Residential property values may be starting to flatten out as 2025 gets underway, according to property data company CoreLogic's Home Value Index for January.
The median value of dwellings throughout the country was $803,819 in January, down by just 0.07% compared to December last year.
That follows a decline of 0.34% in the three months from November 2024 to January 2025, and a drop of 4.28% compared to January last year.
That suggests the decline in dwelling values evident last year has slowed to a crawl and was so small in January this year that values could probably be best described as flat.
A similar pattern is evident in the district figures from around the country, with generally small monthly movements in median values, either up or down, following larger declines compared to three or 12 months earlier.
In the Auckland region the median value declined by just 0.1% in January compared to December. However, it was down 6.5% compared to January last year.
In the Wellington Region the median value was down 0.6% in January compared to December and down 7.4% compared to January last year. Christchurch's median value was 0.1% lower in January compared to December, and unchanged from January last year.
"Since the mini downturn seen through the middle of last year petered out in August, national property values have been in a holding pattern, not moving clearly in either direction," CoreLogic NZ Chief Property Economist Kelvin Davidson said.
"But with mortgage rates having dropped significantly from their peaks, property sales volumes have continued to rise in recent months and may well start to reduce available stock of listings on the market in the near term," he said.
"This could create more competitive pressure amongst buyers and it wouldn't be a surprise to see property values start to rise again shortly," he said.
However Davidson also noted some caution was still warranted.
"Not all areas have stopped falling [in value], including Wellington," he said.
"Given that the economy remains soft and the labour market subdued, it is unlikely we will see a sharp upturn in values," he said.
He also noted debt-to-income ratio caps could also play a role in dampening the market this year.
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| CoreLogic Hedonic Home Value Index | ||||
| January 2025 | ||||
| Median Dwelling Value | 1 month change | 3 month change | Annual change | |
| District | ||||
| All of Aotearoa | $803,819 | -0.07% | -0.34% | -4.28% |
| Far North District | $636,538 | 0.11% | -0.79% | -8.96% |
| Whangarei District | $719,145 | 0.34% | -0.16% | -5.80% |
| Kaipara District | $759,548 | -0.13% | -1.38% | -9.34% |
| Auckland - Rodney | $1,216,586 | -0.53% | -1.77% | -6.99% |
| Auckland - North Shore | $1,291,965 | 0.25% | 0.78% | -3.62% |
| Auckland - Waitakere | $942,671 | 0.04% | 0.65% | -5.14% |
| Auckland - Central suburbs | $1,131,326 | -0.11% | -0.79% | -8.11% |
| Auckland - Manukau | $1,014,115 | 0.00% | -0.01% | -6.36% |
| Auckland - Papakura | $815,455 | -0.38% | -0.89% | -7.17% |
| Auckland - Franklin | $900,200 | -0.35% | -0.55% | -5.77% |
| Thames-Coromandel District | $978,471 | -0.64% | -3.00% | -5.96% |
| Hauraki District | $672,281 | 0.64% | -1.21% | -3.43% |
| Waikato District | $888,516 | -0.15% | -1.88% | -2.58% |
| Matamata-Piako District | $671,392 | 0.22% | 0.23% | -4.21% |
| Hamilton City | $748,944 | 0.51% | 1.56% | -1.55% |
