Housing values dropped in May, according to the Cotality (previously CoreLogic) Home Value Index (HVI).
The median dwelling value for the whole of New Zealand was $818,132 in May. That's down 0.9% compared to April, and down 1.6% compared to May last year.
The national median value is now 16.3% lower than its January 2022 peak.
Around the main centres, median dwelling values in May, versus April, were down marginally; -0.3% in Auckland, -0.06% in Tauranga, -0.7% in Wellington City, -0.79% in Christchurch and -0.09% Dunedin.
Going against the trend, the median dwelling value in Hamilton increased by 0.1%.
Within the Auckland region, median values declined on the North Shore -0.98%, and in Waitakere -0.02%, the central suburbs -0.26%, Manukau -0.34% and Papakura -0.56%. They increased in Rodney by 0.36% and Franklin by 0.23%.
Within the Wellington Region median values declined on the Kapiti Coast -0.24%, and in Porirua -0.32%, Upper Hutt -0.09% and Wellington City -0.7%. They increased in Lower Hutt by 0.08%.
See the table below for the full regional figures showing the monthly, quarterly and annual change in the HVI for all main urban areas around New Zealand.
"Anybody who was anticipating a sharp or widespread increase in property values as we got further into 2025 continues to be disappointed," Cotality Chief Property Economist Kelvin Davidson said.
"Lower mortgage rates are clearly going to be bolstering households' confidence as well as their wallets, and there were clear signs of higher loan-to-value and debt-to-income ratio lending activity in the latest Reserve Bank figures," he said.
But Davidson also warned it wasn't one way traffic.
"Housing isn't necessarily affordable in absolute terms, while the economy and labour market remain subdued too," he said.
"These are certainly constraints on buyers' willingness to push ahead with property deals or to pay higher
prices," Davidson said.
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| Cotality Home Value Index | ||||
| May 2025 | ||||
| Area | Median Value | Monthly Change HVI (%) | Quarterly Change HVI (%) | Annual Change HVI (%) |
| All of New Zealand | $818,132 | -0.09% | -0.09% | -1.60% |
| Northland Region | $723,055 | 0.49% | 0.63% | -1.49% |
| Far North District | $673,297 | 0.83% | 1.75% | -1.23% |
| Whangarei District | $733,421 | -0.08% | -0.23% | -1.22% |
| Kaipara District | $815,684 | 1.68% | 1.12% | -2.47% |
| Auckland Region | $1,073,222 | -0.30% | -0.61% | -2.71% |
| Auckland - Rodney | $1,227,830 | 0.36% | 0.49% | -2.48% |
| Auckland - North Shore | $1,283,925 | -0.98% | -1.60% | -1.38% |
| Auckland - Waitakere | $940,295 | -0.02% | -0.58% | -1.66% |
| Auckland - Central suburbs | $1,149,279 | -0.26% | -0.85% | -4.03% |
| Auckland - Manukau | $1,000,134 | -0.34% | -0.12% | -2.58% |
| Auckland - Papakura | $840,185 | -0.56% | -0.80% | -1.83% |
| Auckland - Franklin | $969,887 | 0.23% | 1.32% | 0.13% |
| Waikato Region | $792,393 | 0.18% | 0.54% | -0.72% |
| Thames-Coromandel District | $998,732 | 0.43% | 0.09% | -2.87% |
| Hauraki District | $678,873 | -0.39% | 0.81% | -0.63% |
| Waikato District | $921,428 | -0.23% | 0.25% | -2.71% |
| Matamata-Piako District | $707,439 | 0.91% | 1.24% | -1.26% |
| Hamilton City | $754,800 | 0.10% | 0.97% | 1.36% |
| Waipa District | $925,391 | 0.62% | -0.17% | -0.56% |
| Otorohanga District | $651,585 | 0.93% | 3.29% | 1.42% |
| South Waikato District | $419,633 | 0.15% | -0.15% | -2.58% |
| Waitomo District | $441,239 | -1.02% | -2.38% | -5.21% |
| Taupo District | $792,133 | 0.07% | 1.16% | 1.05% |
