Source: BusinessNZ
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Source: Cotality
Property values in Aotearoa New Zealand edged down by -0.2% in August, the fifth monthly fall in a row, according to Cotality NZ’s latest hedonic Home Value Index (HVI).
National values have dropped by -0.6% so far in 2025, with the modest gains seen late last year and early this year now negated.
The nationwide median now stands at $809,113, still -17.2% down compared to the January 2022 peak, and also the lowest level since August 2023.
Cotality NZ Chief Property Economist Kelvin Davidson said the August result was yet another reminder that market conditions remained soft over Winter.
“Given the continued economic weakness, further increases in unemployment, and subdued confidence, it’s no surprise that property values are treading water. While the downturn after the post-COVID boom has now petered out, steadier growth has yet to materialise.”
“That said, what might be discouraging for property owners and sellers is beneficial for those buyers on the other side of the coin.”
“In particular, we’re seeing continued strength from first home buyers, and a rising market share for mortgaged multiple property owners too.”
“That includes the cliched ‘Mum and Dad’ investors who are no doubt enjoying lower mortgage rates and reduced top-ups on their rental properties.”
“The psychology and mindset around house prices can change quickly, and we’ve seen that before. But right now, caution is the dominant theme, and with unemployment not expected to be at its peak just yet, it’s unlikely that many people will be rushing out to bid up house prices aggressively over the rest of 2025.”
Across the main centres, Tāmaki Makaurau Auckland was down by -0.5% in August, with Te Whanganui-a-Tara Wellington and Kirikiriroa Hamilton both seeing a more modest -0.1% fall. Tauranga was unchanged, with Ōtautahi Christchurch up by +0.2% and Ōtepoti Dunedin recording a +0.4% lift.
Index results for August 2025 Change in dwelling values Median value Tāmaki Makaurau Auckland $1,047,698 Kirikiriroa Hamilton Te-Whanganui-a-Tara Wellington* Ōtautahi Christchurch Ōtepoti Dunedin Aotearoa New Zealand
Tāmaki Makaurau Auckland
Tāmaki Makaurau Auckland’s property values have certainly endured a testing Winter, with falls across the board in August, the third month out of the past four in which this has occurred (only July missed the cut, with only Rodney just holding steady).
August’s falls were fairly uniform across the sub-markets, ranging between -0.4% and -0.6% in Auckland City, Manukau, Papakura, North Shore, and Waitakare, with Franklin and Rodney a little weaker still.
Over a broader three-month period, the falls range from -1.5% to -2.0%, although Rodney’s has been a touch smaller at -1.3%. Each sub-market also still sits around -20% to -25% below the previous peak.
Mr Davidson added: “The stock of available listings around Tāmaki Makaurau has begun to drift downwards, but it’s starting from a high level, and the latest property value figures re-emphasise that it’s still a buyer’s market in our largest city. For example, the Cotality Buyer Classification figures show that first home buyers and mortgaged multiple property owners are enjoying conditions at present and taking a high or rising share of purchasing activity.”
Change in dwelling values Median value $1,203,878 Te Raki Paewhenua North Shore $1,244,915 Auckland City $1,133,308 Tāmaki Makaurau Auckland $1,047,698
Te Whanganui-a-Tara Wellington
August was also subdued across the wider Te Whanganui-a-Tara Wellington area, with Kāpiti Coast and Te Awa Kairangi ki Uta Upper Hutt both down by -0.6%, and Porirua slipping -0.3% lower. Wellington City itself was flat, but it has still dropped by -3.4% over the past 12 months.
The falls from peak remain significant across the region too, ranging from around -22% in Kāpiti Coast and Porirua, to more than -25% in Wellington City and Te Awa Kairangi ki Tai Lower Hutt.
“Te Whanganui-a-Tara Wellington’s previous sharp downturn in property values has petered out, but the remnants of that phase haven’t disappeared altogether. Indeed, although the rate of decline has been much slower, Wellington City itself has still fallen further in the past 12 months, with lingering employment uncertainty a continued challenge,” Mr Davidson noted.
Change in dwelling values Median value Kāpiti Coast Te Awa Kairangi ki Uta Upper Hutt Te Awa Kairangi ki Tai Lower Hutt Wellington City Te-Whanganui-a-Tara Wellington
Regional results
The tentative evidence that a touch more economic resilience in provincial areas was also supporting property values continued from July and into August, with Whakatū Nelson, Waihōpai Invercargill, and Ngāmotu New Plymouth all rising by at least +0.5%.
That said, there’s still patchiness from month to month, with Tūranganui-a-Kiwa Gisborne, Heretaunga Hastings, and Ahuriri Napier all down by -0.5% or more.
“We shouldn’t get carried away with any flow-on effects from NZ’s two-speed economy into provincial property outperformance, not least because some of the regions have their own challenges in terms of losing young people overseas during this current phase of strong migrant departures.”
“That said, the longer the primary sector continues to grow strongly, the more cash will find its way into our regional towns and cities, giving property values some key support.”
Change in dwelling values Median value Ahuriri Napier Te Papaioea Palmerston North Tūranganui-a-Kiwa Gisborne Whangārei Heretaunga Hastings Whakatū Nelson Tāhuna Queenstown $1,680,803 Ngāmotu New Plymouth Waihōpai Invercargill
Property market outlook
Looking ahead, Mr Davidson noted: “It wouldn’t be a surprise if the final few months of the year remain consistent with the ‘conflicting forces’ theme that we’ve been reiterating throughout 2025. That is, the support from lower mortgage rates, but the headwinds of a weak economy and elevated levels of listings on the market.”
“That said, property sales volumes have basically ‘normalised’ and should rise further in 2026 as the lagged effects of lower mortgage rates continue to flow through – with more existing borrowers repricing their loans down to current interest rates. Those interest rates themselves may also drop further as the Reserve Bank pushes through more official cash rate cuts.”
“Housing affordability also looks a bit more comfortable now, and the unemployment rate is projected to start easing downwards gently in the first few months of next year too, with the stock of listings also potentially drifting lower.”
“Adding all of this together, property values may be poised to rise a little more clearly in 2026. But a fresh boom doesn’t look likely, especially given the debt to income ratio rules and Government measures to ramp up housing supply,” Davidson concluded.
For more property news and insights, visit www.cotality.com/nz/insights.
Notes:
The Cotality Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately.
Source: Impact PR
Analysis of government installation data by Harrisons Solar, the nation’s largest residential solar provider, shows the total capacity installed reached 665 MW last month, up 43% on the same time last year and more than double the capacity of two years ago.[1]
Based on this growth rate, the country’s solar capacity will reach over 10,250 MW by 2032, enough to offset the annual electricity needs of all 2.05 million households.[2]
Phil Harrison, managing director of Harrisons Solar, says New Zealand has reached a tipping point in its transition toward a decarbonised energy future.
He says the adoption of new, more efficient solar technologies is set to help cut the number of years the country will take to become self-sufficient from non-renewable power sources
“For the first time, we can realistically forecast a future where New Zealand will have enough solar capacity to power every home in the country – and that milestone is now firmly within reach.”
Harrison says in just under a year, New Zealand’s solar capacity will reach 953 MW, the equivalent generation of the coal-fired Huntly station.
He says, despite record growth in residential solar and increased consumer interest driven by rising power bills and grid instability, solar currently contributes less than 2% of New Zealand’s total electricity generation.
“Our analysis of Electricity Authority data shows that residential installations made up around 54% of total installed solar capacity last month.
“The number of Kiwi homes with rooftop solar is now almost 68,000 and growing at around over 8,700 annually.
“While it took NZ seven years to reach the first 100 MW in solar capacity, that same amount is now being added every 18 months,” he says.
Harrison says the current phase of growth is similar to other significant home energy shifts.
“We’re moving through a similar adoption curve to what we saw with heat pumps. Early hesitation is now giving way to mainstream acceptance as the economics and the technology both improve.
“The latest generation of photovoltaic technology is an example of this shift in market dynamics. New models now entering the NZ market, such as the world’s most powerful and efficient all black solar panels, the AIKO Infinite series, are capable of producing up to 475 – 490 watts per panel, more than double the output of a typical panel installed just a decade ago.
“This leap in performance means homeowners can now generate more electricity with fewer panels, making systems more compact and more viable for a wider range of properties,” he says.
Harrison says the number of New Zealand homes combining solar with battery storage is also rising sharply, reflecting a growing appetite for energy independence and resilience. According to new data, the total number of households with both solar panels and batteries has increased by 72% since July 2024.[3]
“We’re seeing a fundamental shift in how New Zealanders engage with energy.
“As more homes generate and store their own power, we’re moving toward a decentralised electricity system, one that’s more resilient, less reliant on the grid during peak times, and better equipped to handle disruptions. Over time, this transition could ease pressure on national infrastructure and open the door to innovations like energy sharing between households and community-wide power networks.
“With average returns estimated between 12 and 14 percent, solar is now delivering stronger financial performance than many leading KiwiSaver funds. For homeowners, the data suggests that delaying installation could mean missing out on significant long-term savings,” he says.
Source: University of Auckland (UoA)
What happens when a national park or conservation area is created next to a business that emits toxic substances into the environment?
A new study, co-authored by University of Auckland researcher Dr Marty Pham, shows that while companies near protected areas slash their toxic emissions, they do so by cutting jobs and production rather than cleaning up their act through investing in pollution reduction.
