Source: Earth Sciences New Zealand
Property Market – New data reveals the most expensive place in the country to rent
- National average weekly rent drops 2.4% to $626 per week
- Number of new rental listings climbs almost 20% year-on-year to over 5,000 properties
- Wellington has 91.5% increase in stock with 925 available rental properties.
Central Otago Lakes District is the most expensive place to rent in New Zealand, by more than $200, reveals the latest data from realestate.co.nz.
The region’s average rental price hit an all-time high of $891 per week in December 2025, 11.8% more than in December 2024, making the region over $200 more expensive to rent than anywhere else in the country, including Auckland. The national average rental price in December 2025 was $626/week.
Central North Island recorded the next highest increase in average weekly rental prices, up 6.2% year-on-year to $597.
However, renters elsewhere around the country had something of a reprieve. The national average rental price fell 2.4% year-on-year to $626 in December 2025. Regionally, 13 of the 19 regions saw average asking prices decline compared to December 2024, with rents dropping the most in:
- Coromandel, down 41.0% to $539/week
- Wellington, down 8.4% to $663/week
- Hawke’s Bay, down 7.5% to $614/week.
Vanessa Williams, spokesperson for realestate.co.nz says, New Zealand’s rental landscape is starting to show a clearer split between premium lifestyle markets and the rest of the country.
“Central Otago/Lakes District continues to sit in a league of its own, driven by strong demand and a limited pool of rentals which is pushing prices to record highs. We’ve seen this week that first-home buyers made up 19% of all property purchases in Queenstown last year. When weekly rental prices start closing in on mortgage repayments, it’s no surprise that renters are making the leap into home ownership and our data shows that shift is well underway.”
Is there respite for renters in 2026?
The rental market continues to be awash with properties with the number of new rental listings increasing 19.8% in December 2025 to 5,349, compared to 4,464 in December 2024.
Wairarapa saw the biggest increase year-on-year, with new listings up 142.9% to 51. Nelson & Bays followed with new listings up 92.6% to 52 and Hawke’s Bay, up 88.5% with 98 new listings in December 2025, compared to December 2024.
Williams says the lift in new rental listings gives renters more choice and potentially more negotiating power in the year ahead.
“A nearly 20 percent increase in new listings certainly provides more choice for renters, and in some regions, like Wairarapa and Hawke’s Bay, that choice has doubled. With stock building and competition among landlords rising, renters will continue to find themselves in a stronger position to negotiate on price or lease terms in 2026.”
Strong stock levels give renters breathing room
Stock levels have increased significantly in parts of the motu as well. Total stock (7,577) was 15.9% more than in December 2024. Hawke’s Bay recorded a 151.2% increase in stock in December 2025 with 108 properties available for rent.
Wellington’s stock levels are also up, with a 91.5% year-on-year increase to 925 properties. Wairarapa, Nelson & Bays, and Gisborne all reported year-on-year increases over 80%, with 82.9% (75 properties), 88.5% (49 properties), and 82.8% (53 properties) respectively.
Williams says the data shows the country is entering 2026 with a rental market that looks very different depending on where you live.
“The continual abundance of rental stock is giving renters breathing room but places like Central Otago/Lakes District remind us that lifestyle markets operate differently. The big question for 2026 is whether the rental supply nationally translates into lasting affordability or whether the regional rental divide grows.”
About realestate.co.nz | New Zealand’s Best Small Workplace (2025)
We’ve been helping people buy, sell, or rent property since 1996.
Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry. In 2025, realestate.co.nz was crowned Best Small/Micro Workplace in New Zealand by Great Place to Work.
Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.
Whatever life you’re searching for, it all starts here.
Want more property insights?
Market insights: Search by suburb to see median sale prices, popular property types and trends over time.
Sold properties: Switch your search to sold to see the latest sale prices and an estimated value in the current market.
Glossary of terms:
The average weekly rental rate is an indication of current market sentiment. It is calculated by taking the asking rental rate of every residential property listed during that month and dividing it by the total number of rental properties. The average is a truncated mean.
New listings are a record of all the new residential dwellings listed for rent on realestate.co.nz for the relevant calendar month. Listings on the site include rental properties listed by Property Managers and private landlords and provide a representative view of the New Zealand rental property market.
Stock is the total number of residential dwellings that are for rent on realestate.co.nz on the penultimate day of the month.
Events – 4,500+ Individuals to Race at Biggest Waka Ama Nationals To Date
Karāpiro is set to host the largest event it’s ever seen, the 2026 Waka Ama Sprint Nationals, with 800 more paddlers than last year, being a first in the sport’s history and one of the biggest national sporting events in Aotearoa New Zealand.
