February saw a slight increase in the median value of New Zealand homes, according to property data company CoreLogic.
CoreLogic's Home Value Index for February put the median value of NZ dwellings at $807,164, up 0.28% compared to January, but down 3.82% compared to February last year.
All main centres recorded an increase in their median dwelling value in February except for Tauranga, where the median declined by 0.18% for the month.
Similarly, most regions recorded increases in median values in February apart from Bay of Plenty -0.12%, Manawatu/Whanganui -0.28% and West Coast -1.25%. (The table below gives a detailed breakdown of median values around the country in February and their movement over the monthly, quarterly and annual periods).
"The rise of 0.3% [rounded] in the national median value is fairly modest by past standards but nevertheless represents the first meaningful increase in more than a year," CoreLogic Chief Property Economist Kelvin Davidson said.
"It was always likely that the property value falls in 2024 would come to an end at some stage in early 2025, given the extent of interest rates cuts since July/August last year.
"While some markets have clearly turned a corner, there's still variability, with Tauranga edging lower in February," he said.
Davidson's report also suggested high stock levels could keep a cap on rising values.
"With listings still abundant, and debt-to-income ratio limits set to be a restraint if and when banks' serviceability tests rates fall further, a rampant boom in property values in 2025 seems unlikely," he said.
The comment stream on this article is now closed.
| CoreLogic NZ Hedonic Home Value Index | ||||
| February 2025 | ||||
| District | Median Dwelling Value | Monthly Change HVI (%) | Quarterly Change HVI (%) | Annual Change HVI (%) |
| All New Zealand | $807,164 | 0.28% | 0.06% | -3.82% |
| Main Centres: | ||||
| Auckland | $1,062,680 | 0.27% | 0.02% | -5.68% |
| Hamilton | $742,670 | 0.53% | 0.98% | -1.40% |
| Tauranga | $907,034 | -0.18% | -0.25% | -3.69% |
| Wellington City | $791,879 | 0.13% | -0.63% | -7.67% |
| Christchurch | $690,364 | 0.65% | 0.63% | 0.46% |
| Dunedin | $616,031 | 0.64% | 0.89% | 0.75% |
| Regions: | ||||
| Northland | $707,657 | 0.18% | 0.56% | -5.65% |
| Auckland | $1,062,680 | 0.27% | 0.02% | -5.68% |
| Waikato | $778,415 | 0.47% | 0.57% | -2.13% |
| Bay of Plenty | $831,080 | -0.12% | -0.06% | -2.53% |
| Gisborne | $585,053 | 0.46% | -0.71% | -9.16% |
| Hawke's Bay | $683,738 | 0.00% | -0.35% | -4.25% |
| Taranaki | $631,507 | 0.15% | 0.75% | -1.23% |
| Manawatu-Whanganui | $539,035 | -0.28% | -0.83% | -3.04% |
| Wellington | $782,692 | 0.16% | -0.60% | -7.18% |
| Tasman Nelson Marlborough | $748,125 | 0.33% | -0.41% | -1.64% |
| West Coast | $423,750 | -1.25% | 1.08% | -0.89% |
| Canterbury | $704,802 | 0.51% | 0.33% | -0.07% |
| Otago | $686,939 | 0.71% | 0.71% | 2.95% |
| Southland | $480,161 | 0.26% | -0.33% | 2.42% |
| Territorial Authority Areas: | ||||
| Far North District | $649,911 | 0.87% | 0.72% | -7.15% |
| Whangarei District | $719,511 | -0.22% | 0.32% | -3.82% |
| Kaipara District | $805,730 | 0.07% | 1.06% | -8.14% |
| Auckland - Rodney | $1,191,524 | 0.08% | -0.09% | -5.79% |
| Auckland - North Shore | $1,296,321 | 0.33% | -0.02% | -2.91% |
| Auckland - Waitakere | $930,474 | 0.15% | -0.28% | -4.70% |
| Auckland - City | $1,143,162 | 0.54% | 0.23% | -7.09% |
| Auckland - Manukau | $984,464 | -0.15% | -0.21% | -6.23% |
| Auckland - Papakura | $839,477 | 0.11% | 0.14% | -5.80% |
| Auckland - Franklin | $941,108 | 0.48% | 0.73% | -3.54% |
| Thames-Coromandel District | $985,097 | -0.02% | -1.16% | -4.90% |
