New Zealand house prices late 2025

The story so far

Through mid-2025, national house values fell from their early-2022 peak, with Quotable Value reporting the average value down 13.1% since then. Cotality said falling prices had improved affordability, cutting the time needed to save a deposit to about 10 years, from nearly 14 in 2021.^{13, 28 Aug 2025} Cotality reported national values down 0.6% for 2025 so far, the fifth straight monthly fall, with a median of $809,113. The Real Estate Institute said the national median fell 0.5% year-on-year to $761,000 in August, though most regions were higher than a year earlier, and suggested cash rate cuts may take time to show effects.^{4, 16 Sep 2025} Prices then turned slightly: the national median rose 0.1% in September, ending a five-month decline, with Tauranga strongest among main centres and Auckland and Wellington soft. Sales rose in September as buyers returned, but the national median fell 1.5% to $770,000.^{2, 14 Oct 2025} First-home buyers were a growing share of the market, making up 36% of Wellington purchases and 27% of national purchases in the September quarter. The figures come from different sources and measures, so the reported prices differ.^{28 Oct 2025; 12 Nov 2025}

Latest

For the quarter ending October, national average home values were flat at $902,020, with some signs of early recovery. Tauranga values fell 1.3% over the same period.^{12 Nov 2025}

Key moments

1. 13 Aug 2025National average home value falls 0.5%, 13.1% below the early-2022 peak.
2. 28 Aug 2025Deposit saving time drops to about 10 years from nearly 14 in 2021.
3. 4 Sep 2025National values fall for a fifth consecutive month, down 0.6% in 2025.
4. 2 Oct 2025National median rises 0.1% in September, ending a five-month decline.
5. 14 Oct 2025Sales rise in September, but national median falls 1.5% to $770,000.
6. 12 Nov 2025First-home buyers make up 27% of purchases in the September quarter.
7. 12 Nov 2025National average value flat for the October quarter; Tauranga down 1.3%.

Written from the stories below; each sentence links to its sources.