It was a cold winter for the residential property market, Property data company Cotality says, with New Zealand's median property value declining for the fifth consecutive month in August.
At $809,113 in August, the national median dwelling value was the lowest it has been since August 2023. And it was down 17.2% compared to its January 2022 peak.
The median value declined 0.2% in August and has declined by 0.6% so far this year.
Cotality NZ Chief Property Economist Kelvin Davidson said the latest result was yet another reminder that market conditions remained soft over winter.
"Given the continued weakness, further increases in unemployment and subdued confidence, it's no surprise that property values are treading water," Davidson said.
"While the downturn after the post-Covid boom has now petered out, steady growth has yet to materialise," he said.
However that could be good news for buyers, particularly those buying their first home.
"What might be discouraging for property owners and sellers, is beneficial for those buyers on the other side of the coin," Davidson said.
"In particular, we're seeing continued strength from first home buyers and a rising market share for mortgaged multiple property owners too," he said.
The currently soft market conditions appear likely to continue for the rest of the year.
"The psychology and mindset around house prices can change quickly and we've seen that before, but right now caution is the dominant theme, and with unemployment not expected to be at its peak just yet, it's unlikely people will be rushing out to bid up house prices aggressively over the rest of 2025," Davidson said.
The table below shows the latest median dwelling values in all urban centres around the country and their percentage change over one, three and 12 months.
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| Cotality Hedonic Home Value Index | ||||
| August 2025 | ||||
| Region/District | Median Value | 1 month change | 3 month change | 12 month change |
| Far North District | $624,433 | -0.72% | -1.81% | -0.65% |
| Whangarei District | $715,484 | -0.16% | -0.67% | 2.53% |
| Kaipara District | $801,679 | -0.45% | -2.28% | 0.89% |
| Auckland Region | $1,047,698 | -0.48% | -1.76% | -0.95% |
| Auckland - Rodney | $1,203,878 | -0.81% | -1.33% | -0.30% |
| Auckland - North Shore | $1,244,915 | -0.54% | -2.03% | -0.54% |
| Auckland - Waitakere | $910,699 | -0.64% | -1.87% | -0.49% |
| Auckland - City | $1,133,308 | -0.35% | -1.85% | -1.36% |
| Auckland - Manukau | $981,517 | -0.38% | -1.56% | -1.20% |
| Auckland - Papakura | $816,698 | -0.42% | -1.54% | -1.12% |
| Auckland - Franklin | $943,717 | -0.70% | -1.61% | -0.29% |
| Thames-Coromandel District | $972,504 | -0.36% | -0.71% | -1.05% |
| Hauraki District | $639,870 | 0.75% | 0.49% | -0.42% |
| Waikato District | $933,046 | 0.21% | 0.27% | 1.53% |
| Matamata-Piako District | $761,574 | 0.66% | 1.07% | 0.36% |
| Hamilton City | $753,454 | -0.07% | -0.29% | 2.05% |
| Waipa District | $910,014 | -0.23% | -0.21% | 0.46% |
| Otorohanga District | $647,244 | 0.46% | 0.78% | 3.70% |
| South Waikato District | $416,382 | -0.13% | 1.35% | 0.39% |
| Waitomo District | $430,903 | 0.21% | -0.19% | -5.97% |
| Taupo District | $802,417 | 0.36% | 0.93% | -0.25% |
| Bay of Plenty Region | $834,380 | -0.47% | -0.44% | 0.94% |
