Source: Rata Foundation
Property Values – Nationwide residential property values rise as Auckland returns to growth – QV
The latest QV House Price Index shows that average residential property values across New Zealand Aotearoa rose by 1.1% over the three months to December 2025, with the national average now $910,118. That figure is 0.9% higher than at the same time last year, and 13.1% below the nationwide market peak of January 2022.
Among the main centres, Christchurch City recorded the strongest quarterly growth at 2.5%, followed by Hamilton (2.1%). The Auckland Region also saw values rise modestly over the quarter, up 0.8%. Dunedin recorded a small increase of 0.4%, while Wellington City was the only major centre to see values weaken, though it remained relatively stable, down 0.5% over the three months to December.
Across the other regional centres, Invercargill once again recorded the strongest gains (3.3%), followed by Rotorua (2.6%), Whangārei (2.5%), Nelson (2.3%), Whanganui (2.1%), Queenstown (1.4%), where growth slowed from the previous quarter, and Gisborne (1.0%). Tauranga (0.9%), Napier (0.9%) and Palmerston North (0.8%) also recorded more modest increases.
She said the latest data shows value increases becoming more widespread across the country, even though the pace of change remains modest in many areas. “A clear majority of the areas we measure recorded quarterly growth, indicating that value movements are now occurring across a broader range of regions.”
Rush said elevated housing supply continues to shape outcomes nationally. “With the number of homes for sale nationwide at the highest level in a decade, buyers continue to have the upper hand, with more choice and the ability to negotiate. This is keeping value movements in check, even as activity improves in some areas. That dynamic is also contributing to improved affordability in relative terms, particularly for first home buyers, who remain active across many parts of the country.”
She added that conditions vary by property type and location, with some pressure persisting in areas with higher levels of new supply. “In some main centres, such as Auckland and Christchurch, the apartment and townhouse sector continues to face pricing pressure due to ample supply, higher building and servicing costs, and the fact that values for stand-alone homes have come down.”
“In many cases, buyers are choosing houses on their own sections — offering more storage, privacy, living space and carparking — over townhouses or apartments that lack these amenities and are often not significantly cheaper to purchase. Agents also report that buyers are favouring developments that do offer these features, particularly those in popular locations, over those that lack parking, storage, privacy and outdoor space.”
“We’re also seeing the effects of a reset in development land values in some locations, following elevated prices paid during the previous peak — such as in Auckland’s Waitākere, Manukau and Papakura, where values have dipped more sharply. With QV CostBuilder data showing building costs remain elevated compared to pre-peak levels, alongside higher interest rates, some developers who paid a premium for land during the peak can no longer afford to develop or hold it, resulting in land being resold in some cases at significantly lower prices than originally paid.”
Looking ahead, Rush said early indicators point to a more stable outlook into 2026, although some uncertainty is likely to remain. “An election year can create a degree of caution, which may restrain activity at times as buyers and sellers take a more wait-and-see approach. As a result, any change in values is expected to be gradual rather than rapid.”
Residential property values across the wider Auckland Region edged higher in the December quarter, following a period of slowing declines through the second half of 2025.
After average values fell by 2.2% in the October quarter and a further 1.1% in the November quarter, the Auckland Region recorded a 0.8% increase in the December quarter. The average home value across the Super City is now $1,204,006. Values remain 3.3% lower than at the same time last year and 20.6% below the nationwide peak of January 2022.
QV Auckland Registered Valuer Hugh Robson said the December quarter again delivered a mixed picture when broken down across the different areas of the region.”
“Rodney recorded the strongest year-on-year increase in average home values within the region, up 1.4%, while Waitākere experienced the largest annual decline, down 4.6%. Despite recent stabilisation, average values across Auckland remain a substantial distance below their previous peak.”
“Residential property values across Auckland have begun to stabilise, with signs of improvement now emerging,” Robson said.
The most pronounced improvement has been evident at the higher end of the price spectrum, particularly for homes priced between $2 million and $3.5 million, where sales volumes have increased. “That segment has clearly regained momentum, and it’s helping to support overall values across the region,” he said.
Robson noted that areas such as Waitākere (-23.4%), Manukau (-21.9%) and Papakura (-22.5%) — where values have weakened the most since the previous peak — have been partly influenced by a significant reset in development land values.
Wellington
Residential property values across the Greater Wellington region declined by 0.5% over the three months to December and are now 3.6% lower year on year, with the average home value sitting at $811,490.
In Wellington City, values continued to stabilise, slipping by a modest 0.5% over the December quarter. The average home value in the city is now $915,492, which remains 4.7% lower than at the same time last year. The greatest quarterly decrease was recorded in Wellington City – East, where values fell by 4.5% to an average of $1,000,745.