From 11–17 January 2026 upwards of 4,500 participants will be racing, with ages ranging from 5 years old to 85+. Organised by Waka Ama Aotearoa NZ (WAANZ) and supported by mana whenua Ngāti Korokī Kahukura and Ngāti Hauā, this year is also a qualifying event for the 2026 International Va’a Federation World Sprint Championships in Singapore this coming August.
WAANZ has announced a new partnership with House of Travel Events, who will provide athletes qualifying for the World Championships with their international travel needs. While new partnerships are underway, those existing continue to grow with major partner ACC hosting the whānau zone at the 2026 event.
“This year’s Nationals are a milestone for waka ama. To see an increase in paddlers from 2025, with our rangatahi numbers on the rise, it shows just how powerful this sport has become for whānau and communities across Aotearoa,” says WAANZ Chief Executive Lara Collins.
Taitamariki races with nearly 900 tamariki under the age 10, will begin racing on Sunday 11 January, closing up with the premier women's 500m final on Saturday the 17th of January.
Thousands of supporters are anticipated to attend, where 2025 saw more than 10,000 spectators arrive to the lakeside during the week's competition.
Property Market – NZ property values end 2025 in the red but there could be signs of growth in early 2026 – Cotality
Property values across Aotearoa New Zealand slipped -0.2% in December, following a modest -0.1% dip in November, according to Cotality NZ’s latest Home Value Index (HVI).
Despite early gains in 2025, values fell in seven of the past nine months, leaving the calendar year down by -1.0%. Houses fell by a bit less than that (-0.7%), but townhouses were down by -1.8% and the much smaller apartment segment by -4.2%.
However, early indicators suggest 2026 may bring a turnaround, driven by lower mortgage rates and a recovering economy.
The national median now sits at $808,430, which is -17.6% below the early 2022 peak.
Across the main centres, Tāmaki Makaurau Auckland remained sluggish in December (down by -0.6%), with Kirikiriroa Hamilton down by -0.7%, and Te Whanganui-a-Tara Wellington falling by -0.4%. By contrast, Ōtautahi Christchurch recorded a modest 0.2% rise, while Tauranga and
Ōtepoti Dunedin both increased by 0.5%.
Kelvin Davidson, Cotality NZ Chief Property Economist, said 2025 proved to be a ‘year of conflicting forces’, with multiple factors pulling in opposite directions to leave values broadly flat.
“December’s result – a minor fall – leaves the national median only slightly changed from 12 months ago as the upward momentum of lower rates was offset by an elevated level of listings on the market and the weak economy.”
Mr Davidson said the sluggishness of the labour market was the largest macro headwind. “Looking at the bigger picture, any lift in the unemployment rate would have an indirect effect on households’ confidence.”
He also pointed to growth in the stock of dwellings relative to population in recent years, which further moderated property values and helped affordability.
“The Government’s recent proposal to make major changes to resource management rules – if they get to legislation and stick through the political cycle – will only tend to reinforce these encouraging supply shifts in the housing market.”
Index results for December 2025 Change in dwelling values Month Quarter Annual From peak Median value Tāmaki Makaurau Auckland -0.6% -1.0% -2.6% -23.4% $1,047,044 Kirikiriroa Hamilton -0.7% -0.3% -1.2% -12.8% $717,495 Tauranga 0.5% 1.7% 1.0% -15.0% $935,174 Te-Whanganui-a-Tara Wellington* -0.4% -0.3% -2.0% -25.4% $785,790 Ōtautahi Christchurch 0.2% 0.6% 2.6% -3.6% $683,360 Ōtepoti Dunedin 0.5% 1.0% -0.3% -10.9% $612,171 Aotearoa New Zealand -0.2% -0.3% -1.0% -17.6% $808,430
Tāmaki Makaurau Auckland
Tāmaki Makaurau Auckland remains a key weak spot across NZ’s property market, with only North Shore avoiding a fall in December. Elsewhere across the super-city the falls in values ranged from -0.3% in Waitakere and Papakura down to -1.0% in Auckland City.
For the calendar year, each sub-market underperformed the national average (-1.0%), with the falls ranging from -1.3% in North Shore down to -3.5% in Auckland City, and -3.2% in Manukau.
North Shore (-18.4%) is the only part of Tāmaki Makaurau where the falls in median values from the peak are currently less than -20%.
