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.
| 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% |
48 Comments
Ponzi falling, fire fire....
Those still hiding on 2% rates will be trying to paint a narrative different to reality, the good ol head in the sand option. Good luck.
🍿
Hmmm, for some the only option left is to re-write their history.
I think anyone paying low interest rates for 5 years now, probably doesn't have much to worry about if they were smart.
As for reality, anyone doing the inverse of your predictions should be doing ok.
Wow. Example -purchased 2019-2020 at old specuvestor max bailout price, underpinned by 5 year at 2.x% debt. Price has significantly dropped since then - see Wellington as an example. If the bag holder has not already rolled over the rate, they are about to role over to at least around 2x prior servicing cost, and in a market rents have dropped.
You have a funny view of "smart".
Good to see HIV numbers drop across the country...it seems to be picking up abit in the smaller towns though. Blame investors back running rampant?
"Anybody who was anticipating a sharp or widespread increase in property values as we got further into 2025 continues to be disappointed,"
For the sake of our economy, there has thankfully been no freefall crash either. At least not yet anyway.
HIV is a different problem altogether
At this rate, of the current NZ Property crash, you be able to pick up of those Dodgy Ditched Rental Dumps in Aucks for just 500k.
So still significantly overpriced for 500k, for a LandLords debt required throwback DDRD, you just have to sell 1 child, 1 kidney and promise the bank 35 years of indentured Debt slavery, to take this ole crapper off the LLs debt soaked mitts......
How lucky are we - to still own 2 lungs and a couple of nuts/ovaries!
So lets look forward, to the coming years, when the old ratnest DDRD can be had by a struggling FHB for 400k in the City or eff all home Sales.
Would you like to swing on a star
Carry moonbeams home in a jar
Sell sell sell
https://www.oneroof.co.nz/news/47653
Tony Alexander: Dream scenario for thousands of young buyers as investors sell, sell, sell
Is it all doom and gloom? Definitely not. This is almost exactly the environment tens if not hundreds of thousands of young couples have been dreaming of since house prices started soaring in the 1990s. Listings are plentiful, mortgage rates are at or near cyclical lows, investors in net terms are leaving the market, the Government is ensuring more development land and intensification zones are available, and there is little competition from net migration.
Ole Comb Tone has thrown in the towel it seems!!
No longer the Housing Ponzi Prolonger and he has turned turtle and now heaping tanks of gasoline on the crashing property market, Wow!
He throws the sagging market off the cliff.
Will Oneroof fire him or just kill off his internet access, for such profound anti-property investment blasphemy?
If 5% mortgages is the market lows for interest rates, this market is well and truly poked and pushing the sticky biomuck uphill, with a broken rake:)
As the property party winds down and spruiker dollars dry up, NZ’s top housing cheerleader may soon be swapping RE ad space for popcorn sponsors in his columns
Tony is an OG economist, he was well respected back in the day. Now he's a shill for the real estate industry.
We all find our level eventually, lolz.
Don't worry guys. Those half a million cashed up Kiwi's that are coming back to buy property in NZ due to Covid will be arriving any minute now. They will save the market.
They were mostly marginal buyers.
It's the people who've sat relatively still for the last few years in a high interest rate environment who will mostly come out of the woodwork.
Jesus, I've always tried to disassociate my own wants and feelings from matters economic, the amount of hopium in these housing threads is off the chain.
Little to nothing has been changed at a systemic central level, why people think things will do what they want, all or their own is rainbows and unicorn stuff.
You know I was joking right?
As a parody of the rest of the dudes in these property threads?
No. The paint fumes got him long ago.
Not sure what's worse
Paying 10 bucks a month just to bleat about property
Or paying 10 bucks to read it
Not sure what's worse
Someone who puts a coin in the slot in the belief others get a rise out of his every word.
Ego?
Maybe you are capable of introspection after all.
What about the hopium of property investors on here trying to stir up FOMO as recently as last year claiming that the bottom was in and that unless FHB purchased before Xmas that they then would be locked out of the market again for another 8-10 year property cycle?
Not lying, these narratives were being used on this site not that long ago.
Were they aligned with reality or completely detached from reality as it would appear buying opportunities are even better now for FHB than they were when investors were making these false claims last year.
Well, when they're back here posting all day, every day about it, be sure to let me know.
They’re too busy trying to sell their rentals to do that.
And speaking about posting all day everyday…each time I read the comments about 30% of total comments seem to be from you.
So there is a certain hypocrisy in what you say above about being tired of listening to other peoples rhetoric when you appear to be by far the most frequent contributor to the comments section. Already 7 comments from you on this article alone.
Sadly, they're not. In fact, the only tenders I'm doing for stand alone houses (not that I do too many), are investment rentals. None being requested by middle income, owner occupiers. And the mortgage demands of investors is increasing, not falling.
And that's the rub, the trajectory of where things are headed, is not good. While you chuckleheads are living in a fantasy land.
Edit to your edit: well, the site has even less balance on it now before. When I first got here, I thought it was a place where people discussed economics objectively. Instead it's mostly axes to grind, largely divorced from what's actually occuring.
The trajectory wasn’t good a long time ago - it’s just that too many peoples brains were hijacked by capital gains to see the peril of their ways and the longer term consequences.
