Residential property values have remained virtually flat over summer.
Our latest Quotable Value (QV) House Price Index shows the average residential home value increased nationally by just 0.2% in the three months to the end of February 2026, with the national average now sitting at $909,139.
That figure is 0.4% lower than the same time last year but 21.5% higher than in March 2020.
QV spokesperson Simon Petersen said this had been one of the housing market’s flattest summers in terms of home value growth – even more so than the 0.5% average increase over the same period last year.
“Residential property values have remained largely static this quarter, and yet the housing market has continued to tick along with activity remaining relatively robust in many parts of the country,” he said.
Across New Zealand’s main urban areas, Dunedin stood out as the most notable exception to the broader flat quarterly trend. The southern city’s average home value increased by 2.6% over the summer to $652,147, which is 1.0% higher than the same time last year.
Home values increased by almost as much on average in Timaru (2.1%), while Invercargill (1.8%) and Christchurch (1.1%) recorded more modest gains.
“It’s interesting to note the relative strength of property values across much of the South Island compared with the North Island. Of the larger urban areas we monitor on the mainland, only Nelson recorded a small reduction this quarter,” Mr Petersen said.
In the North Island, Auckland’s average home value dipped by 0.3% this quarter to $1,197,960, which is now 3.8% lower than it was one year ago. Wellington city’s average home value decreased by 0.4% to $908,230, leaving it 5.1% lower year-on-year.
“The housing market remains in a state of ‘steady as she goes’ for now. Listing levels and buyer demand are relatively well balanced, helping to keep property values broadly stable for the time being,” Mr Petersen said.
“But optimism seems to be growing as we start to see early signs that the wider economy may be picking up again. This will inevitably have implications for the housing market in the year ahead, as interest rates, employment trends and overall economic conditions continue to shape housing market activity.
“At the same time, global uncertainty and geopolitical tensions mean the outlook remains somewhat murky right now, particularly when it comes to interest rates and inflation. The next month or so should paint a clearer picture of what we can expect in 2026.”
Download a high resolution version of the latest QV value map here.
Northland
Home values remain largely static across the wider Northland region this quarter.
According to the latest QV House Price Index, the average home value decreased by 0.2% across the region throughout the three months to the end of February 2026, with home values in the Far North District (-1.9%) dragging that average down.
Whangarei (0.2%) recorded little to no growth on average, while Kaipara’s home values increased by an average of 2.2%.
Auckland
Home values have remained virtually motionless in Auckland this quarter.
Only Rodney (0.7%) and Papakura (0.4%) recorded modest growth, while Franklin (-0.8%), Manukau (-0.1%), Auckland City (-0.3%), Waitakere (-0.7%) and the North Shore (-0.6%) recorded modest reductions.
Local QV property consultant Matt Hogan said residential property values across the Auckland region were holding relatively steady with just a 0.3% drop overall across the three months to the end of February 2026.
“Sub-area performance was mixed but strong levels of housing stock are still on the market, with good buyer choice and solid buyer activity seen,” he said.
“Good quality and well-presented properties are enjoying high demand, with some strong sale prices being shown. Agents have noted high interest levels at open homes and are generally positive about the market direction.”
On an annualised basis, home values across the wider Auckland region are 3.8% lower on average than the same time last year.
Bay of Plenty
Home values have grown by an average of 0.7% across the wider Bay of Plenty region in the February quarter.
In Tauranga, the average home value is now $1,036,968, up 1.0% this quarter. That figure is 1.6% higher than the same time last year.
Meanwhile, Rotorua experienced a small 0.9% decline in average home value. At $674,733, the average home locally is now worth just 0.5% more than the same time last year.
Waikato
Residential property values have decreased by an average of 0.6% across the wider Waikato region this quarter.
The average value in Hamilton also decreased by 0.6% to $787,511 in the February quarter, compared to a 0.4% increase in the three months to the end of January. That figure is now 0.1% lower than the same time last year.
Meanwhile, values in the districts of Waitomo and Matamata-Piako performed better than the regional average this quarter, rising by 3.7% and 2.2% respectively. South Waikato (1.2%) and Waikato District (1.3%) also experienced modest gains.
Hawke’s Bay
Home values did little better than break even across Hawke’s Bay this quarter.
The QV House Price Index for February 2026 shows homes in the region increased in value by an average of 0.6% this quarter. They are now worth just 0.9% more on average than the same time one year ago.
Napier performed slightly better than average this quarter. Its average home value increased by 1.3% to $759,123. Hastings’ average home value saw no movement at all, neither up nor down, at $779,008.
Taranaki
Home value movements proved to be a bit of a mixed bag in the Taranaki region this summer.
The average home value has remained largely stable in New Plymouth this quarter, decreasing by just 0.2% to $719,102. That figure is now 0.9% lower than at the end of February last year.
Meanwhile, the average home value has proven more volatile this quarter in South Taranaki and Stratford, partly due to the comparatively small sample size of sales data, rising and falling by 4% and 3.4% respectively.
