New Zealand’s housing market is still largely treading water – but not everywhere is standing still.
Our latest QV House Price Index shows that the average home value increased by just 0.3% nationally in the three months to the end of May 2026, only marginally more than in our previous index.
The average Kiwi home is now worth $912,190, which is 0.2% less than the same time last year and 14.2% below the market’s previous peak in early 2022.
QV spokesperson Simon Petersen said these latest figures pointed to a housing market that remained broadly stable but increasingly patchy around the edges.
“Residential property values continue to hold steady for the most part across Aotearoa. There’s a steady supply of houses for sale and enough buyers to meet the market, but not nearly enough competition to drive prices upward in any major way,” he said.
“But we are still seeing stronger momentum in parts of the South Island – especially in and around Invercargill and Southland in general, where relative affordability and a strong local economy are helping to underpin demand.
“Queenstown also appears to be less affected by the same constraints as we’re seeing elsewhere. Its average home value is slowly but surely pushing closer to the $2m mark following four consecutive months of small but consistent growth.”
“There’s no rising tide lifting all boats. This is a patchwork market, with some centres slowly finding their feet again while others continue to tread water,” Mr Petersen added.
One of the clearest examples of that divergence can be seen in Christchurch, which has become the latest and largest main centre to regain the ground lost following the post-Covid downturn.
Our latest QV House Price Index shows the Garden City’s average home value increased by 1.6% to $808,601 in the May quarter. That figure is now 0.9% above its previous peak in early 2022.
It joins a short list of places that have either recovered or moved beyond their previous peaks, including Invercargill, Queenstown and Greymouth.
“Without accounting for inflation, Christchurch has now regained the ground it lost during the downturn in terms of average home value. It’s a stark contrast to our two other largest cities, Auckland and Wellington, where property values continue to lag,” Mr Petersen said.
“Part of Christchurch’s resilience comes down to affordability. It remains more than $100,000 cheaper to buy the average home there than in the capital city, and considerably cheaper than in Auckland.
“Christchurch has also benefited from a relatively balanced relationship between supply and demand, which helped it avoid some of the sharper swings seen elsewhere during both the boom and the subsequent downturn.”
By comparison, Auckland’s average home value was unchanged in the May quarter at $1,198,037, which is 22.3% below its previous peak.
Wellington, meanwhile, recorded a small amount of growth. Its average home value increased by 0.2% this quarter to $910,286, which is 27.6% below its previous peak.
“Auckland and Wellington experienced much sharper home value growth during the pandemic period. They also have a lot more lost ground to recover as a result. Both markets appear to be stable now, but neither is showing any sort of consistent momentum like we’re seeing in Christchurch.
“Barring a meaningful shift in market conditions, that’s likely to remain the case as we move into winter,” Mr Petersen concluded.
Download a high resolution version of the latest QV value map here.
Northland
Residential property values have been kept virtually motionless in Whangarei.
The city’s average home value remained static this quarter at $736,104. That figure is 0.3% lower than the same time last year.
In comparison, Far North District’s average home value is now 1.4% higher than the same time last year at $715,096. Kaipara’s average home value is currently $835,104, which is just 0.1% higher year on year.
Auckland
Home values stood firm across the wider Auckland region this quarter.
There was no movement up or down, with the average home value staying put at $1,198,037. That figure is 2.8% lower than the same time last year and 0.5% less than at the start of this calendar year.
However, there was some movement at the district level, with Rodney (0.3%), Auckland City (1.2%) and Franklin (0.3%) posting some modest average gains throughout the three months to the end of May.
North Shore City (-1.1%), Waitakere (-0.1%), Manukau (-1.1%) and Papakura (-0.5%) all recorded small reductions in average home value this quarter.
Local QV registered valuer Hugh Robson said Auckland’s housing market remained well supplied while buyers continued to take a careful and considered approach.
“There’s still a good supply of stock on the market and agents are reporting steady numbers through open homes,” he said. “However, that interest isn’t always translating into offers, with many buyers still taking their time and doing their homework before making a move.”
“First-home buyers continue to make up a large share of open-home attendees, particularly at the more affordable end of the market. Activity also remains steady in some central suburbs and inner-city locations, as well as in the $2m-plus bracket, where there continues to be demand for quality properties.”