“It’s clear that sentiment around Auckland’s housing market remains cautious, with buyers in the ascendency. Bullishness on the selling side of the equation certainly still appears absent. That’s partly to do with the elevated stock of existing listings on the market, but also the continued supply shift coming through from the townhouse development pipeline,” said Mr Davidson, pointing to Manukau where construction remained solid while values are still soft.
Change in dwelling values Month Quarter Annual From peak Median value Rodney -0.6% -1.0% -1.5% -21.4% $1,197,362 Te Raki Paewhenua North Shore 0.0% 0.8% -1.3% -18.4% $1,279,109 Waitakere -0.3% -1.0% -1.7% -24.8% $921,680 Auckland City -1.0% -1.5% -3.5% -24.7% $1,090,341 Manukau -0.5% -1.2% -3.2% -25.0% $975,318 Papakura -0.3% -1.5% -2.5% -24.5% $780,804 Franklin -0.5% -1.8% -2.6% -23.2% $924,538 Tāmaki Makaurau Auckland -0.6% -1.0% -1.5% -21.4% $1,197,362
Te Whanganui-a-Tara Wellington
The wider Te Whanganui-a-Tara Wellington area also rounded out 2025 in patchy fashion, with Kāpiti Coast and Porirua both edging up by 0.2%, but Te Awa Kairangi ki Uta Upper Hutt and Wellington City both down by -0.4%, and Te Awa Kairangi ki Tai Lower Hutt falling by -0.6%.
The 2025 calendar year saw values fall in each of Wellington’s sub-markets, with drops from the peak sitting at -23% or more across the board.
“As with Auckland, a cautious attitude seems to be pervading the Wellington housing market and doubt buyers are taking advantage. First home buyers remain very active across the wider area. In an election year, which always tends to induce a bit of housing uncertainty, it’s not out of the question that Wellington’s property values continue to tread water to an extent in 2026.”
Change in dwelling values Month Quarter Annual From peak Median value Kāpiti Coast 0.2% -0.2% -3.4% -23.1% $796,134 Porirua 0.2% 0.2% -1.2% -22.8% $715,167 Te Awa Kairangi ki Uta Upper Hutt -0.4% -0.2% -2.2% -25.0% $709,602 Te Awa Kairangi ki Tai Lower Hutt -0.6% -1.3% -2.3% -26.9% $677,452 Wellington City -0.4% 0.0% -1.9% -25.3% $880,107 Te-Whanganui-a-Tara Wellington 0.2% -0.2% -3.4% -23.1% $796,134
Regional results
Southland continues to demonstrate housing market strength, with each of the region’s three districts seeing median values reach a new peak in December – Southland District up by 0.5% (to $597,000), Gore by 0.6% to $448,432, and Waihōpai Invercargill by 0.5% to $520,464. Parts of
Canterbury have also edged to new records.
Other provincial areas also generally saw increases in median values in December, including rises of 0.5% in both Ngāmotu New Plymouth and Tāhuna Queenstown. There’s some lingering weakness in Hawke’s Bay, however, with Ahuriri Napier down by -0.3% in December and Heretaunga Hastings by -0.9%.
“There’s not necessarily a dramatic or consistent split at the moment between property value performance in our main centres versus the provinces, but there’s no doubt that the general vibe is still stronger in say Invercargill or New Plymouth versus Auckland or Wellington. That is likely to stem at least to some extent from the underlying economy – agriculture faring well, but services sector activity still fairly subdued,” Davidson noted.
Region Change in dwelling values Month Quarter Annual From peak Median value Whangārei -0.1% 0.6% -0.4% -19.0% $735,802 Ahuriri Napier -0.3% 0.6% 0.4% -18.9% $697,646 Te Papaioea Palmerston North 0.0% 0.8% -0.4% -18.6% $590,005 Heretaunga Hastings -0.9% -1.7% 0.3% -18.2% $727,690 Tairāwhiti Gisborne 0.1% -0.3% 1.2% -16.5% $598,407 Whakatū Nelson -0.1% -0.1% -2.7% -13.7% $725,007 Whanganui 0.3% 1.3% 0.6% -11.9% $484,045 Rotorua 0.4% 1.3% 0.3% -11.8% $661,731 Ngāmotu New Plymouth 0.5% 0.1% 0.0% -6.1% $698,965 Tāhuna Queenstown 0.5% 0.4% -0.4% -4.4% $1,721,022 Waihōpai Invercargill 0.5% 2.5% 5.1% At peak $520,464
Property market outlook
Looking ahead to 2026, Mr Davidson noted: “After the big downturn in property values over 2022-23, it’s been a stagnant couple of years over 2024 and 2025.”
