Property values remained under downward pressure in July, according to property data company Cotality (formerly CoreLogic).
According to the Cotality Hedonic Home Value Index (HVI), national dwelling values declined by 0.23% in July and by 0.63% over the three months to July.
Of the six main centres, the HVI declined in four, with monthly falls occurring in Auckland -0.59%, followed by Dunedin -0.56%, Wellington City - 0.2% and Christchurch -0.07%. Values were more resilient in Hamilton and Tauranga with monthly gains of 0.39% and 0.92% respectively.
"At the end of 2024 our analysis suggested that 2025 was likely to be a 'year of conflicting forces' in the property market, with the upwards influence on house prices from lower mortgage rates counteracted to an extent by an abundance of listings and the weak labour market," Cotality Chief Property economist Kelvin Davidson said.
"That broad theme has proven correct, with regions such as Auckland and Wellington remaining soft," he said.
"Even in more resilient areas such as Hamilton and Christchurch, the picture isn't that much better. Job market uncertainty is surely a key limiting factor at present."
"That said, rising sales activity has started to erode the stock of available listings a touch, probably augmented by some would-be vendors actively withdrawing their listed properties from the market," Davidson said.
"This could lead to more competitive price pressure later in the year, especially as a greater number of existing borrowers roll of older, higher mortgage rates and down to current levels," he said.
The outlook remains particularly weak in Auckland.
"The latest property value figures re-emphasise that it's still a buyer's market in our largest city," Davidson said.
The table below shows the monthly, three monthly and 12 monthly changes in the HVI by main centres, regions and districts for the whole of New Zealand.
| Cotality Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| July 2025 | ||||
| City/Region/District | Median Dwelling Value | 1 month HVI change | 3 month HVI change | 12 month HVI change |
| All New Zealand | $819,921 | -0.23% | -0.63% | -0.17% |
| Major Cities: | ||||
| Auckland | $1,069,605 | -0.59% | -1.37% | -0.74% |
| Hamilton | $767,994 | 0.39% | 0.51% | 3.08% |
| Tauranga | $919,105 | 0.92% | 1.13% | 0.82% |
| Wellington City | $796,289 | -0.20% | -0.64% | -3.35% |
| Christchurch | $704,623 | -0.07% | 0.37% | 2.73% |
| Dunedin | $601,155 | -0.56% | -0.54% | -0.36% |
| Regions: | ||||
| Northland | $714,181 | -0.07% | -0.19% | 1.53% |
| Auckland | $1,069,605 | -0.59% | -1.37% | -0.74% |
| Waikato | $800,786 | 0.14% | 0.01% | 0.87% |
| Bay of Plenty | $845,988 | 0.53% | 0.32% | 1.24% |
| Gisborne | $579,441 | -1.29% | -1.33% | -3.40% |
| Hawke's Bay | $685,192 | 0.06% | 0.65% | 1.81% |
| Taranaki | $632,519 | 0.93% | 0.60% | 3.24% |
| Manawatu-Whanganui | $549,155 | -0.22% | -0.14% | -0.75% |
| Wellington Region | $786,235 | -0.28% | -0.69% | -3.02% |
| Tasman Nelson Marlborough | $761,563 | 0.10% | -0.57% | -1.96% |
| West Coast | $437,951 | 1.93% | 4.11% | 1.33% |
| Canterbury | $716,624 | -0.05% | 0.25% | 2.20% |
| Otago | $702,628 | -0.26% | -1.03% | -1.09% |
| Southland | $505,611 | 0.02% | 0.24% | 2.63% |
| Districts: | ||||
| Far North District | $643,292 | -0.50% | -1.73% | 1.05% |
