Source: QUALITY VALUATION (QV)
The average New Zealand residential property value has decreased slightly with values in the main centres easing due to high stock levels and cautious buyer sentiment, while some regions saw significant gains.
The latest QV House Price Index shows the average national home value fell 0.3% over the June quarter to $910,479, leaving values 0.6% lower than a year ago and around 14.5% below the market’s peak in late 2021.
Values rose in Queenstown and Invercargill, while creeping up a little in Whangarei, Hamilton, Tauranga and Christchurch, while Auckland, Wellington and Dunedin recorded further declines, highlighting ongoing variability across the main urban areas.
QV National Spokesperson Andrea Rush said buyers were taking advantage of increased choice and easing interest rates, with first-home buyers and owner-occupiers remaining the most active, particularly in lower to mid-value areas where affordability is within reach.
“Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as Wairoa (12.6%), Gore (8.8%), Buller (6.2%), the Far North (5.8%) and Waitomo (5.2%), while others continue to track lower due to economic uncertainty and a cautious buyer pool,” Ms Rush said.
She noted that falling interest rates are easing affordability pressures. The Reserve Bank reviews the OCR this week, with some expecting a 0.25% cut, though many predict it will hold at 3.25%.
“Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak,” she said. “However, it’s unclear how much of this reflects new purchases versus refinancing.”
“Ongoing global conflict, economic uncertainty, and rising living costs are likely to limit any significant upswing in the near term.”
Northland
The upswing in the Northland market continues with values rising 2.1% in the three months to June. The average value across the region is $741,628. Values are now just 0.6% lower year on year.
In the three months to June, values in the Far North rose a massive 5.83% and the average property value jumped nearly $10,000 from $705,192 in the June quarter to $714,029. In Whangarei, the average value is $736,179 after a slight quarterly rise of 0.3%. While Kaipara’s average value is $841,032, after a slight 0.7% lift over the quarter.
Auckland
The Auckland property market saw values edge down overall in June as high stock levels and cautious buyer sentiment continued to weigh on prices, with some localised pockets of resilience emerging across the Super City. The average home value across the Auckland Region dropped 1.0% in the June quarter and is now $1,232,340, which is 1.4% lower than in June 2024 and 18.8% lower than the market’s nationwide peak of late 2021.
In the June quarter the only area to see values increase was the local council areas previously known as Auckland City (0.1%). While other areas of the region saw a decline in values over the quarter; Manukau (-1.2%); North Shore (-1.7%), Waitakere (-1.0%), Rodney (-0.04%), Papakura (-0.1%); and Franklin (-0.6%).
QV Auckland Registered Valuer, Hugh Robson said the Auckland housing market is much the same as last month, with high levels of stock on the market across most suburbs helping to keep prices fairly stable.
“For now, buyers have the upper hand, with many agents continuing to report low attendance numbers at open homes. Some buyers are making cheeky offers to see what might be accepted in the current market,” Mr Robson said.
Despite these conditions, he noted steady activity from first-home buyers, particularly in the city’s low to medium value suburbs, where affordability remains within reach.
“New multi-townhouse developments also continue to be built across the city, adding to the options available for buyers and renters alike. Interest rates remain relatively low, providing some comfort for those entering the market, while rental levels are fairly stable at the moment,” he said.
Waikato
The latest QV House Price Index shows Hamilton’s average home is now worth $791,707, with values continuing a slight upward trend from last month, rising 0.5% over the June quarter. Values are now 1.2% higher than this time last year and 13.4% lower than the nationwide peak of late 2021.
QV Hamilton Registered Valuer Marshall Wu said the Waikato market was continuing to show a ‘generally positive trend’ this year, with Hamilton City and several major districts recording modest value growth so far in 2025.
“There’s been some renewed confidence among buyers and sellers as the OCR has remained lower for a sustained period, helping to support market activity and making housing a bit more accessible for first-home buyers. However, with inflation on the rise, the market now expects only limited further cuts in the months ahead,” he said.
“A soft economy, lower population growth, and global uncertainty are still constraining housing demand across the region. Real estate agents are telling us there’s still plenty of stock on the market, and sellers are having to adjust expectations on price. Buyers, meanwhile, are being cautious in light of a looser labour market and persistently high unemployment.
