Source: Quotable Value (QV)
Winter has deepened the chill across Aotearoa’s subdued housing market, with average home values falling across most of the country.
Our latest QV House Price Index shows residential property values reduced by 1.5% nationally throughout the three months to the end of July, as the modest momentum recorded earlier this year continued to fade.
The average Kiwi home is now worth $898,799, down 1.3% since the start of the year and 1.2% less than the same time last year.
QV national spokesperson Simon Petersen said the market remained patchy, but the winter slowdown had become more widespread as buyers grew increasingly cautious.
“The regional divide we highlighted last month is still evident, but there are fewer bright spots now. Winter has put a further chill through the market, while the prospect of higher borrowing costs and ongoing economic uncertainty have given buyers even less reason to rush.”
Across our largest cities, Christchurch (0.3%) continues to hold its own, while residential property values weakened in Auckland (-2.2%) and especially Wellington (-3.2%) this quarter. Only the former’s average home value is higher than at the start of this year.
Tauranga (0.7%) has quietly outperformed much of the North Island this quarter, while Canterbury and Southland have largely resisted the broader national trend once more.
“Tauranga has been one of the North Island’s most consistent performers this year, proving that buyers are still willing to compete where the fundamentals stack up. That’s also what we’re continuing to see across much of Canterbury and Southland.
“These markets are benefiting from their own mix of affordability, employment and supply-and-demand conditions. It’s another reminder that there is no one-speed housing market in New Zealand right now, and conditions are not playing out evenly everywhere.”
Elsewhere, average home values have generally drifted lower, although Mr Petersen cautioned against reading too much into the larger quarterly movements recorded in some of New Zealand’s smaller centres.
“Markets such as Gisborne and Greymouth can fluctuate more sharply because fewer sales have a greater influence on the index. The longer-term trend is often more meaningful than any single quarterly result.”
More broadly, Mr Petersen said winter conditions were combining with wider political and economic uncertainty to keep the market subdued.
“This isn’t another sudden correction. It’s an already subdued market losing what little momentum it had built earlier in the year.
“There is still activity, particularly from first-home buyers, and well-presented, realistically priced homes are still selling. But we’re seeing very little urgency now. With the general election looming late this year, many prospective buyers appear content to sit on the sidelines and wait for greater certainty.
“Until that happens, we expect buyers to remain cautious and the market to continue moving at different speeds across the country.”
Download a high resolution version of the latest QV value map here (https://us.list-manage.com/FT5tKZN7mb9?e=12a3161b1f&c2id=7634a27eb2b0ab4d6808b092b9170deb) .
Northland
It was all one-way traffic across the top of the North Island this quarter.
Residential property values fell furthest in Kaipara, down 3.2% to an average of $829,097. That figure is 2% less than the same time last year.
Whangārei’s average home value reduced by 0.6% to $730,872, leaving it 1.1% lower annually.
In the Far North District, the average home is now worth $694,632, down 2.2% this quarter and 1.1% less than one year ago.
Auckland
Home values have cooled across Auckland at an average rate of 2.2% this quarter.
Franklin (-0.5%), Papakura (-0.6%), Manukau (-1.5%) and Waitākere (-1.8%) fared better than average; North Shore (-2.8%), Auckland City (-2.5%) and Rodney (-2.3%) fared worse.
The average home in the region is now worth $1,173,343, which is 2.6% less than at the start of this year and 3.8% lower than the same time last year.
Local QV registered valuer Hugh Robson said Auckland’s average home value had reduced for the last three months in a row.
“The Auckland market continues to be sluggish, as it has been for around three and a half years now. There are still lots of houses on the market, giving buyers plenty of choice and bargaining power.
“First-home buyers remain quite active across Auckland, although mortgage rates are starting to creep up. Despite the softer overall conditions, sought-after suburbs are generally faring reasonably well, while rents now appear to be stable.”
Bay of Plenty
Tauranga was a rare green arrow among a sea of red this quarter.
It was the only main centre in the North Island to record any growth, with its average home value increasing by 0.7% to $1,052,045. That figure is now 1.8% higher than at the start of the year and 2% more than the same time last year.
