According to the latest QV House Price Index, average residential property values across Aotearoa New Zealand declined by 0.8% in the three months to the end of October. The national average now stands at $902,020, unchanged from a year ago and 13.9% lower than the market peak reached in January 2022.
Among the main centres, the Auckland region experienced the sharpest decline, with average property values falling 2.2%. Whangārei and Tauranga followed, each down 1.3%. In Wellington City, recent drops have eased to a modest 0.8% decrease, while values in Hastings slipped 0.6%, New Plymouth dipped 0.3%, and Dunedin edged down 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, says 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 says 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.”
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 says: “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.
“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,” Michael says.
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.
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