In contrast, values rose in Wellington City – North by 2.5% to an average of $846,768, while Wellington City – West recorded a small increase of 0.1%, taking the average value to $1,030,654.
QV Wellington Registered Valuer David Cornford said residential property values across Wellington have been mixed over the December quarter. “Some areas continue to weaken, while some have stabilised or seen increases. While elevated listings continue to give buyers a wide range of choice.”
“Many parts of the Wellington region remain close to 30% below their previous peak values, which is helping first home buyers enter the housing market,” he said. “Lower prices have improved affordability for some buyers; however, interest rates remain much higher than during the peak which means servicing debt is still a barrier to many potential buyers.”
Cornford added that rental conditions have also eased significantly, as high numbers of tenants leave Wellington in search of employment elsewhere following ongoing cuts to the public sector during 2025. This shift is reducing rental demand and adding to overall housing availability.
Looking ahead for 2026, Cornford said home values in Wellington are likely to continue tracking sideways in the near term. Subdued economic and employment conditions, along with the upcoming election year, are expected to keep both buyers and sellers cautious, limiting any strong upward movement in values.
Christchurch
Residential property values across Christchurch City rose by 2.5% over the three months to December, with the average home value now sitting at $791,541. Values are also 3.3% higher than at the same time last year, continuing the city’s steady upward trend in most areas.
Growth was broad-based across much of the city including in Selwyn and Waimakariri during the December quarter. Christchurch City – West recorded the strongest increase (5.2%).
In contrast, Christchurch City – Peninsula (1.0%) was the only part of the city to record a decline over the quarter.
QV Christchurch Registered Valuer Michael Tohill said strong value increases were evident across several areas of Christchurch, and activity across the metropolitan area continues to remain solid.
“Listing numbers remain elevated, while selling times have continued to shorten, reflecting a market that is functioning well,” he said.
“Demand remains particularly strong in the $1 million to $2 million price range, with competitive bidding and solid sale prices being achieved.”
Tohill also noted that building activity across Christchurch, Selwyn and Waimakariri remains steady, with builders reporting healthy forward work programmes extending well into 2026.
He added that while most parts of the city have remained resilient, pressure persists in some segments. “The townhouse sector continues to face pricing pressure, largely due to ample supply and new stock still coming through the development pipeline.”
Regional Update
Across the country, regional performance remained mixed over the December quarter, although value increases became more widespread.
Many provincial and regional centres continued to record solid growth, led by Invercargill, Rotorua, Whangārei and Nelson, while several others posted more modest gains or were relatively flat and steady.
The areas that saw the greatest increases were Wairoa District (11.3%), Waitomo District (9.3%), Kaikōura District (6.1%), Waimate District (5.9%) and Hamilton – Central (5.3%).
In contrast, in the North Island, some regional centres saw weakening of more than 2 percent over the quarter including Ōtorohanga (-3.8%), Kaipara (-2.6%), Manawatu (-2.3%), South Wairarapa (-2.9%) and Masterton (-2.8%).
In the South Island nearly all areas saw values increase, with only areas to see a decrease of more than 2.0% being Buller (-4.1%) on the West Coast, but that was from a very small number of sales and it’s one of the most affordable places in the country so percentage movements can appear larger due to the lower value base.
Overall, the December figures show residential property values stabilising or edging higher across a growing number of regions, even as conditions remain uneven between centres and property types, and it is likely this stabilisation — with some small increases depending on property type and location — will continue during 2026.
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.
PSA seek investigation from Independent Police Conduct Authority of Police Mental health withdrawal policy following incident
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Source: New Zealand Nurses Organisation
University Research – New Zealand’s first lung cancer organoid bank – UoA
The first lung cancer organoid bank in New Zealand is being created at the University of Auckland.
Dr Hossein Jahedi is leading a multidisciplinary team, which aims to grow tumour samples from patients with advanced lung cancer into tiny organoids – 3D mini-tumours that mimic the original cancer.
Different treatments can be tested on the organoids, providing information on how that specific type of tumour is likely to respond to those treatments, says Jahedi, whose research has been funded by the Li Family Trust and the University’s Centre for Cancer Research – Te Aka Mātauranga Matepukupuku.
“The question the organoids will help answer is ‘does this medicine work for this patient?’
“It’s a personalised medicine approach that could help give patients the best chance,” says Jahedi.
Treatment costs could be reduced by offering the most effective treatments, while patients could also be spared the side effects caused by trying multiple treatments, he says.
Generally, organoids can be grown and several drugs can be tested on them within about two weeks.
