The national median dwelling value increased by 0.3% in April to $819,096, according to property data company Cotality (formerly CoreLogic).
That put it up 0.87% over the three months to April, but down 2.02% compared to April last year.
Queenstown-Lakes is the most expensive district in the country with a median value of $1,658,111, although values there have declined on both a monthly (-0.95%) and quarterly (-1.46%) basis.
Auckland's North Shore was the next most expensive district with a median value of $1,313,091 in April, up 0.41% for the month.
There were four other districts where median dwelling values were above $1 million in April - Rodney, Central Auckland and Manukau, all within the Auckland region, plus Western Bay of Plenty.
At the other end of the scale, the most affordable districts were Ruapehu in the central North Island at $381,483 and Buller on the West Coast ($382,837). These are the only districts where median values were below $400,000. See the table blow for all district figures throughout the country.
Cotality NZ Chief Property Economist Kelvin Davidson said April was the fourth consecutive month to show an increase in the national median value, but warned that a degree of caution about future value increases was warranted.
"Clearly, lower mortgage rates have been a strong support for property values in recent months, giving more buyers the confidence and ability to enter the market," Davidson said.
"Perhaps in a slightly perverse way, the recent global uncertainty about tariffs and trade protectionism could also see interest rates fall further," he added.
But he also warned a fresh boom in property values seemed unlikely.
"For a start, the stock of listings on the market remains high, giving buyers plenty of power when it comes to price negotiations," he said.
"Meanwhile, as interest rates for internal serviceability tests at the banks fall to less than 7%, caps on debt-to-income ratios for mortgage lending are reportedly becoming a bigger consideration for more borrowers," he added.
| Cotality Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| April 2025 | ||||
| Location | Median value | Monthly change | Quarterly change | Annual change |
| All of New Zealand | $819,096 | 0.30% | 0.87% | -2.02% |
| Major Cities | ||||
| Auckland | $1,081,729 | 0.26% | 0.90% | -3.13% |
| Christchurch City | $678,745 | 0.49% | 2.07% | 1.91% |
| Dunedin | $604,664 | 0.05% | -0.11% | -0.30% |
| Hamilton | $756,686 | 0.79% | 2.06% | 1.10% |
| Tauranga | $904,602 | 0.10% | -0.39% | -1.77% |
| Wellington | $811,829 | 0.12% | 0.72% | -5.83% |
| Regions | ||||
| Auckland | $1,081,729 | 0.26% | 0.90% | -3.13% |
| Bay of Plenty | $839,067 | 0.29% | 0.17% | -1.07% |
| Canterbury | $696,206 | 0.45% | 1.67% | 1.13% |
| Gisborne | $583,194 | -0.17% | 1.27% | -4.73% |
| Hawke's Bay | $690,710 | -0.08% | 0.54% | -1.80% |
| Manawatu-Whanganui | $545,857 | 0.29% | 0.28% | -2.10% |
| Northland | $733,172 | 1.11% | 2.03% | -2.07% |
| Otago | $694,381 | -0.26% | -0.45% | 0.66% |
| Southland | $480,969 | 0.34% | 0.91% | 1.96% |
| Taranaki | $644,700 | 0.15% | 0.65% | 0.41% |
| Tasman Nelson Marlborough | $760,254 | 0.10% | 0.35% | -0.54% |
| Waikato | $788,553 | 0.49% | 1.12% | -0.88% |
| Wellington | $799,239 | 0.32% | 0.89% | -5.33% |
| West Coast | $431,447 | 1.14% | 1.01% | 1.36% |
| Districts | ||||
| Far North District | $663,299 | 1.85% | 2.03% | -3.03% |
| Whangarei District | $748,308 | 0.67% | 1.74% | -0.89% |
| Kaipara District | $840,095 | 1.11% | 2.93% | -3.60% |
| Auckland - Rodney | $1,226,785 | 0.32% | -0.55% | -5.15% |
| Auckland - North Shore | $1,313,091 | 0.41% | 0.97% | -0.53% |
| Auckland - Waitakere | $938,747 | 0.29% | 0.67% | -2.33% |
| Auckland - City | $1,162,488 | 0.33% | 1.25% | -4.17% |
| Auckland - Manukau | $1,020,445 | 0.02% | 1.18% | -2.98% |
