- The average asking price nationally of homes has increased by $296,000 since 2015; compared to the $132,000 increase of apartments.
- Kiwis still see apartments as a comparable investment, despite long-term data showing stronger capital gains for homes.
- Price gap between homes and apartments expected to keep growing.
A comparison of home prices and apartment prices between June 2015 and June 2025 showed the national average asking price of a home had increased from $521,183 to $817,279 – a 56.8% increase of $296,096.
In the same period, the average apartment asking price increased by just 25.1%, from $524,926 in June 2015 to $656,719 in June 2025, a difference of $131,793, half that of a home.
“In the first five years, homes and apartments were tracking neck and neck. However, the second half of the decade has seen the gap between these two property types widen considerably. The last 10 years have certainly been a game of two halves.”
“While apartments remain an attractive entry point for many buyers, this long-term data reinforces the increase in land value during the last five years.”
In a recent survey conducted by realestate.co.nz, the number of people who would consider buying an apartment versus a home was split evenly at 41%. When price wasn’t a factor, the preference for homes jumped significantly to 85% versus 15% for an apartment.
“It’s clear that Kiwis inherently view homes as more valuable,” says Williams. “When price is taken off the table, the overwhelming preference for homes reflects a desire for more space, land, and long-term lifestyle benefits – all of which continue to influence perceived value.”
Surprisingly, 55% of survey respondents still considered apartments to be a better or similar investment to that of a home, while 28% perceived apartments to be a worse investment.
“It’s interesting to see that many Kiwis still see apartments as a comparable investment, despite the long-term data showing stronger capital gains for homes.”
Williams says if current tr