| Waipa District | $885,540 | -0.47% | -0.44% | -1.68% |
| Otorohanga District | $620,849 | 0.42% | 0.25% | -4.93% |
| South Waikato District | $435,679 | 0.20% | 3.19% | -0.10% |
| Waitomo District | $454,057 | 0.02% | 0.53% | -5.32% |
| Taupo District | $792,165 | 0.18% | 0.37% | -0.31% |
| Western Bay of Plenty District | $1,066,065 | -0.12% | 1.46% | -2.54% |
| Tauranga City | $904,920 | 0.09% | 0.47% | -3.59% |
| Rotorua District | $608,130 | -0.01% | -0.10% | -0.38% |
| Whakatane District | $735,955 | 0.19% | 0.97% | -2.29% |
| Kawerau District | $386,827 | 0.08% | -0.84% | -6.70% |
| Opotiki District | $612,816 | -0.41% | -1.46% | -0.83% |
| Gisborne District | $581,918 | -0.46% | -1.61% | -7.76% |
| Wairoa District | $373,207 | 0.03% | -0.96% | -10.80% |
| Hastings District | $690,337 | 0.09% | -0.58% | -4.94% |
| Napier City | $689,554 | 0.17% | 1.30% | -3.61% |
| Central Hawke's Bay District | $606,572 | -0.25% | -1.83% | -5.31% |
| New Plymouth District | $703,040 | 0.89% | 0.86% | 0.64% |
| Stratford District | $503,740 | 0.36% | -1.01% | -3.32% |
| South Taranaki District | $403,640 | -0.03% | -0.96% | -5.48% |
| Ruapehu District | $391,554 | -0.07% | 0.34% | -1.83% |
| Whanganui District | $486,074 | 0.08% | -0.20% | 2.45% |
| Rangitikei District | $437,895 | 0.09% | 0.36% | -4.16% |
| Manawatu District | $576,119 | -0.59% | -1.77% | -3.17% |
| Palmerston North City | $601,785 | -0.20% | -0.73% | -3.44% |
| Tararua District | $433,227 | -0.22% | -0.51% | -5.02% |
| Horowhenua District | $513,398 | -0.05% | -0.88% | -5.70% |
| Kapiti Coast District | $808,515 | -0.09% | -0.01% | -4.47% |
| Porirua City | $752,261 | -0.22% | 0.24% | -3.75% |
| Upper Hutt City | $708,418 | -0.38% | -1.40% | -6.13% |
| Lower Hutt City | $670,538 | -0.56% | -1.80% | -6.69% |
| Wellington City | $886,088 | -0.72% | -2.12% | -8.61% |
| Masterton District | $547,340 | -0.40% | -1.91% | -4.92% |
| Carterton District | $664,723 | -1.03% | -2.13% | -10.49% |
| South Wairarapa District | $774,678 | -0.83% | -0.68% | -8.26% |
| Tasman District | $839,088 | -0.03% | -0.49% | -0.72% |
| Nelson City | $742,790 | 0.08% | -0.25% | 1.74% |
| Marlborough District | $662,111 | -0.57% | -1.53% | -2.29% |
| Kaikoura District | $752,805 | -0.18% | 0.24% | 2.38% |
| Buller District | $367,150 | -0.12% | -1.03% | -0.61% |
| Grey District | $398,817 | -0.67% | -0.23% | -1.75% |
| Westland District | $457,692 | -0.49% | -0.94% | 0.54% |
| Hurunui District | $716,593 | -0.33% | -1.49% | -1.81% |
| Waimakariri District | $755,535 | 0.01% | -0.71% | -1.77% |
| Christchurch City | $661,721 | -0.10% | -0.15% | -0.05% |
| Selwyn District | $851,880 | 0.08% | -0.55% | -0.88% |
| Ashburton District | $524,409 | -0.32% | -1.68% | 0.99% |
| Timaru District | $504,718 | 0.24% | -0.20% | 1.09% |
| Mackenzie District | $692,710 | 0.31% | 0.69% | -2.68% |
| Waimate District | $474,910 | -0.57% | -0.52% | -2.54% |
| Waitaki District | $490,376 | 0.03% | 0.17% | 1.60% |
| Central Otago District | $875,571 | -0.44% | 0.47% | 2.37% |
| Queenstown-Lakes District | $1,631,244 | 0.05% | 0.35% | 2.39% |
| Dunedin City | $611,677 | 0.08% | 0.10% | 0.86% |
| Clutha District | $401,872 | -0.21% | -0.75% | 1.78% |
| Southland District | $561,912 | 0.61% | 1.24% | 2.59% |
| Gore District | $425,918 | 0.22% | 0.88% | 3.69% |
| Invercargill City | $468,161 | -0.15% | -0.48% | 2.52% |
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