 — up 5.0% year on year and 5.5% above the nationwide market peak.

Gore District recorded a quarterly increase of 5.6%, with the average home value now sitting at $442,299 up 7.8% annually. Meanwhile, Southland District values declined 0.3% this quarter to $533,831 though they remain 2.7% higher than at the same time last year.

QV Invercargill Registered Valuer Andrew Ronald said the Southland property market remains active, particularly at the lower to mid end of the market where demand from first-home buyers remains strong — especially in the $350,000 to $500,000 price bracket.

“Investor interest is continuing to lift, supported by earlier rental growth, although that has now started to stabilise,” he said.

Mr Ronald noted that listings remain tight, which is helping to support values in Invercargill and Gore. “Confidence in the market is underpinned by the strength of the primary sector, and Gore’s recent value growth reflects that ongoing regional resilience.”

“Meanwhile, demand for properties priced above $1 million remains limited, with buyer caution still evident at the top end of the market,” he said.

The QV HPI uses a rolling three month collection of sales data, based on sales agreement date. This has always been the case and ensures a large sample of sales data is used to measure value change over time. Having agent and non-agent sales included in the index provides a comprehensive measure of property value change over the longer term.