Source: Quotable Value
Spring has sprung – but there is little bounce in New Zealand’s housing market.
Our latest QV House Price Index shows residential property values reduced by an average of 1.5% nationally over the three months to the end of September, easing only slightly from the 1.9% quarterly decline reported last month.
The average Kiwi home is now worth $892,580, down 1.9% since the start of the year and 0.9% lower than the same time last year.
QV national spokesperson Simon Petersen said the first month of spring had brought little evidence that a broad-based recovery was imminent.
“There are some minor green shoots here and there – mostly in the South Island – but it’s still overwhelmingly one-way traffic, with buyers firmly in the driver’s seat,” he said.
“There’s certainly no spring in the housing market’s step. Buyers remain wary, they’ve still got plenty of choice, and there’s very little sense of urgency given the wider economic and political context.
“Interest rates and the approaching election are giving people even more reason to take their time and negotiate hard. That continues to put downward pressure on home values in most parts of the country, even though the overall rate of decline has eased slightly.”
Just three of the country’s main urban areas bucked the national downward trend this quarter. Home values remained virtually static in Tauranga (+0.1%) and Invercargill (+0.5%), while Queenstown led the way with 3.1% growth.
At the other end of the spectrum, values reduced by 3.2% in Gisborne, 3% in Wellington and Whangārei, and 2.5% across Auckland.
Mr Petersen said the headline figures were masking different conditions around the country, with a regional divide particularly evident further south and beyond Aotearoa’s biggest cities.
Across the regions, average home values increased across all of Southland and most of Otago this quarter. By contrast, they fell across all of Auckland and Wellington, and throughout much of the Bay of Plenty, Waikato and Manawatū.
“The economic recovery remains uneven and we’re seeing that reflected in property values. There really isn’t one consistent housing market right now – it’s still a patchwork of pluses and minuses, although mostly minuses.
“Local economic conditions are playing a bigger role in how different housing markets are performing. Some regions are benefiting from stronger employment and primary-sector activity, while others are still dealing with weaker confidence, higher stock levels and more cautious buyer sentiment.”
Mr Petersen said the approaching general election on 7 November was another factor contributing to the market’s wait-and-see mood, particularly among investors.
“The election gives people another reason to pause if they’re already feeling uncertain – but it’s certainly not the only reason the market remains so weak in our main urban areas. Economic conditions, employment confidence, borrowing costs and the amount of property available for sale are all having an effect, as they have been for some time now.
“Spring should bring more listings and activity over the coming weeks, but it won’t suddenly break the market out of its current holding pattern. More buyers won’t necessarily mean stronger prices.
“Until buyers feel a greater need or confidence to act, vendors are still going to have to compete pretty hard for their attention.” Northland
Kaipara was a lone green arrow across the top of the North Island this quarter.
Its average home value grew 2.4% to $846,416 in the three months to the end of September 2026. That figure is now 3% higher than at the start of this calendar year.
Meanwhile, home values fell by an average of 3% in Whangārei and a much sharper 7.3% in the Far North this quarter. The average home in each district is now worth $714,675 and $671,404 respectively. Auckland
Residential property values have sunk lower in Auckland.
The average home in the region reduced by 2.5% to $1,159,440 in the September quarter. That compares with declines of 2.2% and 2.7% in the three months to the end of July and August respectively.
Of the Super City’s seven former local council areas, values fell furthest again in Auckland City, down 3.1% to an average of $1,323,447. That figure is now 3.6% lower than at the start of this calendar year.
But home values have fallen further in 2026 on the North Shore (-4.8%) and in Waitākere (-3.9%). Franklin (-0.6%) has fallen the least so far this year and also recorded the smallest average decline this quarter.
Auckland-based QV registered valuer Hugh Robson said the market remained relatively quiet.
“Auckland’s housing market is much the same as it has been for the past six to eight months. There’s still a lot of stock available, buyers are making low offers, and homes are generally taking longer to sell,” he said.
“People are waiting to see what happens with the election and interest rates. In the meantime, first-home buyers continue to make up a large share of the market, while investors and auction activity remain relatively quiet.” Bay of Plenty
Residential property values remained virtually motionless in Tauranga this quarter.