“That will have been disappointing for some, but it’s been a great opportunity for others, including recent strength from first home buyers.”
“Debt-backed multiple property owners, including the cliched Mum and Dad investors, have also been working their way back into the market, helped by lower mortgage rates but also the full return of interest deductibility.”
“In 2026, property values look likely to start rising again – perhaps by 5%,” he said, driven by lower mortgage rates and, importantly, a recovering economy.”
“But in an election year, regulation will also be a key area to watch – including LVRs, DTIs, and likely debates around capital gains tax.”
“Households will also have some delicate decisions to make with their mortgages, especially in light of some recent increases to longer term fixed rates.”
“All in all, 2026 may well be a stronger year for the housing market than 2025 – despite the headwinds. It’s the year of rebuilding confidence” Mr 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 tracked through time.
The detailed ‘frequently asked questions’ and methodological information can be found at: https://www.cotality.com/nz/our-data/indices
Animal Welfare – Bull’s terrified escape highlights urgent need for rodeo ban
Source: SAFE For Animals
Fish & Game welcomes landmark outdoor access report
Source: Fish and Game NZ
- Challenges around private occupation of unformed legal roads
- The need to digitise paper-based easement parcels to give existing public access greater visibility
- Opportunities to enhance access through overseas investment processes
- Fish & Game New Zealand manages sports fish and game bird populations and their habitats, and provides access for anglers and hunters
- Fish & Game's May-June 2025 survey included comprehensive questions on how licence-holders access fishing and hunting locations
- The full State of Public Outdoor Access Report 2026 is available at www.herengaanuku.govt.nz
First Responders – Wellington diesel spill final update
Source: Fire and Emergency New Zealand
Lifestyle – New view of the Great Outdoors revealed
Source: Herenga ā Nuku – the Outdoor Access Commission
Lifestyle – Taylors unveils two limited-edition premium gift boxes for 2026, the Year of the Fire Horse
“We’re proud to introduce our new Lunar New Year gift boxes — a celebration of culture, craftsmanship, and the heritage of our St. Andrews wines,” says Mitchell Taylor, third-generation winemaker and Chairman of Taylors Wines.
Auckland welcomes the world as thousands gather
Source: Special Convention of Jehovah’s Witnesses
Auckland will host around 20,000 people this week – including 3,500 delegates from 20 countries—for a major international event that’s set to inject an estimated $20 million into the local economy.
The Special Convention of Jehovah’s Witnesses (January 9-11) at Eden Park will welcome visitors from places like Britain, the United States, Greece, Colombia, Fiji, Australia, Chile, Korea and Malaysia, for the largest faith-based event in the country in decades.
Over the past year, the organisation has hosted more than 6,000 conventions attended by 11 million people worldwide—and now Auckland joins an exclusive group of just 15 cities selected to stage a prestigious international version.
“We’re excited to welcome guests to our city and share what makes it truly special—from iconic landmarks and world-class dining to breathtaking landscapes and that unmistakable local vibe you won’t find anywhere else,” says National Spokesperson Victor Ioramo.
“The event is also the first time in nearly 50 years that Jehovah’s Witnesses from across New Zealand will unite in one place, returning to Eden Park – the very same venue that hosted our last international event in 1978.”
Eden Park CEO Nick Sautner says hosting events of this scale is part of the stadium’s DNA. “Large-scale international conventions like this deliver significant economic benefits for both the city and the country, particularly when thousands of visitors are travelling from overseas, staying in hotels and supporting our hospitality, retail and tourism sectors,” he explains.
“As New Zealand’s national stadium, Eden Park is proud to showcase Auckland on the world stage—not just through sport and concerts, but through global gatherings like this.”
The three-day Convention is free and open to all and will feature 54 Bible-based videos, live interviews, talks, and real-life experiences designed for all ages to explore why faith still matters today. New episodes from the global series The Good News According to Jesus will also be screened.
Every session across the three-day event will be presented simultaneously in English, Chinese Mandarin, New Zealand Sign Language, Samoan, and Tagalog, with feature presentations also available in te reo Māori.
More than 7,000 unpaid volunteers will be on hand to support every aspect of the convention, including special tourism activities planned for international delegates throughout the week.
“There are no entry fees, no collections, and no tickets required. Everyone is welcome, and you can come and go as you like throughout the sessions,” Victor says.
Each day begins at 9:20am, with a lunch break from 12 noon to 1:30pm. Friday concludes at 5pm, Saturday at 4:30pm, and Sunday at 4pm.
For more information, visit jw.org or edenpark.co.nz