| Auckland - Papakura | $843,503 | -0.12% | 0.19% | -3.31% |
| Auckland - Franklin | $926,141 | 0.25% | 1.08% | -1.32% |
| Thames-Coromandel District | $980,187 | -0.49% | -0.05% | -5.05% |
| Hauraki District | $648,433 | 0.81% | 2.13% | -2.28% |
| Waikato District | $922,217 | 0.13% | 0.21% | -1.02% |
| Matamata-Piako District | $728,901 | 0.64% | 1.25% | -0.47% |
| Hamilton City | $756,686 | 0.79% | 2.06% | 1.10% |
| Waipa District | $907,059 | 0.60% | 0.74% | -1.35% |
| Otorohanga District | $642,232 | 0.63% | 2.08% | -1.90% |
| South Waikato District | $416,481 | -0.38% | -1.73% | -4.71% |
| Waitomo District | $456,144 | 1.08% | -0.69% | -3.01% |
| Taupo District | $794,419 | 1.64% | 2.49% | 2.77% |
| Western Bay of Plenty District | $1,048,017 | 0.39% | 0.41% | -2.10% |
| Tauranga City | $904,602 | 0.10% | -0.39% | -1.77% |
| Rotorua District | $627,344 | 0.53% | 0.95% | 2.15% |
| Whakatane District | $748,740 | 0.82% | 1.13% | -0.54% |
| Kawerau District | $412,955 | 0.57% | 1.16% | 1.01% |
| Opotiki District | $588,850 | 0.11% | 1.54% | -0.32% |
| Gisborne District | $583,194 | -0.17% | 1.27% | -4.73% |
| Wairoa District | $407,076 | 0.27% | -0.35% | -8.28% |
| Hastings District | $725,007 | -0.61% | -0.49% | -2.31% |
| Napier City | $714,079 | 0.54% | 2.09% | -0.27% |
| Central Hawke's Bay District | $603,732 | -0.22% | -0.98% | -4.36% |
| New Plymouth District | $711,699 | 0.14% | 0.58% | 0.92% |
| Stratford District | $516,527 | 0.19% | 0.82% | -1.22% |
| South Taranaki District | $415,058 | 0.17% | 1.06% | -2.08% |
| Ruapehu District | $381,483 | -0.79% | -0.63% | -4.81% |
| Whanganui District | $494,838 | 0.44% | 0.95% | 0.81% |
| Rangitikei District | $440,271 | 0.49% | 0.87% | -3.33% |
| Manawatu District | $623,319 | 0.38% | 1.53% | -1.22% |
| Palmerston North City | $606,647 | 0.11% | -0.51% | -2.69% |
| Tararua District | $420,274 | 0.29% | 0.75% | -1.93% |
| Horowhenua District | $533,990 | 0.68% | 0.25% | -3.83% |
| Kapiti Coast District | $833,629 | 1.43% | 1.73% | -2.53% |
| Porirua City | $785,714 | 0.02% | 0.23% | -3.80% |
| Upper Hutt City | $703,101 | 0.13% | -0.47% | -5.63% |
| Lower Hutt City | $696,764 | 0.44% | 1.07% | -5.49% |
| Wellington City | $910,452 | 0.02% | 0.93% | -6.38% |
| Masterton District | $564,623 | 1.08% | 1.87% | -3.20% |
| Carterton District | $687,812 | 0.55% | 0.93% | -6.02% |
| South Wairarapa District | $769,681 | -0.11% | 0.27% | -5.75% |
| Tasman District | $860,511 | 0.38% | 1.18% | -0.91% |
| Nelson City | $736,003 | -0.50% | -1.14% | 1.13% |
| Marlborough District | $671,161 | 0.40% | 0.89% | -1.64% |
| Kaikoura District | $775,443 | 1.01% | 2.01% | 7.09% |
| Buller District | $382,837 | 0.89% | 1.97% | -0.42% |
| Grey District | $431,190 | 1.20% | -0.94% | 1.33% |
| Westland District | $493,500 | 1.30% | 2.84% | 3.38% |
| Hurunui District | $695,686 | 0.42% | 1.50% | 2.18% |
| Waimakariri District | $764,223 | 0.45% | 1.65% | -0.15% |
| Christchurch City | $678,745 | 0.49% | 2.07% | 1.91% |
| Selwyn District | $870,705 | 0.25% | 0.45% | -0.94% |
| Ashburton District | $549,386 | 0.78% | 1.80% | 1.36% |
| Timaru District | $527,104 | 0.24% | 0.60% | -0.12% |
| Mackenzie District | $705,769 | 0.53% | 1.02% | 0.57% |
| Waimate District | $515,655 | 1.27% | 1.87% | -0.44% |
| Waitaki District | $494,236 | 0.36% | 1.54% | 1.30% |
| Central Otago District | $869,745 | 1.30% | 1.88% | 2.07% |
| Queenstown-Lakes District | $1,658,111 | -0.95% | -1.46% | 1.30% |
| Dunedin City | $604,664 | 0.05% | -0.11% | -0.30% |
| Clutha District | $400,369 | 0.64% | 0.83% | -1.67% |
| Southland District | $549,880 | 0.03% | 0.54% | 0.80% |
| Gore District | $418,543 | 0.67% | 0.24% | 1.65% |
| Invercargill City | $473,967 | 0.42% | 1.20% | 2.44% |
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