| Whangarei District | $726,531 | 0.62% | 0.60% | 2.26% |
| Kaipara District | $844,411 | -1.36% | 0.35% | 0.70% |
| Auckland - Rodney | $1,197,849 | 0.11% | -1.47% | -0.42% |
| Auckland - North Shore | $1,253,924 | -0.97% | -2.21% | 0.08% |
| Auckland - Waitakere | $928,794 | -0.37% | -0.73% | -0.05% |
| Auckland - City | $1,155,547 | -0.67% | -1.14% | -1.21% |
| Auckland - Manukau | $1,007,512 | -0.64% | -1.41% | -1.02% |
| Auckland - Papakura | $821,032 | -0.35% | -1.27% | -0.73% |
| Auckland - Franklin | $1,003,617 | -0.21% | -0.98% | -0.53% |
| Thames-Coromandel District | $1,019,665 | 0.57% | 0.85% | -0.33% |
| Hauraki District | $641,365 | 0.25% | -1.13% | -1.58% |
| Waikato District | $926,970 | -0.63% | -1.80% | 0.08% |
| Matamata-Piako District | $719,474 | -0.37% | -0.11% | -1.16% |
| Hamilton City | $767,994 | 0.39% | 0.51% | 3.08% |
| Waipa District | $891,665 | -0.33% | -0.09% | -0.30% |
| Otorohanga District | $649,238 | -0.11% | -0.40% | 1.63% |
| South Waikato District | $413,966 | 0.69% | 0.66% | -1.18% |
| Waitomo District | $440,446 | 0.59% | -0.83% | -4.80% |
| Taupo District | $796,097 | 0.55% | 0.53% | 1.26% |
| Western Bay of Plenty District | $1,088,673 | 0.63% | -0.33% | 3.27% |
| Tauranga City | $919,105 | 0.92% | 1.13% | 0.82% |
| Rotorua District | $636,713 | -0.07% | -0.30% | 1.47% |
| Whakatane District | $698,254 | -0.80% | -2.21% | -0.23% |
| Kawerau District | $412,492 | 0.08% | 1.58% | 3.69% |
| Opotiki District | $597,047 | 0.14% | -0.34% | -4.31% |
| Gisborne District | $579,441 | -1.29% | -1.33% | -3.40% |
| Wairoa District | $429,728 | 0.76% | 3.55% | 0.22% |
| Hastings District | $717,783 | 0.50% | 0.81% | 1.98% |
| Napier City | $699,318 | -0.54% | -0.14% | 1.98% |
| Central Hawke's Bay District | $591,854 | -0.25% | 2.46% | 0.43% |
| New Plymouth District | $697,725 | 0.77% | 0.07% | 3.31% |
| Stratford District | $517,088 | 0.57% | 1.06% | 2.34% |
| South Taranaki District | $459,312 | 1.92% | 3.43% | 2.94% |
| Ruapehu District | $386,362 | 0.28% | -0.63% | -3.13% |
| Whanganui District | $486,126 | -0.27% | -0.45% | -0.63% |
| Rangitikei District | $434,475 | 0.05% | 0.41% | -1.20% |
| Manawatu District | $637,311 | -0.98% | -0.51% | 0.06% |
| Palmerston North City | $610,842 | 0.12% | 0.33% | -1.21% |
| Tararua District | $488,894 | 0.84% | 0.47% | 0.67% |
| Horowhenua District | $535,080 | -0.71% | -0.66% | -0.40% |
| Kapiti Coast District | $826,861 | -0.55% | -0.98% | -0.88% |
| Porirua City | $783,793 | 0.09% | 0.29% | 0.81% |
| Upper Hutt City | $691,241 | -0.42% | -0.35% | -4.91% |
| Lower Hutt City | $701,240 | 0.28% | 0.42% | -1.17% |
| Wellington City | $878,009 | -0.46% | -1.41% | -4.82% |
| Masterton District | $550,061 | -0.33% | -0.64% | -2.24% |
| Carterton District | $682,142 | -0.52% | -1.21% | -4.05% |
| South Wairarapa District | $778,125 | -0.91% | -0.25% | -3.57% |
| Tasman District | $851,825 | 0.16% | -1.30% | -2.63% |
| Nelson City | $732,891 | -0.09% | -0.62% | -1.96% |
| Marlborough District | $694,239 | 0.21% | 0.47% | -1.05% |
| Kaikoura District | $768,206 | 0.63% | 0.68% | 6.96% |
| Buller District | $390,553 | 2.24% | 4.73% | 0.57% |
| Grey District | $446,834 | 2.09% | 3.03% | 1.90% |
| Westland District | $484,564 | 1.38% | 5.06% | 1.51% |