“Overall, we’re still expecting values to post a modest rise in 2025, but it’s likely to be at a slower pace.”
The Waikato Region demonstrated strengthening market activity in June with a 1-month increase of 0.1% and a 3-month gain of 0.5%. The average home value now stands at $818,230, up from $791,909.
The Waitomo District surged 4.9% over 3 months and 5.2% annually, while the Taupo District recorded a -6.6% half yearly drop. Hauraki values also rose 1.1% over the June quarter and are 4.1% higher year on year; while Thames/Coromandel inched up by 0.1% in the June quarter and 1.4% year on year, while the Waikato District was up 2.1% over the past three months and 1.6% year on year. Ōtorohanga and Waipa districts, also recorded quarterly gains of 0.2% and 1.8% respectively. While South Waikato values decreased 2.5% over the quarter.
Bay of Plenty
Home values in Tauranga are essentially flat, rising just 0.1% over the past three months to an average of $1,024,609. This is 0.3% lower than a year ago and 12.2% below the nationwide peak of late 2021.
Across the Bay of Plenty, the average value is also flat, dipping 0.3% this quarter to $887,954 and 0.3% annually.
QV North Island Revaluation Manager Sophie Treder said, “In Tauranga, values have held steady, with only a slight lift over the past quarter, while across the wider region, average values have seen a marginal decline.”
She noted owner-occupiers and first-home buyers continue to be the main drivers of activity, with an uptick in investor interest adding to market dynamics. “Most sellers are setting prices that align with market conditions, although some are entering the market with higher expectations before adjusting to meet buyer sentiment,” she said.
Rotorua and Gisborne recorded quarterly declines of 0.5% and 0.9% respectively, while Whakatane fell 1.4%. Opotiki District saw the largest drop in the region, down 6.6% for the quarter. Kawerau District was the only area to record growth, with values up 3.0% in the three months to June.
Hawkes Bay
Napier City home values were flat, up just 0.1% over the past three months to a new average value of $755,772 which is 0.7% lower year on year and 15.3% lower than the previous peak of January 2022. Hastings values rose 0.7% over the past three months to a new average of $774,602 which is 1.8% lower than the same time last year and 15.8% below the nationwide peak of late 2021.
Meanwhile, Wairoa saw values one of the highest increases in the country rising 12.6% in the three months to June and 27.2% year on year to a new average value of $483,244. While Central Hawke’s Bay District increased 0.9% over the quarter and values are 3.2% lower year on year with a new average value of $553,179.
Taranaki
The Taranaki region has seen a recent positive trend with home values up 0.4% over the past three months and 1.7% in the year to June. In New Plymouth, values rose 0.2% in the June quarter and are 1.4% higher year on year with the average home now worth $725,326 which is 2.8% lower than the peak. Values continued to rise in South Taranaki, up 2.6% over the quarter to June, and 3.7% year on year to $448,875; while Stratford dropped 2.4% over the quarter to an average value of $487,455 which is 1.6% higher year on year.
QV New Plymouth Registered Valuer Danny Grace said the Taranaki market was maintaining steady momentum, with values holding firm across much of the region.
“In New Plymouth, activity has picked up, and there’s more confidence among buyers and sellers, particularly in the lower end of the market where demand remains healthy,” he said.
Mr Grace noted that while interest in well-located, modern homes was steady, the higher end of the market was seeing less buyer interest, with longer selling times and fewer active purchasers.
“While the region isn’t experiencing rapid growth, the market is holding its ground, supported by a consistent level of demand, particularly from buyers focused on more affordable segments,” he said.
Palmerston North
Home values in Palmerston North dipped 0.5% over the June quarter and homes there are now worth on average $632,536, which is 0.8% lower than this time last year and 13.5% below the nationwide market peak in late 2021.
QV Palmerston North Registered Valuer Olivia Betts said the Palmerston North property market was showing signs of softening, with prices edging down slightly in recent months.
“It’s not a dramatic drop, but this easing reflects broader market conditions and seasonal tr