QV says housing values becalmed as buyers remain cautious in the face of an oversupply of homes for sale

Residential property values largely remained at a standstill in the first quarter of this year, Quotable Value (QV) says.

According to the QV House Price Index, the national average dwelling value eked out a $1,514, or 0.2%, rise in the March quarter to $903,928 versus the December quarter's $902,414.

However, that's down 2.3% compared to the first quarter (Q1) last year, and down 15% compared to the late 2021 peak.

QV Operations Manager James Wilson described market conditions as "pretty soft" across the country.

In the main centres, average Q1 dwelling values declined in Auckland -0.1%, Wellington -0.3% and Hamilton -0.3%,  increased by 1.1% in Christchurch and 0.4% in Tauranga, and were unchanged in Dunedin. See the chart below for the full regional values.

"Residential property values continue to bubble up and down slightly from month to month, but have been kept virtually motionless as a whole throughout the first quarter of 2025," Wilson said.

"Although interest rates have reduced markedly, buyers are still finding the current economic climate to be a challenge," he said.

"Job worries and the rise in unemployment are causing many to be cautious and play it safe right now."

"That is one factor that has helped to keep the brakes on throughout the first quarter of 2025 - a sizeable surplus of properties for sale is another," Wilson said.

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