New Zealand Property Market

The story so far

New Zealand property values fell for eight straight months to October 2024, with CoreLogic reporting a 5.1% drop for the year and signs the market might be nearing a floor.^{1 Nov 2024} Through late 2024 and early 2025 the national decline slowed to small monthly moves, while Wellington fell furthest among the main centres and Christchurch and Hamilton held up better.^{21 Nov 2024; 3, 31 Jan 2025; 21 Feb 2025} Falling prices left more sellers making a loss, but they also improved affordability, and first home buyers became more active.^{13, 21 Nov 2024; 28 Aug 2025; 28 Oct 2025} Auckland's new rating valuations in June 2025 showed an average 9% fall, and the council confirmed a 5.8% rates increase.^{9, 10, 26 Jun 2025} Rents also softened, with national median rents falling for the first time since 2009 and Wellington showing some of the largest drops.^{24 Jul 2025; 15 Aug 2025; 26 Sep 2025}

Latest

In September 2026, national values fell 0.3% for a sixth consecutive month to a median of $797,078, and Quotable Value said the market is likely to stay flat for some time with buyers holding more influence than sellers.^{1, 12 Oct} Cotality says national median values are 19% below their 2021-22 peak and New Zealand may be moving into a lower-growth housing market.^{15 Oct}

Key moments

1. 1 Nov 2024Property values fall for an eighth straight month, with possible signs of a floor.
2. 6 Mar 2025Wellington values rise 0.1% in February, the first increase in 11 months.
3. 10 Jun 2025Auckland residential valuations drop about 9% on average, with city-centre areas down about 14%.
4. 26 Jun 2025Auckland Council confirms a 5.8% rates increase for 2025/2026.
5. 24 Jul 2025National median rents fall for the first time since 2009.
6. 2 Oct 2025National values rise 0.1% in September 2025, ending a five-month decline.
7. 1 OctNational values fall 0.3% in September 2026, a sixth consecutive monthly decline.
8. 15 OctCotality says values are 19% below the 2021-22 peak, with lower growth ahead.

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