Consequences you now only appear to be waking up to.
You say the future doesn’t look good…the trajectory is bad… - in the past if I said that I would be ridiculed as a Doom Gloom Merchant by vested interests. So are you now a DGM? Would it be appropriate for people to now reply to all your posts and say ‘don’t listen to Painter he’s nothing but a DGM’. This is what I experienced at times in the past.
The only axe many of the comments on this site were grinding was creating FOMO so that their property portfolio went up in value. Now they are gone you dislike it - and it would appear because you income stream is related to having a strong housing market (ie vested interest).
The difference is, I'll mention it in a relevant discussion. I don't need to go ringing bells at any opportunity.
The rub is a great deal of this dgm vs specuvestor shtick is primal tribalism. It's how people keep themselves preoccupied while an actual train runs them over. I'd rather an objective discourse that allows for greater communal understanding.
I'd like to think human thought could evolve past this, and make a genuinely better world for us, then threads like this remind me we haven't really moved the needle in thousands of years.
Solomon said something similar about three thousand years ago.
‘Answer a fool according to his folly, lest he be wise in his own eyes. Answer a fool according to his folly, so that he will not be wise in his own eyes’
Are we wise by trying to correct one another when we think we each know better and the other to be a fool? Only God knows the answer to this. And if we believe we do (when every person I’ve met and myself included, is often wrong on many things) then perhaps we need a lesson in humility.
"When I first got here, I thought it was a place where people discussed economics objectively. Instead it's mostly axes to grind, largely divorced from what's actually occuring."
Sadly, that's the best and most true comment of the day.
This is not the place for outsized ego's. This is a public forum so moaning year after year about those that critique your "expertise" won't change a thing. I for one enjoy contributing here and some of the comments posted are rather entertaining.
Yvil you are probably the least likely to view economics objectively in my opinion (although I do say you have improved a lot over the last 10 years...). Some of the comments and arguments I had with you prior to prices peaking were as far from being objective as one could experience.
You used to ridicule me in these comments sections for referring to works by the likes of Robert Shiller (who has the nobel prize in economics for his work in asset pricing) and his books and theories and his data on past asset bubbles and the risks etc. In almost these exact words you used to say "Independent_Observer you need to stop being so theoretical about the property market' ie you need to stop talking about economics objectively, using data and talking about risks, implying that I should instead just get on the euphoria train of prices going up 10..20...30% per year and ignoring the financial and social risk and damage this is/was doing.
But now suddenly you want to claim that you're better than everyone because you view economics objectively? Yeah right man! Perhaps you do now, but in my opinion you certainly didn't 5-10 years ago. My opinion is you view economics through the lens of self interest alone which is hardly objective but instead subjective to what is best for yourself. Perhaps we all do this to an extent.
Well nailing the Yviltail to the Donkey:)
He would be well wise, to take your sage advice and post it on his notice board !
IO...WINS... Flawless victory.
When are the new Auckland CVs coming out?
VERY SOON. In the post now?
When they do, it will be like a poisoned dart between the eyes of the Landlords and spruikers trying feverously to ditch their crappy ratholes/dog boxes onto the RE market......its a swamped market already.
In the fine words of the old Star Trekker ...."She canny take any more cappin!"
Did you wet your pant writing this ?
No not ever. Grubby Landlords, on display above......
You may have however? - with your standing aghast, at the thick wall of desperado LLs, trying to flog off dodgy looking rentals.
Edit: Gecko, This type of comment is of very poor quality and quite frankly, childish. It adds nothing to the debate and is not the type of comment we want to see in the comment stream. If you have nothing worthwhile to say, I suggest you say nothing. - Greg N.
Fair enough Greg N. It's taken it onboard, for the future. (I cleaned it up too)
FYI: I took mild offence at the other guys pant wetting comment as well, aimed totally at me. But largely took it in my stride. Just dust under me wheels.
Did you wet your pant writing this ?
Tantrum....
They're aiming for public release to Auckland ratepayers in the week of 9-13 June 2025, and applied from 1 July 2025.
Ratepayers - guess none of you will receive the letter then...
Yes it’s quite unfortunate that renters won’t be receiving a letter informing them that their landlord’s rates have increased and the capital value has decreased
Haha:) Renters be winning bigly!
And Painter wonders why there's tribalism.
If decent yield applied, aka lower prices not fueled by gain chasing, what would a few extra tax dollers to Council matter. Oh I forgot...the game is about avoiding any tax. Silly me.
Does show that power Land Tax has does it not....Its Unavoidable.
Maybe but as a stamp duty it only impacts movers and dead people.
I can see stamp duties coming vs annual tax most boomers will struggle with in retirement, a 1% on 3mil Remuera house would be 30k per annum.
vs probably now rates about 5k in Auckland. but collecting 2% or 3% at transaction point will appear more socially acceptable..
as most retirees sell to go into down size the 90K stamp duty could be split across buyer and seller?
if not on first homes its probably not worth the hassle most only have a home
Looks like the next final bottom is about to happen again.... Market is in serious trouble when even the made up data player is saying its falling
Still waiting on those AKL RV's after numerous delays.....for whose benefit XD
next week it is
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