He said investors were still active in the market, but many remained cautious given the possibility of future interest rate rises and ongoing concerns around finding good tenants.
“Despite that caution, larger sites are still being purchased for multi-unit development, and there continues to be a significant amount of new-build activity underway across the region.”
Bay of Plenty
Property values continue to slowly zig and zag across the wider Bay of Plenty region.
Rotorua (1.6%) and Tauranga (1.5%) recorded the most growth throughout the three months to the end of May 2026, with their average home values now sitting at $685,828 and $1,052,470 respectively.
Local QV registered valuer Damian Hall said there had been positive signs in Tauranga this autumn.
“Good quality stock is shifting quickly, and the first-home buyer market remains the most active. The more average stock is still taking longer to sell and, in some cases, retailing at a discount,” he said.
“Although the market has stabilised overall, some pockets are performing better than others. Mount Maunganui, for example, is still tightly held and demanding good prices, while Papamoa is very popular for younger families and semi-retired and retirees. Greerton and Gate Pa remain very active for entry level buyers.
“Growth areas of Papamoa and Tauriko have continued to move forward with building consent numbers on the rise again, with Mount Maunganui followed closely behind. Vendors appear to be more willing to meet the market with what appears to be a more happy medium between buyers and sellers.”
Across the wider region, Opotiki (-4.1%) was an outlier this quarter, with Whakatane (-1.3%), Kawerau (-1.4%) and Gisborne (-1.3%) all recording modest reductions in average home value.
Waikato
Home values remained largely subdued across the Waikato region over the three months to May, with market conditions continuing to vary by district.
In Hamilton, the average home value increased by 0.4% to $790,420, which is 0.2% less than the same time last year and 0.6% less than at the start of 2026. It more than reverses the 0.1% reduction we reported for the April quarter.
Across the wider region, stronger quarterly growth was recorded in the districts of Hauraki (4.6%), Waikato (2.5%), Matamata-Piako (1.8%) and Waipa (1.7%). Taupo (0.2%) also recorded a modest amount of growth.
By contrast, Thames-Coromandel District recorded a quarterly decline of 1.9%, which local QV registered valuer Marshall Wu said was “a reflection of the value volatility often associated with lower sales volumes”.
“While sales volumes have eased, the Waikato region continues to show resilience, with pricing momentum subdued and values showing limited upward pressure. First-home buyers remain active, supported by elevated stock levels and improved choice,” he said.
The districts of Waitomo (-1.5%), South Waikato (-1.3%) and Otorohanga (-1.3%) also recorded small quarterly declines, suggesting market momentum remains generally flat heading into winter 2026.
“Limited price growth is expected over the near term, as affordability constraints, elevated unemployment, higher council rates, cautious lending conditions and the possibility of OCR increases continue to keep overall market momentum subdued,” Mr Wu concluded.
Hawke’s Bay
Residential property values have eased downward in Napier and Hastings.
Our latest QV House Price Index shows that Napier’s average home value is now $751,171 – down 1% this quarter – and Hastings’ average home value is $765,768, which is 1.7% lower for the quarter.
The average homes in Napier and Hastings are now worth 1.2% and 0.4% less than the same time last year respectively.
Taranaki
Home value growth has remained mostly passive in Taranaki this quarter.
The average home value increased by just 0.1% to $719,490 in New Plymouth and reduced by 0.4% to $466,851 in South Taranaki.
The exception was Stratford, where the average home value climbed 2.6% to $501,692.
Manawatu
Residential property values reduced by an average of 1.1% in Palmerston North this quarter.
The city’s average home value is now $630,955, which is 0.2% lower than the same time last year and 0.9% less than at the start of this calendar year.
Meanwhile, average home values are 1.3% lower across the wider region this quarter and 0.4% lower on average annually.
Wellington
It was a mixed bag in the wider Wellington region this quarter, with residential property values gently rising in three districts and falling in two.
On the positive side of the ledger, Kapiti Coast (0.5%), Porirua (0.7%) and Wellington City (0.2%) all recorded modest gains in average home value throughout the three months to the end of May 2026.