| Hauraki District | $638,460 | 0.57% | -0.60% | -6.01% |
| Waikato District | $924,316 | 0.84% | 0.62% | -2.10% |
| Matamata-Piako District | $697,798 | 0.56% | 1.48% | -1.87% |
| Hamilton City | $742,670 | 0.53% | 0.98% | -1.40% |
| Waipa District | $901,764 | 0.20% | 0.00% | -1.15% |
| Otorohanga District | $627,615 | 0.74% | 0.07% | -4.48% |
| South Waikato District | $431,728 | -0.23% | -0.53% | -2.34% |
| Waitomo District | $457,985 | 1.59% | 1.56% | -2.42% |
| Taupo District | $777,648 | 0.68% | 2.40% | 0.34% |
| Western Bay of Plenty District | $1,027,026 | -0.33% | 0.19% | -2.58% |
| Tauranga City | $907,034 | -0.18% | -0.25% | -3.69% |
| Rotorua District | $620,228 | 0.07% | 0.17% | 0.89% |
| Whakatane District | $715,152 | 0.22% | 0.22% | -1.45% |
| Kawerau District | $399,155 | 0.31% | 1.74% | -4.90% |
| Opotiki District | $597,687 | 0.33% | -1.68% | -1.54% |
| Gisborne District | $585,053 | 0.46% | -0.71% | -9.16% |
| Wairoa District | $610,821 | -0.42% | -2.97% | -11.25% |
| Hastings District | $699,017 | -0.42% | -1.10% | -4.94% |
| Napier City | $694,223 | 0.41% | 1.05% | -3.09% |
| Central Hawke's Bay District | $600,476 | 0.45% | -2.39% | -3.99% |
| New Plymouth District | $699,505 | 0.25% | 0.99% | -0.40% |
| Stratford District | $497,556 | -0.02% | -0.79% | -4.42% |
| South Taranaki District | $414,985 | -0.46% | -0.08% | -4.88% |
| Ruapehu District | $391,047 | 0.50% | 0.43% | -2.88% |
| Whanganui District | $481,826 | -0.57% | -1.08% | 0.89% |
| Rangitikei District | $433,615 | -0.11% | 0.19% | -4.90% |
| Manawatu District | $588,351 | -0.63% | -1.60% | -3.20% |
| Palmerston North City | $600,339 | -0.14% | -0.44% | -3.52% |
| Tararua District | $425,458 | 0.99% | 0.21% | -5.26% |
| Horowhenua District | $524,925 | -0.47% | -1.70% | -4.88% |
| Kapiti Coast District | $831,105 | 0.31% | -0.06% | -4.37% |
| Porirua City | $754,882 | 0.01% | 0.09% | -3.87% |
| Upper Hutt City | $733,277 | 0.48% | 0.11% | -4.94% |
| Lower Hutt City | $689,718 | 0.37% | -0.10% | -6.62% |
| Wellington City | $877,792 | -0.01% | -1.13% | -9.33% |
| Masterton District | $543,600 | 0.31% | -1.37% | -4.77% |
| Carterton District | $675,557 | 0.18% | -1.76% | -9.07% |
| South Wairarapa District | $776,339 | 0.10% | -0.56% | -7.87% |
| Tasman District | $837,895 | 0.23% | -0.88% | -2.48% |
| Nelson City | $736,361 | 0.44% | 0.58% | 0.72% |
| Marlborough District | $662,993 | 0.34% | -0.89% | -2.97% |
| Kaikoura District | $756,617 | 1.05% | -0.25% | 5.25% |
| Buller District | $377,334 | -0.78% | 1.64% | -0.91% |
| Grey District | $436,677 | -2.01% | 1.18% | -1.64% |
| Westland District | $461,860 | -0.69% | 0.36% | 0.24% |
| Hurunui District | $694,753 | 0.73% | 0.03% | -0.52% |
| Waimakariri District | $761,134 | 0.23% | 0.41% | -0.97% |
| Christchurch City | $690,364 | 0.65% | 0.63% | 0.46% |
| Selwyn District | $866,147 | 0.20% | -0.72% | -1.88% |
| Ashburton District | $527,705 | 0.03% | -1.02% | 0.31% |
| Timaru District | $526,140 | 0.20% | 0.68% | 0.60% |
| Mackenzie District | $708,882 | 1.14% | 1.51% | -0.59% |
| Waimate District | $657,824 | 1.17% | -0.62% | -2.56% |
| Waitaki District | $492,272 | 1.08% | 1.10% | 2.15% |
| Central Otago District | $869,655 | 0.46% | -0.21% | 2.16% |
| Queenstown-Lakes District | $1,572,608 | 0.81% | 0.71% | 5.10% |
| Dunedin City | $616,031 | 0.64% | 0.89% | 0.75% |
| Clutha District | $392,225 | 0.65% | 0.17% | 0.93% |
| Southland District | $544,491 | -1.01% | -1.65% | 2.53% |
| Gore District | $421,906 | 0.23% | -0.32% | 1.20% |
| Invercargill City | $474,192 | 0.86% | 0.28% | 2.61% |
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.