Manawatu
The average property value in Palmerston North is virtually the same at the time of writing as it was a year ago.
That is despite a small 0.4% increase over the three months to the end of February, and a 0.8% increase throughout the three months to the end of January. The average home is now worth $637,870.
In his most recent report to local real estate agents, QV property consultant Jason Hockly said residential property values had shown little movement overall in the last two-and-a-half years.
“The price point bracket of $550,000-$650,000 has overall performed strongly so far in 2026, buoyed by first-home buyers. It has been rough for the $1-$1.25m price bracket overall. Large homes greater than 30 years old with little modernisation continue to show low demand,” he said.
Wellington
There has been minimal home value movement across the wider Wellington region this summer.
The latest QV House Price Index for February 2026 shows home values have been all-but static over the three months to the end of February 2026, rising just 0.1% across the wider region to reach a new regional average of $809,491.
That’s an even smaller increase than the 0.2% increase recorded throughout the three months to the end of January, and the 0.5% decrease recorded throughout the three months to the end of December last year.
Hutt City (1.3%) saw more growth than the other local council areas, with Kapiti (1.1%) and Upper Hutt (0.7%) not far behind. Porirua (-0.8%) and Wellington City (-0.4%) both recorded small decreases in average home value.
On an annualised basis, the average home value in the Wellington region is now 3.7% less than the same time last year.
Nelson/Tasman/Marlborough
Home values remained relatively steady across the top of the South Island this quarter.
The average home value grew by just 0.8% and 1.2% across Tasman and Marlborough this quarter respectively. The average home is now worth $830,617 in the former, and $700,296 in the latter.
Meanwhile, the average home value in Nelson reduced by 1.8% to $777,407. That figure is now 2% lower than the same time last year and 16.7% higher than in March 2020.
QV Nelson/Marlborough manager Craig Russell said slow economic recovery and the high cost of living continued to impact market confidence in the region.
“Stock levels across Nelson and Tasman are at their highest levels for a year and continue to climb. A number of these properties have been on the market for an extended period and require realistic pricing if they are to sell,” he said.
“Most of the buyer activity is in the $500,000-$800,000 price bracket, which is predominantly the first-home buyer market, with most buyers looking for tidy modern homes as opposed to properties in need of significant renovations.”
West Coast
Home values across the wider West Coast region have reduced by 1.6% over the three months to the end of February 2026, according to our latest QV House Price Index. The average home value is now $442,874, which is 6.2% higher than the same time last year.
Of the three districts that make up the West Coast region, Westland District recorded an average increase for the three-month period of 1.8% and an average value of $490,788 – up 8% from 12 months ago.
Grey District recorded an average decline of 1.8% for the three-month period and an average value of $465,549, which is 4.1% higher than it was 12 months ago.
The Buller District recorded a decrease for the three-month period of 4.1% on average and an average value of $376,553 – up 8.2% from 12 months ago.
Local QV registered valuer Rod Thornton said the index indicated a general slowing of growth, despite markets remaining active.
“These statistics should be interpreted with some care, as sales volumes tend to be lower in regions like the West Coast, as they were over the Christmas period, and there is a wide mix of housing types, locations, price points and value drivers which can cause figures to fluctuate,” he said.
“A case in point is the Buller District, which to the end of January 2026 recorded a three-month reduction of 9.2%. That has turned around now, following a 4.6% increase in February alone.”
Canterbury
Residential property values in Canterbury recorded only modest growth this summer overall.
The Garden City’s average home value grew by 1.1% to $795,556 throughout the three months to the end of February. Homes here are now worth 3.3% more on average than the same time last year.
Home values in Waimakariri (1.9%) increased by more than average this quarter, while Hurunui (-0.4%) and Selwyn (-0.1%) both recorded modest reductions.
“Christchurch city has remained steady this quarter with good activity in all residential classes,” said local QV registered valuer Michael Tohill.
“Likewise, the Selwyn market remains busy with a large number of new builds in Lincoln, Rolleston and Darfield. The market for lifestyle and new-build properties in Waimakariri has also been busy with good sales turnover.”
Meanwhile, average home values have lifted in Mackenzie (3.1%), Timaru (2.1%) and Ashburton (0.4%) throughout the three months to the end of February 2026.
Otago
Home values have grown more in Dunedin than in any other city this summer.
The average home in the southern city is now worth $652,147, up 2.6% for the February quarter and up 1% annually. That compares to a national average of 0.2% growth for the quarter and a small deficit of 0.4% annually.
Home values in Queenstown also increased by 0.2% this quarter. Its average residential property is now worth $1,919,519, which is 5.4% higher than the same time last year.
Southland
Property values in Invercargill outperformed the national average this summer.
The average home value increased by 1.8% to $537,167 throughout the three months of summer. Homes here are now worth 7.4% more on average than at the same time last year.
Average home values in Gore and Southland are also 7.2% and 7.5% higher annually respectively.
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.