The city’s average home is now worth $1,050,221, increasing by just 0.1% in the three months to the end of September. That figure is 1.6% higher than at the start of this calendar year and 2.5% higher than the same time last year.
Every other district in the wider Bay of Plenty region recorded a reduction in average home value this quarter.
Besides Tauranga, Rotorua is the only other centre in the region where average home values remain higher than they were a year ago, although only marginally at 0.2%. Waikato
Residential property values continue to ebb away at a snail’s pace in Hamilton.
Our latest QV House Price Index shows the city’s average home value is now $776,537, decreasing by 1.2% in the three months to the end of September.
That figure is now 2.4% less than at the start of this calendar year, following five straight months of declining home values.
“The property market across Hamilton and surrounding townships remains relatively stable but subdued. Plentiful listings are giving buyers greater choice and negotiating power,” said local QV registered valuer Marshall Wu.
“First-home buyers remain active and are benefiting from improved affordability, increased stock levels and stronger negotiating power. Most vendors are becoming more realistic about the market conditions, while some are still holding higher price expectations.
“Investors remain cautious due to uncertainty surrounding interest rates, potential property tax changes and the upcoming general election.”
Meanwhile, across the wider region, just Waikato District (3.2%), South Waikato (2.5%) and Waipā (0.7%) remain in the black this calendar year.
Mr Wu expected price growth to remain limited over the remainder of 2026.
“Affordability pressures, cautious lending, persistent inflation, global economic uncertainty and election-related uncertainty continue to constrain market activity.” Hawke’s Bay
Residential property values increased slightly in Napier and Hastings during September.
Napier recorded 0.5% growth over the month, while values increased by 0.6% in Hastings.
However, our latest QV House Price Index still shows Napier’s average home value decreased by 0.2% to $747,400 over the three months to the end of September, compared to a 1% decline in the three months to the end of August.
In Hastings, the average home value decreased by 1.8% to $748,014 this quarter, a smaller rate of reduction than the 2.9% decline reported in our previous index. Taranaki
Last month marked New Plymouth’s fifth straight decline in average home value.
The city’s average home value fell by 0.5% to $704,175 in September and by 2% this quarter.
It was a similar story in South Taranaki, where the average home value reduced by 1.3% to $455,925 this quarter. But Stratford bucked the regional trend, with its average home value increasing by 0.1% to $514,981. Manawatu
Palmerston North’s average home value has declined for the third month in a row.
The city’s average home value reduced by 1.2% over the three months to the end of September – including by 0.4% last month alone. At $623,588, it is now 2.1% lower than at the start of 2026.
Across the wider Manawatū, only Rangitīkei recorded average home value growth this quarter, up 1%. It is also the only district in the region still in the black this calendar year. Wairarapa
Carterton has bucked the trend again in Wairarapa.
Its average home value increased by 2.2% this quarter to $601,088 and is still the only district in the region where values are slightly higher (0.2%) on an annual basis.
Meanwhile, Masterton’s average home value reduced by 1.2% this quarter to $565,252. In South Wairarapa, values fell more sharply, down 4.1% to a new average of $705,458. Wellington
The residential property market’s downward trajectory continues in Wellington.
Our latest QV House Price Index shows values have fallen furthest on average this quarter in Porirua (-5.5%). At $762,541, its average home value is now 7.4% lower than the same time last year.
Home values fell least on average on the Kāpiti Coast (-2%). At $798,474, its average home value is now 1.3% lower annually.
Every district in the wider Wellington region remains in the red this calendar year, with Lower Hutt (-6.2%) and Porirua (-5.4%) experiencing the largest declines so far in 2026.
Local QV registered valuer David Cornford said rising interest rates and elevated stock levels were putting downward pressure on values.
“On the whole, values have continued to track lower over September – continuing the downward trend of the last six months. Economic uncertainty and uncertainty around who will be governing come November 7 are also dampening market activity.
“Outside of the first-home buyer market, there really isn’t a lot happening. Poorly presented properties continue to struggle in the current market and are generally selling at large discounts.” Nelson/Tasman/Marlborough
Nelson recorded a small lift in average home value during September.