| Bay of Plenty Region | $844,358 | 0.29% | 0.46% | 0.34% |
| Western Bay of Plenty District | $1,098,209 | 1.24% | 2.55% | 2.68% |
| Tauranga City | $918,320 | -0.06% | -0.55% | -1.02% |
| Rotorua District | $630,148 | 0.27% | 0.92% | 2.06% |
| Whakatane District | $740,323 | 0.20% | 0.88% | 0.75% |
| Kawerau District | $418,494 | 0.40% | 1.90% | 3.42% |
| Opotiki District | $600,885 | 0.84% | 1.42% | -1.15% |
| Gisborne District | $598,246 | -0.16% | 1.81% | -3.65% |
| Wairoa District | $415,634 | 1.03% | 2.52% | -3.47% |
| Hawke's Bay Region | $695,915 | 0.18% | 0.48% | -0.38% |
| Hastings District | $704,405 | 0.21% | 0.12% | -0.63% |
| Napier City | $734,776 | -0.06% | 0.58% | 0.38% |
| Central Hawke's Bay District | $615,540 | 1.00% | 1.42% | -1.59% |
| Taranaki Region | $644,376 | 0.38% | 0.73% | 1.66% |
| New Plymouth District | $704,752 | 0.20% | 0.37% | 1.64% |
| Stratford District | $523,908 | 1.26% | 2.32% | 1.84% |
| South Taranaki District | $458,682 | 1.11% | 2.38% | 1.65% |
| Ruapehu District | $396,505 | 1.22% | 1.08% | -2.25% |
| Whanganui District | $487,940 | -0.05% | 0.24% | 0.39% |
| Rangitikei District | $445,773 | 0.44% | 1.36% | -1.85% |
| Manawatu District | $629,733 | 0.54% | 1.72% | -0.18% |
| Palmerston North City | $599,978 | -0.02% | -0.76% | -2.72% |
| Tararua District | $440,992 | 0.35% | 0.44% | -0.67% |
| Horowhenua District | $524,677 | 0.35% | 1.32% | -1.95% |
| Wellington Region | $788,009 | -0.36% | -0.12% | -4.76% |
| Kapiti Coast District | $827,671 | -0.24% | 0.28% | -2.82% |
| Porirua City | $767,059 | -0.32% | 0.67% | -1.61% |
| Upper Hutt City | $725,456 | -0.09% | -0.14% | -5.17% |
| Lower Hutt City | $699,921 | 0.08% | 0.86% | -3.64% |
| Wellington City | $882,876 | -0.70% | -0.84% | -6.55% |
| Masterton District | $585,288 | 0.20% | 0.15% | -2.00% |
| Carterton District | $685,941 | -0.70% | 0.27% | -4.31% |
| South Wairarapa District | $763,985 | 0.18% | -1.11% | -6.05% |
| Tasman Nelson Marlborough | $754,278 | 0.21% | 0.24% | -0.67% |
| Tasman District | $847,051 | -0.28% | -0.14% | -1.45% |
| Nelson City | $727,169 | -0.12% | -0.74% | 0.27% |
| Marlborough District | $678,469 | 1.25% | 1.84% | -0.60% |
| Kaikoura District | $785,448 | -0.52% | 1.18% | 5.01% |
| West Coast Region | $428,791 | 1.48% | -2.33% | -2.11% |
| Buller District | $380,586 | 2.03% | -1.42% | -3.07% |
| Grey District | $434,655 | 1.02% | -3.12% | -2.00% |
| Westland District | $479,681 | 1.59% | -2.11% | -1.17% |
| Canterbury Region | $708,732 | -0.51% | 0.06% | 0.61% |
| Hurunui District | $721,664 | 0.21% | 0.63% | 2.82% |
| Waimakariri District | $754,192 | -0.55% | 0.44% | 0.17% |
| Christchurch City | $695,117 | -0.79% | -0.25% | 0.60% |
| Selwyn District | $855,835 | -0.13% | -0.02% | 0.07% |
| Ashburton District | $561,643 | -0.02% | 1.12% | 0.95% |
| Timaru District | $545,176 | 1.34% | 1.54% | 1.50% |
| Mackenzie District | $710,595 | 0.22% | 1.21% | 2.05% |
| Otago Region | $694,480 | 0.71% | 0.22% | 1.46% |
| Waimate District | $496,822 | 0.18% | 2.43% | 1.03% |
| Waitaki District | $514,203 | 1.80% | 2.94% | 2.99% |
| Central Otago District | $858,427 | 0.74% | 2.37% | 4.34% |
| Queenstown-Lakes District | $1,694,923 | 1.18% | 0.14% | 2.36% |
| Dunedin City | $610,669 | -0.09% | -0.79% | -0.89% |
| Clutha District | $417,432 | 0.75% | 0.88% | 0.82% |
| Southland Region | $493,355 | 0.59% | 1.07% | 2.54% |
| Southland District | $564,613 | 0.83% | 0.02% | -1.26% |
| Gore District | $439,345 | 0.81% | 1.29% | 2.08% |
| Invercargill City | $490,333 | 0.46% | 1.52% | 4.19% |
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