Source: QV – Quality Valuations
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.