| Western Bay of Plenty District | $1,059,886 | -1.97% | -2.10% | 1.73% |
| Tauranga City | $912,627 | -0.01% | 0.50% | 1.00% |
| Rotorua District | $640,650 | 0.14% | -0.48% | 0.97% |
| Whakatane District | $686,719 | -0.51% | -1.62% | -0.35% |
| Kawerau District | $412,088 | 0.67% | -0.55% | 5.67% |
| Opotiki District | $575,800 | -3.31% | -4.08% | -5.60% |
| Gisborne District | $583,402 | -0.46% | -2.54% | -2.76% |
| Wairoa District | $428,075 | 0.09% | 0.75% | 0.63% |
| Hastings District | $725,905 | -0.61% | -0.74% | 1.66% |
| Napier City | $698,486 | -0.60% | -1.13% | 1.97% |
| Central Hawke's Bay District | $573,613 | -0.63% | -0.15% | 0.81% |
| New Plymouth District | $697,630 | 0.64% | -0.17% | 2.53% |
| Stratford District | $518,719 | 0.12% | -0.15% | 2.13% |
| South Taranaki District | $460,432 | 0.13% | 2.02% | 2.28% |
| Ruapehu District | $381,818 | -0.19% | -0.68% | -3.27% |
| Whanganui District | $480,620 | -0.32% | -1.27% | -0.88% |
| Rangitikei District | $436,886 | -0.12% | -0.31% | -0.73% |
| Manawatu District | $640,724 | 0.06% | -0.40% | -0.41% |
| Palmerston North City | $606,886 | 0.38% | -0.01% | -0.67% |
| Tararua District | $435,477 | 0.00% | 0.66% | 1.66% |
| Horowhenua District | $528,929 | 0.12% | -0.57% | 0.17% |
| Wellington Region | $782,382 | -0.20% | -0.77% | -2.43% |
| Kapiti Coast District | $796,431 | -0.59% | -2.05% | -0.97% |
| Porirua City | $774,438 | -0.27% | -0.16% | 0.14% |
| Upper Hutt City | $702,555 | -0.59% | -0.75% | -3.34% |
| Lower Hutt City | $691,827 | -0.11% | -1.25% | -1.62% |
| Wellington City | $881,820 | -0.05% | -0.31% | -3.45% |
| Masterton District | $572,046 | -0.03% | -0.43% | -1.81% |
| Carterton District | $662,846 | -0.76% | -2.02% | -3.43% |
| South Wairarapa District | $752,581 | 0.05% | -0.80% | -2.83% |
| Tasman District | $852,004 | 0.41% | -0.18% | -1.56% |
| Nelson City | $712,283 | 0.52% | -0.82% | -1.05% |
| Marlborough District | $682,801 | 0.60% | 0.00% | 0.01% |
| Kaikoura District | $768,635 | 0.68% | 0.29% | 3.27% |
| Buller District | $392,717 | -0.09% | 4.23% | 1.00% |
| Grey District | $458,070 | 1.63% | 4.71% | 2.46% |
| Westland District | $486,331 | -0.01% | 1.02% | 0.82% |
| Canterbury Region | $711,300 | 0.17% | 0.31% | 2.43% |
| Hurunui District | $683,848 | 0.42% | 0.19% | 1.80% |
| Waimakariri District | $755,802 | 0.02% | 0.03% | 0.77% |
| Christchurch City | $705,704 | 0.24% | 0.48% | 3.33% |
| Selwyn District | $871,173 | -0.08% | 0.03% | 0.07% |
| Ashburton District | $542,686 | 0.01% | 0.15% | 1.96% |
| Timaru District | $528,192 | 0.13% | -0.40% | 1.15% |
| Mackenzie District | $718,104 | 0.31% | -0.31% | 3.40% |
| Waimate District | $502,742 | 0.36% | 0.25% | 0.70% |
| Waitaki District | $499,026 | -0.36% | -1.26% | 0.20% |
| Central Otago District | $912,198 | -0.40% | -0.16% | 2.31% |
| Queenstown-Lakes District | $1,680,803 | 0.37% | -0.21% | -1.32% |
| Dunedin City | $602,829 | 0.36% | -0.10% | -0.13% |
| Clutha District | $412,011 | 0.40% | 0.79% | -1.24% |
| Southland District | $578,059 | 0.84% | 1.93% | 1.78% |
| Gore District | $446,979 | 0.16% | 0.73% | 5.05% |
| Invercargill City | $488,023 | 0.51% | 1.16% | 4.24% |
| All of Aotearoa | $809,113 | -0.19% | -0.86% | -0.12% |
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