The latest QV House Price Index shows that average home values across Aotearoa New Zealand remained unchanged in the three months to the end of November and were virtually the same year on year at just 0.1% lower. The national average is now $907,274, which is 13.4% below the market peak of January 2022, when the national average value was $1,047,132.
Among the main centres, Christchurch recorded the strongest quarterly growth of 2.1%, followed by Hamilton (up 1.4%), while the Auckland region once again saw the largest decline of 1.1%, which is a slower rate of decrease than the October quarter when the average value dropped 2.2%. And rather than all parts of the super city seeing declines North Shore values jumped 2.4% and Rodney was also up. Recent declines in Wellington City have also steadied, with just a slight 0.5% decrease this quarter, while Tauranga (-0.1%) and Dunedin (0.0%) remained unchanged.
Across the country, the proportion of areas experiencing value growth has continued to rise. Of the 112 territorial authorities measured, 71 recorded increases this quarter and 41 saw declines — meaning almost two-thirds of the country is now seeing values edge upward.
Download a high resolution version of the latest QV value map here.
QV National Spokesperson Andrea Rush said residential property values across the country have entered a phase of consolidation. “While this stability might suggest a pause in the market, the picture underneath is far more varied — and for many households, ongoing affordability and cost-of-owning pressures remain acute.”
“At a regional level, growth and decline diverge sharply. Some centres are seeing value gains — notably Christchurch, Invercargill, Queenstown, Gisborne, Nelson, Rotorua and Hamilton — while the greater Auckland region has recorded a further decline, continuing a run of recent months that exerts downward pressure on the national average. In places where values are flat or moderating, the relative stability offers a welcome window for potential buyers. Yet affordability remains elusive for many,” she said.
“Over the past five years, the cost of living — as measured by CPI inflation — has increased by around 21%, placing additional pressure on household budgets. Wages in many sectors have not kept pace with inflation, meaning many households now have less real income available to save for a deposit or to comfortably service a mortgage.”
Mortgage lending rates remain significantly higher than the lows of the early 2020s. “Even with recent reductions, current lending rates continue to sit well above those experienced earlier in the decade, raising the barrier to home ownership and adding pressure to those maintaining existing mortgages.”
Rush said financial pressures are also being felt by existing homeowners. “The cost of owning and maintaining a property has increased, with rises in council rates, insurance premiums, trades and building costs, renovation expenses, and development contributions. These ongoing expenses mean many households are having to prioritise carefully, with some deferring improvements or considering downsizing as they get older. Mortgagee sales have become more common during 2025, particularly in Auckland and Wellington.”
She said these factors point to a shift in New Zealand’s residential landscape. “Values are no longer rising rapidly, but the cost of entering or remaining in the housing market remains high. For prospective buyers, property continues to represent a significant financial commitment. For homeowners, maintenance and ongoing costs continue to bite. And for the residential sector, we may see a slower, more gradual period ahead in which affordability, economic pressures and regional differences play a larger role than headline value growth.”
Auckland
The rate of decrease across the wider Auckland region slowed from the 2.2% recorded in the October quarter to 1.1% over the quarter to the end of November. The average value across the region is now $1,201,504. Values are 3.0% lower than a year ago and 20.8% below the 2022 peak. It was a mixed picture, with some areas now posting increases such as North Shore (2.4%) and Rodney (0.6%), while Papakura (-3.6%), Manukau (-2.4%) and Waitākere (-2.2%) saw the largest declines.
QV Auckland Registered Valuer Hugh Robson said activity has improved recently. “The Auckland residential property market has clearly improved over the past four to six weeks, with more activity, stronger prices, and noticeably more prospective buyers out there looking.”
The higher-value segment of the market — particularly properties between $2m and $3.5m — has shown the most pronounced uplift, with a substantial increase in the number of sales recorded in recent weeks. “That part of the market has clearly gained momentum.”
He added that increased listings have also contributed to improved sentiment heading into summer, even though the headline figures still show a softening over the quarter.