The city’s average home increased in value for the first time since March, edging up 0.4% over the month to $772,052. However, values remain 0.2% lower for the quarter and 2.2% below the start of this year.
Meanwhile, Marlborough’s average home value reduced by 0.5% to $691,856 in the three months to the end of September, while Tasman remained flat at $821,088.
QV Nelson/Marlborough manager Craig Russell commented: “The upper price bracket is still relatively slow with some properties lingering on the market for an extended period of time.
“The number of days it takes to sell is increasing, with purchasers remaining cautious as expected in the lead up to the election.”
“Entry-level housing up to $800,000 remains most sought-after given first-home buyers are most active in the market right now,” he added. West Coast
Residential property values have weakened again on the West Coast.
The QV House Price Index shows overall home values decreased across the wider region by an average of 1.6% for the three-month period to the end of September 2026 but remain 1.6% higher than the same time last year.
Of the three districts that make up the region, Westland recorded a 2.5% average decrease for the three-month period to the end of September 2026, an average value of $502,586 and a 6.6% increase from 12 months ago.
Grey District recorded a nominal decrease for the three-month period to the end of September of 1% and an average value of $467,799, which is 1.6% higher than it was 12 months ago.
Buller recorded a decrease of 1.6% for the three-month period to the end of September, an average value of $369,705, and a 3.1% decrease from 12 months ago.
Local QV registered valuer Rod Thornton said these decreases were less pronounced than in our previous two indexes.
“These statistics show the West Coast market overall as being subdued, which is in contrast to 2025 and early 2026 when there were consistent value lifts and the Coast was outperforming many other districts,” he said.
“The figures overall are also reflecting what we’re seeing on the ground, with a softer market since around the middle of the year.”
“Although these decreases are overall less pronounced than in the past two periods – albeit based on relatively low sales volumes and a wide mix of housing types, locations, price points and value drivers – it is too soon to read into this that the market is turning,” Mr Thornton concluded. Canterbury
Canterbury’s housing market continues to be more resilient than most in 2026.
Home values across the region reduced by just 0.1% on average in the three months to the end of September, with pockets of growth in Hurunui (0.5%) and Waimakariri (0.7%).
Christchurch’s average home value fell just 0.1% this quarter to $805,275 but remains 1.7% higher than at the start of this year. That compares to national average declines of 1.5% this quarter and 1.9% this calendar year.
QV South Island professional services manager Michael Tohill said there had already been an increase in spring listings in Christchurch, with first-home buyers remaining very active across the region.
“Election uncertainty has had only a limited impact on housing so far, although the market could stall in the final weeks leading into the election,” he said.
“The Official Cash Rate rose again in September, although bank rates had already increased. That has had a small influence on purchaser decisions, but Christchurch’s housing market has largely stayed on its familiar steady, sideways path.
“The local market’s response has been muted and we do not expect the latest OCR rise to shift conditions materially through the rest of the year.”
Further south, home values remained static in Selwyn this quarter and reduced by 0.2% and 1% in Ashburton and Timaru respectively.
“Selwyn remains very active in new builds, which has been consistent all year. The Ashburton market is also very active, with a large number of new builds in new areas and quality houses being completed.” Otago
Otago’s housing market continues to buck the national trend.
Home values grew by an average of 1.9% across the wider region this quarter, driven by solid growth in Central Otago (2.1%), Clutha (2.5%) and especially Queenstown (3.1%).
Dunedin’s average home value fell 0.7% to $652,943 this quarter but remains 2.7% higher than at the start of this calendar year.
Only Waitaki’s average home value is slightly lower than at the start of 2026, down 0.5%. Southland
Southland remains one of the country’s stronger housing markets in 2026.
The region’s average home value is now 4.3% higher than at the start of this year, with gains recorded across all three main districts on a monthly, quarterly, and annual basis.
Gore continues to lead the way this year, increasing 6.7% so far in 2026 to reach a new average of $478,972. That includes just a relatively modest 0.3% rise in the September quarter.
Southland District is up 5.1% so far in 2026 at $587,432, while Invercargill’s average home value is 3.5% higher than at the start of this year at $549,973. 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.