New Zealand property values fall for sixth consecutive month
Thursday 1 October 2026 · 2 outlets · 2 reports · updated In this story Cotality NZ, Kelvin Davidson
National property values decreased by 0.3 per cent in September, marking six months of continuous decline. Data from Cotality shows the national median value is now $797,078. Analysts suggest a recovery may depend on improved job security in the labour market.
Key facts
4 facts
- National median property value fell 0.3% in September to $797,078
- Property values have declined for six consecutive months
- National property values are 1.3% lower than the previous year
- Movers have a median sale time of 37 days, while investors average 35 days
The full story
1 min read · 2 outlets
New Zealand's national median property value fell by 0.3% in September to $797,078. This marks the sixth straight monthly decline, leaving national values 1.3% lower than they were a year ago.
Economic and employment uncertainty are reportedly preventing a sustained recovery in the housing market. Kelvin Davidson, chief property economist at Cotality, stated, "Until labour market conditions and job security improve more meaningfully, sustained house price growth appears unlikely".
Buyers currently hold most of the negotiating power due to high levels of available listings and a lack of urgency. While first-home buyers remain active due to better affordability, upgrading owner-occupiers are acting with more caution.
Data shows that homeowners moving between properties are taking longer to sell than investors. This year, movers have a median sale time of 37 days compared to 35 days for investors, while first-home sellers take a median of 40 days.
Where reports differ
- Reports disagree on regional value changes: one report claims Hamilton rose 0.4% and Christchurch 0.2%, while another claims Hamilton rose 0.1% and Christchurch 3.4%
- Reports provide different annual percentage changes for Auckland, Wellington, and Dunedin
Compiled from reports by The Post and RNZ.