“Lower interest rates and increased housing supply are major factors influencing this shift,” he said. “And while many bank economists are predicting steady, if not dramatic, house price increases through 2026, the recent lift in activity suggests the market is already starting to turn a corner.”
Wellington
Values for the greater Wellington region decreased 0.8% over the past three months and 3.6% year-on-year, with the average home value now $808,649. In Wellington City, the larger falls seen earlier in the year have continued to stabilise, with values dipping just 0.5% in the three months to the end of November; however, they remain down 5.0% year-on-year at $911,632. The greatest decrease was in Wellington City – Eastern suburbs, where values dropped 4.0% over the quarter to an average of $1,004,682. Meanwhile, values rose in Wellington City – North and West by 1.8% to an average of $841,591, and 0.8% to an average of $1,019,088 respectively.
QV Wellington Registered Valuer and Senior Consultant David Cornford said stock levels remain elevated as the year draws to a close. “We will likely see a high spillover into the new year and even more stock coming onto the market in January and February, which will continue to give buyers plenty of choice and constrain value growth.”
“The economic and employment mood in Wellington remains subdued and this is impacting the property market. A relatively high number of people are leaving the city for employment opportunities elsewhere, and fewer are relocating to replace them. Many of those departing are putting their homes on the market, adding to already elevated stock levels.”
Christchurch
Christchurch’s average home value rose 2.1% this quarter to $786,671, now 3.1% higher than a year ago and 1.3% above its 2022 peak. Selwyn increased 1.4% this quarter (2.0% annually) to $857,574, and Waimakariri rose 0.6% (2.7% annually) to $728,212.
QV Christchurch Professional Services Southern Manager Michael Tohill said activity has strengthened since mid-2025. “Days to sell have decreased, listings are up, and auction activity remains solid,” he said.
He noted Christchurch tends to be more stable than other main centres, partly because it experienced more moderate value growth during the previous peak. He also noted that the $1–$2 million segment remains active, while townhouse values face pressure due to high supply and new builds in the pipeline.
Regional Update
Southern and regional markets once again delivered some of the strongest gains this quarter, though several North Island centres also recorded steady growth. Invercargill led the main urban areas with quarterly growth of 3.6%, followed by Queenstown at 2.9%, Gisborne at 2.3%, and Nelson and Rotorua both at 2.0%. North Island increases were also evident in Whanganui (1.9%), Whangārei (1.3%), Palmerston North (1.0%) and Napier (0.4%), while Hamilton rose 1.4% and Tauranga 0.1%. Dunedin remained unchanged.
Among the smaller districts, the strongest value increases this quarter were recorded in Carterton (4.6%), Waitomo (4.4%), Southland (4.1%), Waimate (4.0%) and Hamilton – South-East (3.7%). The most significant quarterly declines were seen in Wairoa (-16.2%), Hamilton – Central (-5.6%) and Ōpōtiki (-4.2%).
QV Hamilton Registered Valuer Marshall Wu said improving sentiment and seasonal momentum have supported value growth across parts of the Waikato. “We’ve seen a modest but noticeable lift in activity across Hamilton over the spring period. New listings have increased, giving buyers more choice, and easing interest rates are contributing to renewed interest from first-home buyers and some investors. Well-priced properties are attracting good attention, and we’re seeing momentum build in several suburbs.”
QV Invercargill Registered Valuer Andrew Ronald said Southland’s performance continues to reflect a well-balanced and active local market. “Southland remains steady, with strong buyer interest across a wide range of price points. Yields continue to appeal to investors, and out-of-town purchasers are an ongoing feature of the market. Listings remain relatively tight, which is helping to sustain upward pressure on values.”
Across much of the country, regional markets are showing renewed resilience, supported by improved affordability, rising new listings and increasing buyer confidence following recent interest rate reductions. While some districts continue to experience softer conditions, the broader pattern points toward gradual stabilisation, with more areas now transitioning from decline into steady or modest value growth.
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.