Average home values diminished in Upper Hutt (-0.9%) and Hutt City (-2.6%) this quarter.
“The market has softened slightly, in response to the economic uncertainty caused by the ongoing conflict in the Middle East and high stock levels as we head into the winter months,” said local QV registered valuer David Cornford.
“Buyers are taking a cautious approach with higher interest rates now expected, and weaker job security expectations following recent announcements of further cuts to the public service. This is having a dampening impact on the property market in Wellington with many buyers continuing to take a wait-and-see approach.”
“First-home buyers continued to be active with plenty of options available given the high number of properties on the market,” Mr Cornford added.
Nelson/Tasman/Marlborough
Residential property values continue to inch up and down across the top of the South Island without much conviction.
Nelson (0.1%) and Marlborough (0.8%) recorded modest quarterly increases, while Tasman District (-0.6%) recorded a modest quarterly reduction.
“Although the number of properties available for sale remains elevated, market sentiment is weak on the back of a sluggish economy and an expected rise in mortgage interest rates,” said QV Nelson/Marlborough manager Craig Russell.
“First-home buyers continue to dominate activity in the sub-$800,000 price bracket, while demand is relatively weak for mid and upper bracket properties. Overpriced properties tend to end up sitting for long periods on the market.”
West Coast
Home values have risen by an average of 4.4% this quarter across the West Coast region.
Of the three districts that make up the wider region, Buller District recorded the largest increase of 7.4% for the three-month period and an average value of $404,313. That figure is 5.2% higher than the same time last year.
Westland District recorded an increase for the three-month period of 6.9%, an average value of $524,464, and a 10.6% increase from 12 months ago.
Grey District recorded an increase for the three-month period of 1%, an average value of $470,079 and a 5.3% increase from the same time 12 months ago.
Local QV registered valuer Rod Thornton commented: “The index over the past year has tended to fluctuate somewhat, which to an extent could be expected in a market like the West Coast, where sales volumes tend to be lower and there is a wide mix of housing types, locations, price points and value drivers.
“However, over recent periods the index has been relatively stable, and we would characterise the market as being steady overall, albeit slower.”
Canterbury
Autumn brought slow but steady growth for much of the Canterbury region.
Our QV House Price Index for May 2026 shows residential property values increased this quarter in Christchurch, Waimakariri and Selwyn by averages of 1.6%, 0.3% and 0.6% respectively.
QV South Island professional services manager Michael Tohill described the local housing market as being “steady as she goes” as we now move into the winter months.
“Sales levels have remained steady with buyers and sellers conscious of the economic situation but confident enough to make a decision. These are desirable places to live and affordable by national standards, with positive net migration to the region,” he said.
“The townhouse market is starting to show more pressure, which is a supply situation rather than demand. There are a large number of properties for sale and a large number will be coming on stream later in the year.”
“We’re also seeing some price pressure for older townhouses versus new ones that have a better design element and fitout,” Mr Tohill added.
Meanwhile, residential property values have also risen across much of the wider Canterbury region.
Ashburton (2.3%) and Hurunui (2.2%) recorded the most growth throughout the three months to the end of May 2026, with their average home values now sitting at $609,109 and $663,580 respectively.
The only deficit was in Timaru, where the average home value reduced by 0.6% to $539,159.
Otago
Residential property values have mostly gone in one direction this quarter in Otago.
The QV House Price Index for May 2026 shows that Waitaki (-0.8%) and Clutha (-2.7%) recorded the only average deficits this quarter.
Central Otago saw the largest average increase – up 4.4% to $924,522 – with Queenstown (1.2%) a distant second. The latter’s average home value is now just $58,268 short of the $2m mark.
In Dunedin, the average home value increased by 1% to $658,597 this quarter. That figure is now 2.9% higher than the same time last year and 9.3% lower than its previous peak in late 2021.
Southland
Home value growth has remained mostly positive again in the Southland region this quarter.
Southland District and Invercargill recorded small reductions during the month of May, but their average home values remain 0.4% and 1.7% higher for the quarter respectively.
At $546,484, Invercargill’s average home value is now 7.8% higher than the same time last year and 2.9% higher than the start of 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.