Rotorua was the only other main North Island centre to avoid a decline. Its average home value remained unchanged this quarter at $683,685.
Home values reduced everywhere else in the Bay of Plenty.
Waikato
Residential property values eased across the Waikato region by an average of 1.6% in the July quarter.
Hamilton once again performed slightly worse than the regional average, with its average home value reducing by 1.7% to $778,656. That figure is now 2.1% lower than at the start of this year.
QV registered valuer Marshall Wu said the local market remained relatively stable but subdued, with conditions continuing to favour buyers.
“Listing levels remain elevated, giving buyers greater choice and stronger negotiating power. Sales volumes have eased, while pricing momentum is limited and values continue to show little upward pressure.
“First-home buyers remain active and are benefiting from improved affordability and increased stock levels. However, investor activity has become more cautious amid uncertainty around interest rates, potential property tax changes and the upcoming general election,” Mr Wu said.
Across the wider region, just Waikato District (3.5%), Waipa (1%) and Matamata-Piako (0.8%) remain in the black this calendar year.
“Limited price growth is expected in the near term, with affordability constraints, cautious lending conditions, persistent inflation, global economic uncertainty and election-related sentiment likely to continue weighing on market activity throughout the remainder of 2026,” Mr Wu concluded.
Hawke’s Bay
Home values have continued to reduce in Napier and Hastings.
The cities’ average home values decreased by 0.4% and 2.3% respectively this quarter to $750,085 and $758,265. That compares with reductions of 1% and 1.2% respectively in our previous index.
Across the wider region, Central Hawke’s Bay (0.8%) was the only district to record a small net gain in the July quarter.
Taranaki
House values have reduced by an average of 1.3% in New Plymouth this quarter.
The city’s average home is now worth $710,719, which is 1.2% less than at the start of this year and 1.7% lower than the same time last year.
Its neighbouring districts fared better, with average home values increasing by 3.4% in Stratford and reducing by just 0.2% in South Taranaki.
Manawatu
The average home value in Palmerston North has been flat or gently falling since the start of the year.
Our latest QV House Price Index shows July was no different, with values reducing by an average of 0.7% this quarter, including a 0.6% decline last month alone. At $627,557, the average home is now worth 1.4% less than at the start of this year.
Across the wider Manawatū, only Tararua’s (0.5%) average home value is slightly higher today than it was one year ago.
Wairarapa
The average home in Wairarapa reduced in value by 2% this quarter.
Masterton (-1.7%) and Carterton (-0.3%) recorded smaller declines than the regional average; South Wairarapa (-2.7%) recorded a larger one.
However, South Wairarapa’s average home value is still 0.3% higher than at the same time last year at $737,420. Masterton’s average home value is 1.9% lower annually at $562,191, while the average home in Carterton is now worth $589,618, down 3.9% year on year.
Wellington
The downturn in Wellington’s property market deepened this quarter.
Our latest QV House Price Index shows the region’s average home value reduced by 2.8% to $787,197 throughout the July quarter. That compares with average declines of 0.9% in the three months to the end of June and 0.4% in the three months to the end of May.
Home values fell furthest in Lower Hutt, down 3.9% to a new average of $700,204. That figure is 5% less than at the start of this year.
Local QV registered valuer David Cornford said home values were continuing to track downwards across the region.
“This softening is due to the ongoing conflict in the Middle East, the high number of properties on the market, and the relatively weak economy in the capital. Interest rates are continuing to trend upwards, creating another headwind for the market,” he said.
“It’s the depth of winter, with fewer active buyers in the market. Those who are active have plenty of choice and are continuing to take a cautious approach. With the election looming in November, it’s likely that caution will continue.”
Nelson/Tasman/Marlborough
It has been another quarter marked by slow decline across the top of the South Island.
In Nelson, the average home value reduced by 0.8% to $772,417, a slightly larger decline than in our previous index. That figure is 2.2% lower than at the start of 2026 and 1.2% less than at the same time last year.
Home values also declined by an average of 2.3% in Marlborough. The average home here is now worth $692,058, which is still 0.2% higher than at the start of 2026 but 0.8% lower annually.