Before an organoid is grown, patients must consent to donating a tumour sample from surgery or a biopsy.
“We take that tissue into the lab, gently break it into cell clusters, mix it with a special matrix that’s a bit like jelly, and cover it with a nutrient-rich liquid that helps the cancer cells grow.
“Over days to weeks, the clusters of cells will organise themselves into tumour organoids.”
Typically, each tumour sample provides dozens of organoids, which are about the size of a grain of sand, Jahedi says.
The organoids can also be used for early experiments testing new cancer treatments, before trials in animals or people.
“Organoids are one of the models that most closely resemble the cancer in humans, so they allow us to understand the behaviours of the cancer.
“They will probably reduce the need for animals in trials of new treatments, but they probably won’t ever replace them.”
The effects of new treatments on other systems in the body can be seen in animals, but cannot be observed within organoids, he says.
The lung cancer organoid project was inspired by a library of breast cancer organoids that has been developed by Dr Emma Nolan at Waipapa Taumata Rau, University of Auckland since 2022.
“Lung cancer is the biggest cancer killer in New Zealand – that’s why we wanted to focus on it.
“Māori and Pacific people are about three times more likely to die of lung cancer than people of other ethnicities in New Zealand.”
The project aims to grow organoids that will offer insights into lung cancers in Māori and Pacific patients, who are currently under-represented in research, he says.
Jahedi is working with Māori and Pacific health organisations to develop culturally safe protocols for how tissue is collected, stored, used, and governed.
He aims to grow 10 to 20 lung cancer organoids from different patients over the next 18 months.
Eventually, a bigger lung cancer organoid biobank could be used by doctors and researchers throughout New Zealand.
The organoids can be cryopreserved – frozen in liquid nitrogen – then activated again when needed.
“Cancer causes so much suffering for patients and their families and it can be difficult for the doctors and nurses caring for them, too.
“This seems like a good way to try to help people in a way that could have a direct impact,” Jahedi says.
Research – Construction cost growth rises alongside activity – Cotality
Construction costs recorded their largest quarterly increase in over a year during the three months to December, as early signs of a sector recovery begin to emerge.
The latest Cordell Construction Cost Index (CCCI) shows residential building costs increased by 0.9% in the three months to December. (ref. https://www.cotality.com/nz/resources/downloads/cordell-construction-cost-index-ccci )
While this represents the largest quarterly rise since Q3 2024 (1.1%), the figure remains slightly below the long-term average of 1.0%.
A turnaround in dwelling approvals
Mr Davidson said this marks a turnaround following the period of stagnation (albeit at a high level) observed throughout late 2024 and the first half of 2025.
Construction sector positioned for recovery in 2026
Looking ahead, the construction sector is set to expand again in 2026, and Mr Davidson said the previous downturn has allowed building costs to flatten after a period of strong increases.
“The latest CCCI figures remain relatively controlled, although as the industry starts to recover more clearly in 2026, construction cost growth could pick up again. However, a spike similar to the post-COVID phase remains unlikely,” he concluded.
* The CCCI is comprised of around 50% materials, 40% wages, and 10% for other charges such as professional fees.
New home consents rise, led by multi-unit homes – Building consents issued: November 2025 – Stats NZ news story and information release
Source: Statistics New Zealand
New home consents rise, led by multi-unit homes – news story
14 January 2026
There were 35,969 new homes consented in Aotearoa New Zealand in the year ended November 2025, up 7.0 percent compared with the year ended November 2024, according to figures released by Stats NZ today.
“In the year to November 2025 multi-unit homes drove the increase in new homes consented,” economic indicators spokesperson Michelle Feyen said. “That’s reflected in the number of townhouses, flats, and units being consented.”
Of the multi-unit homes consented in the year ended November 2025, compared with the year ended November 2024, there were:
- 15,643 townhouses, flats, and units (up 9.6 percent)
- 2,647 apartments (up 49 percent)
- 1,291 retirement village units (down 26 percent).
Visit our website to read the full news story and information release and to download CSV files:
Employment indicators: November 2025 – Stats NZ information release
Source: Statistics New Zealand
Employment indicators: November 2025 – information release
14 January 2026
Employment indicators provide an early indication of changes in the labour market.
Key facts
Changes in the seasonally adjusted filled jobs for the November 2025 month (compared with the October 2025 month) were:
- all industries – up 0.3 percent (6,569 jobs) to 2.35 million filled jobs
- primary industries – up 0.8 percent (890 jobs)
- goods-producing industries – up 0.1 percent (490 jobs)
- service industries – up 0.2 percent (4,124 jobs).
Visit our website to read the full information release and to download CSV files:
