New Zealand house prices fall as market remains flat
Monday 12 October 2026 · 2 outlets · 2 reports · updated In this story Treasury
The average New Zealand home value dropped 1.5 per cent to $892,580 in the three months ending September. Quotable Value says the market is likely to remain flat for some time, with buyers currently holding more influence than sellers.
Key facts
5 facts
- Average NZ house value is $892,580
- National house prices fell 1.5% in the quarter to September
- Queenstown prices rose 3.1% to $1.99 million
- Auckland average price fell 2.5% to $1.15m
- Gisborne recorded the largest fall of 3.2%
The full story
1 min read · 2 outlets
New data from Quotable Value (QV) shows the average New Zealand home value is $892,580, representing a 1.9 per cent decrease since the start of the year. The national average price fell 1.5 per cent over the three months ending in September. Prices are also 0.9 per cent lower than they were at the same time last year.
QV national spokesperson Simon Petersen stated that buyers are currently "in the driver's seat" due to having more choice and less urgency. He noted that the market is likely to remain flat or potentially continue to fall gently until the election. Petersen added that vendors must compete heavily for buyer attention until confidence or necessity increases.
The housing market remains a patchwork of different regional performances. Prices fell in 17 of the 20 areas monitored by QV, including a 3 per cent drop in Wellington and a 2.5 per cent drop in Auckland. Conversely, Queenstown saw a 3.1 per cent increase, while Tauranga and Invercargill also recorded slight rises.
Economists suggest a quick market turnaround is unlikely. ASB senior economist Chris Tennet-Brown noted that prices are expected to remain flat until there is more population growth and increased confidence in the labour market. While the environment is difficult for sellers, it may be beneficial for first home buyers.
Compiled from reports by RNZ and The Post.