Tasman was no exception. Its average home value reduced by 1.3% to $817,366, which is 0.8% less than at the start of 2026 but 0.3% higher than one year ago.
QV Nelson/Marlborough manager Craig Russell said activity remained subdued with low sales volumes and limited buyer enquiry.
“Entry-level to mid-range homes continue to be the most active part of the market, with first-home buyers making up much of that demand.
“We’re also seeing growing buyer resistance to 1990s-built homes across the region, with some very weak prices emerging. Lifestyle blocks remain under pressure and are attracting limited buyer enquiry, particularly those requiring significant renovation.
“Although the number of properties available for sale has reduced over winter, listing levels remain higher than this time last year. We would expect more new listings to come onto the market when spring eventually arrives.”
West Coast
Home values have reduced across the West Coast this quarter.
Our latest QV House Price Index shows average home values decreased by 4.7% across the wider region throughout the three-month period to the end of July. That compares with a 0.1% decrease for the three-month period to the end of June.
Of the three districts that make up the region, Westland recorded the largest quarterly decline at 5.1%, with an average home value of $495,276, and a 4.4% increase from 12 months ago. That compares with a 1.1% quarterly decrease in our previous index.
Grey recorded a quarterly decrease of 5%, taking its average home value to $452,452, which is 2.7% lower than 12 months ago. That follows a 2.2% quarterly increase in our previous index.
Buller recorded a decrease of 4% for the three-month period, taking its average home value to $377,432 and leaving it 2.2% lower than 12 months ago. That compares with a 2.7% decrease for the three-month period to the end of June.
Local QV registered valuer Rod Thornton commented: “The market has been more subdued over the past few months. We are now seeing that coming through in the statistics. This is in contrast to 2025 and earlier this year, when the Coast was outperforming many other districts.”
He pointed out that fluctuations in the data could be expected in a market like the West Coast, where there is a wide mix of housing types, locations, price points and value drivers that can unduly influence results when sales volumes are relatively low.
Canterbury
Canterbury is one of only two regions to record average home value growth this quarter, alongside Otago.
The regional average increased by 0.3% throughout the three months to the end of July, down from 0.9% growth in the three months to the end of June and 1.3% in the three months to the end of May.
But that growth was not spread evenly across the region. The average home value in Waimakariri reduced by 0.5% this quarter to $744,589. Selwyn was flat, while Ashburton also recorded a small 0.5% decline.
Christchurch recorded modest quarterly growth of 0.3%, down from 0.9% in our previous index. Its average home value remains just above $800,000 despite a 0.4% decline during the month of July.
QV South Island professional services manager Michael Tohill said the slowdown could be put down to normal winter seasonality and the wider effects of the Middle East conflict on the cost of living.
“The recent Official Cash Rate adjustment has also resulted in slightly higher interest rates from the major banks, which is having an influence on buyer decisions,” he said.
“Building activity across the Canterbury region remains strong, particularly in the Waimakariri and Selwyn districts, where new stages of major subdivisions continue to be released.
“The Christchurch market remains active across all property categories, with relative affordability and steady demand continuing to draw interest from first-home buyers and local owner-occupiers. Higher-density residential areas also remain hotspots for new townhouse development.”
Otago
Otago was another patchwork of pluses and minuses this quarter.
Waitaki (-2.1%), Central Otago (-0.7%) and Dunedin (-0.8%) all recorded modest reductions in average home value throughout the three months to the end of July, while Queenstown (0.2%) and Clutha (4.8%) recorded gains.
Despite those mixed results, Otago is one of only two regions to record overall growth this quarter, alongside Canterbury. It’s also one of just three where the average home is worth more than at the start of this year, along with Canterbury and Southland.
Every district except Waitaki (-0.7%) has a higher average home value than at the same time last year. In Dunedin, the average home is now worth $651,616, up 2.3% annually.
Southland
Even Southland’s property market was patchy this quarter.
Home values in Invercargill (0.1%) and especially Gore (3.2%) have continued to grow, while Southland District recorded a 2.3% reduction in average home value.
Seven months into 2026, Southland (3.1%) remains one of just three regions where the average home value is higher than at the start of this year, along with Canterbury (1.3%) and Otago (2.8%).
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.