| Hurunui District | $625,469 | -0.74% | -1.02% | 1.14% |
| Waimakariri District | $749,946 | 0.17% | 0.23% | 1.83% |
| Christchurch City | $704,623 | -0.07% | 0.37% | 2.73% |
| Selwyn District | $856,732 | -0.02% | -0.29% | 0.55% |
| Ashburton District | $543,625 | 0.35% | 0.58% | 1.70% |
| Timaru District | $542,355 | -0.21% | 0.28% | 0.85% |
| Mackenzie District | $728,033 | -0.75% | 0.41% | 2.40% |
| Waimate District | $497,131 | -0.33% | -0.35% | 2.06% |
| Waitaki District | $506,713 | -0.84% | -1.58% | 0.27% |
| Central Otago District | $889,751 | 0.88% | -1.07% | 2.04% |
| Queenstown-Lakes District | $1,682,911 | -0.25% | -1.32% | -2.51% |
| Dunedin City | $601,155 | -0.56% | -0.54% | -0.36% |
| Clutha District | $408,391 | 0.21% | -1.93% | -2.02% |
| Southland District | $560,946 | -0.21% | 0.58% | -1.13% |
| Gore District | $447,219 | 0.12% | 1.92% | 5.37% |
| Invercargill City | $504,402 | 0.10% | -0.20% | 3.77% |
13 Comments
Nothing new here….
Orkland is dropping faster than wellywood in the one month and 3 month columns. Seniors are back buying in Tauranga
But but how will specu debt farming work with no capital gain...?
I’m pretty sure Kelvin had to go back through a few monthly commentaries hinting at the bottom of the market to find his one from last year suggesting a slow market this year.
There always has to be some form of turd polish: "That said, rising sales activity has started to erode the stock of available listings..."
"That broad theme has proven correct, with regions such as Auckland and Wellington remaining soft" - would be interesting to read that report, as I doubt they were predicting what has occurred.
Needs to drop more
Where exactly? In Auckland, I'd agree with you. In the South Island, I don't see much more softening TBH.
Half time is over.... the rest of the Big Fall is starting.
Yes but here's to a shield over Wainui/Silverdale
looking for a shared family home 3+brm/2 bath/dble+ grge in chch over last few months. Anything decent size, sound & in NW area is typically selling at / above gv. RE agents back pushing auctions as much as they can
With interest rates on the way down (likely another 100 basis points to fall yet), housing affordability is really improving. While the remainder of 2025 looks soft, I think that 2026 will be more positive, with prices in the South Island lifting 4% & the North Island around 2%.
You sound just like one of the BS toting Bankster Economists.
- or more likely, an overleveraged Dddebt holder?
The second half of the NZ Housing Crash has just begun.
Sorry to go against what I'm sure is your very well-informed opinion, but run the numbers and tell me I'm wrong.
At around $750k for your average house in CHCH (for example), with a 20% deposit you're looking at approx. $600k of borrowing.
@ 4.5% (which is what I think it will be within a couple of months), you're looking at around $520/wk to service the interest. Over a 30 year term, you're looking at around $700/wk. That's around $200/wk less than the take-home pay (including kiwisaver & student loan deductions) of someone on $67k per year. Throw in another similar sized income (remember that the average household income in NZ is 135k), that leaves plenty of wiggle room for any unforeseen changes that may come along.
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