The research paper, ‘The real effects of protecting biodiversity’, is the first of its kind to investigate how protected areas (designated places aimed at conserving biodiversity and ecosystems) influence the operations of nearby businesses.
“Our findings show a sharp decline in firms’ toxic emissions, suggesting that these businesses react to heightened regulatory and public scrutiny and adjust their polluting activities accordingly,” says Dr Pham.
Using data from 1990 to 2021, the researchers examined 18,341 industrial facilities that generate toxic emissions across the United States, spanning industries including mining, manufacturing, forestry and agriculture.
To track the effect of conservation zones on companies, the researchers developed a novel ‘Corporate Biodiversity Exposure’ (CBE) measure. This identifies facilities located near newly designated protected areas and quantifies the ecological, regulatory, and reputational implications that follow.
“Our findings reveal a significant association between higher CBE metrics and reduced on-site toxic chemical emissions into the air, ground, and water”, says Pham. “This highlights the localised impact of protected areas.”
The study also points out that being near protected areas is associated with significant declines in sales, productivity, and workforce size for affected establishments. However, there’s no evidence of increased investment in abatement technologies.
Pham says this suggests firms respond to biodiversity conservation pressures by scaling down production, possibly through relocating or outsourcing their production, rather than adopting new environmental innovations.
These localised disruptions have broader financial consequences at the parent-company level, according to the study, which shows that reduced economic activity at affected establishments contributes to firm-wide declines in profitability and stock market valuation.
One likely contributor to these financial pressures, says Pham, is increased regulatory oversight.
“While protected areas don’t directly impose land-use constraints on neighbouring establishments, they trigger more frequent environmental inspections, strengthen compliance requirements and attract greater public scrutiny, increasing enforcement risks and operational costs.”
With biodiversity in crisis worldwide, many countries are expanding protected natural areas, compelling businesses and investors to adapt their strategies.
This shift is particularly relevant to the United Nations’ 30-by-30 target, which aims to protect 30 percent of the planet’s land and oceans by 2030, reshaping the interface between conservation policy and corporate operations.
In Aotearoa New Zealand around 30 percent of the total land area is protected in some way, and Pham says the study highlights the need for policymakers here and overseas to strike a balance between achieving ecological goals and managing their associated economic impacts.
“We need to promote effective conservation planning and transparency in corporate biodiversity disclosures.”
While around 200 of New Zealand’s largest companies and biggest emitters are required to provide climate-related disclosures, there are currently no specific mandatory biodiversity disclosure requirements, something Pham says is worth considering.
“Transparency is so valuable in this area; understanding how companies are operating and responding to biodiversity conservation measures helps governments create policies that support both the environment and businesses.”
In light of their findings, Pham and his co-authors say companies should integrate biodiversity risk assessments into their operational and location decisions. They also say investors need to recognise the regulatory risks stemming from proximity to protected areas, given the significant cashflow implications highlighted by their analysis.
The study, The Real Effects of Protecting Biodiversity, is under consideration for publication in the Review of Finance and is authored by Amir Akbari (DeGroote School of Business, McMaster University, Canada), Lilian Ng (Schulich School of Business, York University, Canada), Marty Pham (Business School, University of Auckland), and Jing Yu (the University of Sydney, Australia).
Source: Consumer NZ
Consumer NZ’s latest retailer survey has found the five shops with the most satisfied customers – and those falling short.
The stores with the most satisfied customers and winners of Consumer NZ’s People’s Choice award were:
100% Home Appliances – in the large whiteware + appliances category and small appliances category
Consumer NZ digital journalist Kate Harvey said Stihl Shop and Macpac got the highest satisfaction ratings across the survey. Both received ratings of 94%.
“Stihl Shop rated particularly high for its customer service and staff members’ product knowledge,” Harvey said.
“Macpac beat its competitors – Kathmandu, Torpedo7 and Rebel – in all the categories we ask about, including perceived value and range of products available.”
Mitre 10 was beaten by Stihl Shop in the hardware category but still had an excellent result.
100% Home Appliances has dominated both the large and small appliance categories for 11 years, so it was no surprise to see it back at the top again.
“100% Home Appliances’ satisfaction score was well above the next highest scoring store in both the large and small appliance categories. Smiths City, which has just entered voluntary administration, rated second in the large appliance category and Briscoes has second spot for small appliances,” said Harvey.
PB Tech shone in the home tech and mobile tech categories.
“PB Tech’s customers particularly rate it for its prices and range,” Harvey said.
The shops that got the lowest ratings in the survey were:
“Rebel’s customers gave especially low scores for customer service and staff’s product knowledge,” said Harvey.
“Both One NZ and Spark got low scores for value for money and their range of products,” said Harvey.
