The latest QV House Price Index shows average home values across Aotearoa New Zealand fell 0.8% over the quarter to the end of October, with the national average now sitting at $902,020. That figure is unchanged compared to the same time last year and 13.9% below the nationwide market peak of January 2022.
Across the main centres, the Auckland region recorded the steepest fall, with average values dropping 2.2%, followed by Whangārei and Tauranga, both down 1.3%. Recent declines in Wellington City have steadied to a modest 0.8% decrease, while Hastings fell 0.6%, New Plymouth ticked down 0.3%, and Dunedin edged back just 0.1%.
The strongest regional gains were seen in Invercargill, up 2.7%, followed by Queenstown (+1.4%) and Napier (+1.2%). Christchurch values increased slightly, up (+0.4%), while Hamilton (+0.6%), Palmerston North (+0.2%), and Nelson (+0.1%) all recorded small quarterly increases.
QV National Spokesperson Andrea Rush said the housing market remains broadly flat, with small declines in most main centres offset by modest gains in parts of the South Island and regional Aotearoa.
“Listings and buyer activity have lifted this spring, but it hasn’t yet translated into sustained value growth. The market is still finding its footing after a long period of economic uncertainty, with confidence slowly returning as interest rates ease.”
She said the picture across the main centres remains mixed. “Auckland continues to lead national declines, while Wellington’s earlier downward trend appears to be stabilising. Christchurch has maintained its reputation for stability, with home values holding steady near their previous peak — though it’s notable the city didn’t see the same double-digit increases during the peak as other main centres. Elsewhere, regional cities such as Napier, Hamilton, and Palmerston North are showing renewed energy as the spring market gains momentum.”
“Further south, regional strength continues to underpin the national picture. Invercargill, Dunedin–Taieri, Queenstown, and the West Coast were among the strongest performers this quarter. Local economies remain steady, supported by tourism in Queenstown Lakes and the strong primary sector and relative affordability across Southland and Otago. While Queenstown is still the least affordable market in the country, values there remain firm thanks to ongoing demand and limited supply. Dunedin–Taieri once again recorded the strongest quarterly growth nationwide, underlining the resilience of southern markets.”
“Overall, the market is showing early signs of recovery, but progress remains uneven. While interest rate cuts and easier lending conditions are improving sentiment, high living costs and elevated unemployment are still weighing on household confidence.
QV expects values to remain relatively stable in the near term, with gradual growth likely to emerge in 2026 as economic conditions strengthen.”
Auckland’s housing market continued to decline over the past quarter, with average values across the Super City down 2.2% to $1,192,927. Values are now 2.9% lower than a year ago and 21.4% below their January 2022 peak. Papakura fell the most (-3.5%), followed by Manukau (-3.4%) and Auckland City’s central suburbs (-2.8%).
QV Auckland Registered Valuer Hugh Robson said, “Although the statistics indicate no real change in the downward trend in the market, there appears to be a slight pick-up in buyer activity, possibly due to recent cuts to interest rates.”
“Agents are reporting more inquiries, more people at open homes, and more listings coming to the market during October, which is usual as we come into the spring–summer season,” he said.
“Townhouses continue to dominate the lower to medium price bracket, and inner-city suburbs continue to have steady activity.”
“The continued overall slow market reflects ongoing economic uncertainty, high unemployment, and reduced immigration levels.”
Wellington
Values for the greater Wellington region decreased 1.1% over the past three months and 3.3% year-on-year, with the average home value now $809,547.
In Wellington City, the larger falls seen in recent months have stabilised, with values dipping just 0.8% over the quarter; however, they were down 4.8% year-on-year to $914,390. The greatest decrease was in the Wellington City – Central suburbs, where values dropped 4.5% over the three months to the end of October to an average of $798,368. Meanwhile, values rose in Wellington City – West by 1.2% to $1,022,737.
QV Wellington Registered Valuer and Senior Consultant David Cornford said, “First-home buyers are active but remain cautious given the region’s economic and employment conditions. Well-presented stock is selling well, but poorly presented properties are selling at large discounts.”
“There has been an uptick in new development sales in the latter part of the year, though off-plan sales remain challenging,” he said.
“There is plenty of stock on the market, giving buyers ample choice, which, combined with weak economic conditions, is dampening value growth despite lower interest rates and easing lending criteria.”
“Further rate cuts and an expected improvement in economic conditions in 2026 will likely strengthen the market, albeit modestly.”
Christchurch
Christchurch City’s average home value is $778,172, up 0.4% over the quarter and 2.4% year-on-year. The average is now 0.3% above the $776,228 recorded during the January 2022 nationwide peak. Selwyn sits at $852,855, up 0.7% for the quarter and 1.7% year-on-year, while Waimakariri is up 0.3% for the quarter and 2.7% year-on-year.
The Christchurch metro market has been busy, with a good level of spring sales leading up to Christmas, and sales volumes across the Canterbury districts have been steadily increasing since mid-2025 on the back of higher market activity.
QV Christchurch Registered Valuer Michael Tohill said, “These figures underline the city’s relative stability compared to other main centres; however, it’s worth noting Christchurch did not experience the same level of value rises during the previous peak that were seen in other main centres, including Auckland and Wellington.”
“Christchurch continues its historic trend as a relatively stable real estate market in a downturn, with market correction only evident in certain sectors. For example, the townhouse market is seeing continued price pressure with ample supply and new pipeline stock coming through,” he said.
“The $1–$2 million market is very active, with good demand and strong sale prices being achieved. Meanwhile, building activity across Christchurch, Selwyn, and Waimakariri also remains steady, with home builders reporting a healthy level of forward work well into 2026,” Mr Tohill added.
Largest regional value changes
Southern markets once again led the way this quarter, with Dunedin–Taieri recording the strongest rise in the country, up 6.9% for the second consecutive quarter. The wider Otago and Southland regions also showed resilience, with Invercargill values climbing 2.7% and Queenstown up 1.4%. Further north, West Coast districts performed strongly, led by Westland up 3.4%, Buller up 2.8% and Grey District relatively flat rising by 0.4% over the quarter.
Overall, while parts of the country remain soft, southern and regional markets are proving the most resilient, supported by local economic strength, lower entry prices, and steady buyer demand.
QV West Coast Registered Valuer Rod Thornton said, “The region’s markets remain steady, with reasonable demand and buyers active across all main price brackets.”
“Overall values have risen as the upward trend continues although in areas such as the Westcoast region, where sales volumes tend to be lower and housing quite varied, statistics can be distorted to a degree,” he said.
In Hawke’s Bay, Napier home values increased 1.2% over the past three months to $753,948, while Hastings fell 0.6% to $774,484. Central Hawke’s Bay posted the strongest growth in the region, up 3.1%, while Wairoa District saw the steepest fall nationally, down 13.4%.
QV Hawke’s Bay Registered Valuer Nicola Waldon said, “First-home buyers remain active in Napier and Hastings, particularly in the $450,000–$700,000 price range.”
“Easing interest rates have given buyers more power,” she said. “Listings have increased slightly with the arrival of spring, while higher-end properties above $1 million are taking longer to sell.”
You can check value changes over time in your region with QV’s interactive map on www.qv.co.nz/price-index/
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.