“Only 63% of those who had bought home technology such as TVs and game consoles at The Warehouse were very satisfied with the experience,” said Harvey.
“People had a better shopping experience at Specsavers but those who shopped at an independent optometrist had the best experience,” said Harvey.
More than 3,200 Consumer NZ members and supporters detailed the purchases they’d made over the past year when they undertook this survey in June and July.
Consumer NZ is primarily funded by its members. Consumer NZ members can see the full results of the 2025 retailer survey on its website. See: https://www.consumer.org.nz/articles/retail-service
About Consumer
Consumer NZ is an independent, non-profit organisation dedicated to championing and empowering consumers in Aotearoa. Consumer NZ has a reputation for being fair, impartial and providing comprehensive consumer information and advice.
Source: New Zealand Government
Health Minister Simeon Brown has today written to Health New Zealand and the Association of Salaried Medical Specialists (ASMS) calling on both parties to urgently enter binding arbitration.
This action follows the collective agreement expiring 12 months ago, with mediation, facilitated bargaining, and an Employment Relations Authority recommendation failing to resolve the dispute.
Most importantly, strike action continues to disrupt care for thousands of patients, with ASMS this week rejecting the latest offer and immediately balloting to strike, instead of returning to the negotiating table. A further strike later this month could impact care for thousands more patients.
The Government’s focus remains on ensuring New Zealanders have access to timely, quality healthcare.
Both parties have been asked to confirm their agreement to arbitration by Friday 4:00 PM.
Source: Zero Waste Aotearoa
Zero Waste Aotearoa will celebrate 25 years of building a waste free future at the Zero Waste Aotearoa National Hui from 8-10 September. The event will be hosted at the University of Auckland/Te Taumata Rau o Tāmaki Makaurau featuring a range of fantastic speakers.
“From the movement’s early voices to those meeting the challenges of today, this hui will bring together the people and organisations committed to a future where all people and things are valued, and nothing goes to waste,” said Dorte Wray, General Manager, Zero Waste Aotearoa.
The goal of zero waste is to minimise and ultimately eliminate waste by:
“Here in Aotearoa NZ, zero waste is built upon the foundations of Te Tiriti o Waitangi. We see partnership with Tangata Whenua as essential to maximising just and enduring outcomes.”
“We have the solutions right now. Our members have been making zero waste a reality in communities across the country for decades. Places like Xtreme Zero Waste in Raglan/Whaingaroa and Wastebusters in Wānaka are leading the way by diverting 70-80% of the materials that come to them away from landfill.”
“Anyone who has been to one of these places knows how great they are. Zero waste is a real win-win for the economy and environment. Community Resource Recovery Centres are creating sustainable, dignified employment while reducing climate emissions and keeping valuable resources in use.”
“The Zero Waste Hui provides a space for cementing relationships and strong connections across the zero waste sector. We enjoy a great relationship with Auckland Council who are committed to a zero waste approach to reducing waste to landfill and addressing climate change and it’s great to have them as sponsors for the hui.”
The Zero Waste Aotearoa Hui is a great place for attendees to participate in collective action, inspiration and learning. The first two days are a mix of keynote speakers, panels and workshops. On the third day, attendees tour different zero waste projects around the city for a close up view of the waste minimisation work happening.
Source: New Zealand Transport Agency
People are being reminded that if they want to have their say on proposed tolling for Canterbury’s new Belfast to Pegasus Motorway and Woodend Bypass (B2P), they need to do so before the opportunity closes in a few days.
The proposal is for two tolling points (or gantries) to be introduced as part of the Roads of National Significance project, each charging $1.25 per passing light vehicle, and $2.50 for heavy vehicles.
When built, the B2P project will provide a 10km four-lane motorway extension north of Christchurch and a bypass that reduces the heavy traffic burden on State Highway 1 through the town of Woodend. The proposed tolling is aimed at striking a balance between helping pay for much-needed infrastructure and minimising impacts on local communities.
The Government Policy Statement on land transport 2024 requires New Zealand Transport Agency Waka Kotahi (NZTA) to consider tolling for all new Roads of National Significance. The investment case for the B2P project confirmed tolling was possible and the revenue would support the construction, maintenance and operation of the road.
Read the full statement from NZTA last month about the tolling proposal
“We’ve had a good amount of public feedback already, with well in excess of 3000 submissions,” says NZTA System Design Regional Manager, Richard Osborne.
“If you haven’t already had your say, and want to be heard on this tolling proposal, then you will need to make your submission by 5pm on Tuesday 9 September.”
Learn more about the proposed tolling and how to provide your feedback
Following public feedback on the tolling proposal and analysis of that feedback, a final tolling recommendation will go to the NZTA Board at the end of October. A proposal will then go to the Minister of Transport, with a final decision on tolling resting with Cabinet on the advice of the Minister.