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.
The comment stream on this story is now closed.
| 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% |
33 Comments
Good news the Wellington Region is in the black despite being in the red
Gotta find some humour in these numbers lol
Mike Hosky was weeping on the ZB this morning, as he fawns over his revered, NZ Housing Ponzi's continual nationwide crash.......
Poor Mikey is so underwater, on his recent rental collecting's, he needs a 5 metre snorkel!
This mornings finance guy talked about physical gold holdings "it just sits there, and if you store it that costs you money". Mike quipped "I polish mine every day but that's a story for another time"
Stay on topic Mike pleeeassse
The idiot Gold and Silver haters are only haters (as its powers up and up, onto more Steller gains) as its year on year on year gains, goes against their "investment advice" to their customer/cows punters.
These "investment gurus" hate Gold and Silver, as they find it hard to milk the customer/cows of commissions. It starkly obvious and why you are best to learn and make your own educated investment decisions.
Education and its correct application, is however fairly rare where money in concerned in NZ. AKA the NZs Housing Ponzi's massive collapse.
Nek minnit, the spruiker money/ easy capital money will get sucked into the rising gold silver vortex. Have you seen that happen yet
Good on you for picking the trend, spend up
Not much hot money in gold/silver atm.
Stuff all people at the water cooler know of the gold/silver boom yet (heard whispers maybe...) and none are holding it or the mining stocks.
Still early days in this PM boom.
- Expect the rental investors will be dumping their yesteryear rentals/old pile of sticks for big losses and getting some heavy yella bricks.
The idiot Gold and Silver haters are only haters (as its powers up and up, onto more Steller gains) as its year on year on year gains, goes against their "investment advice" to their customer/cows punters.
Talk about gold and you get suspicious glares at the BBQ. Like you're an agent for the CCP or something.
26 record closes this year alone. But people should understand this phenomenon provides contextual insights into broader developments in the global financial landscape. These price records aren't just about gold; they signal an evolution in how foreign central banks and investors are managing risk, including those relating to currency and government bonds.
And yes, that's related to Ponzinomics.
Gold can be difficult to print, in uncertain times.... and the central bankers will print and print if forced. In fact the more gold they hold and easier the balance sheet will tolerate it.
two words, STOCK OVERHANG
Starting to think that clearance may not occur this summer due to unemployment and sentiment.... could become a 2026/27 story. RBNZ will help with cuts but people have to feel confident. Major banks looking at redundancies in retail not going to help confidence. Every week another major retailer goes into receivership, if you pay a deposit use a credit card !!!!!!
So still flat... no capitulation as some here were trying to lead us to believe.
Its merely a flesh wound you coward .... come here i will kick you
WGTN is down 29% from peak
AUCKLAND is down 10% from peak
Stock levels are very high......... Nifty you are still in denial, market moving on towards acceptance ,even barfoot saying vendors are missingout on buyers by not accepting offers.... plenty of capitulation abounds
you guys laughed us off a few years ago now look at market, you the last remaing spruiker to either have $10 a month or not been banned.
What's been the % house price drop in the last year?
Barfoot and Thompson want sales to make $, of course they'd say that.
Interesting insight in what the Govt is up to...https://youtu.be/fUNc4i_TUBQ?si=aJKLP4VcmYImHdcN
Prices have been basically flat in nominal terms for 3 years now following the dramatic rise and fall over Covid. Possibly the best outcome the country could have hoped for given how high prices became - here's hoping for another decade of flat prices to restore affordability without the sudden shock of another crash and all the associated economic pain.
The prices do not yet tempt me as an investor.
Barfoot has -2.8% for the last quarter in Auckland , lets see where we are in Dec 2025....I suggest that this year will see -5% for Auckland dec to dec
I see the recession deepening plus Global issues deepening, German UK US and JGB 30y all racing higher..
Flight to gold occuring, its global recession combined with a lack of co-ordinated economic rescue efforts, every man for themselves here
I hear you Nifty. It seems you have to be a glass-completely-empty person to post here. Positive comments about the housing market triggers the trolls.
Housing is super positive.
- It provides homes for families. Should be at a price of 3 to 4x income.
This is the disconnect, where the gamblers and punters that want to trade them, like Masters of the Universe playthings, to enrich themselves at higher and higher price multiples, that rules out much of the population from owning a home.
Reflect on this for a moment and maybe you can gamble elsewhere?
Again it is very positive to see the gamblers get a good ole burn, from the trading of property hot potatoes - as the housing ponzi collapses in their hands.
A quick search on ChatGPT (I assume the response is accurate) shows that household debt as a percentage of income hasn't really moved much since 2010. The biggest increase in debt was between 2000 and 2005. NZ has introduced very strict lending rules in recent years, which has resulted in a lot of cowboys exiting the market, and there has been a corresponding drop in house prices since 2021. I just don't like the way you paint investors as evil, money-hungry people who deny families the chance of buying a house for a reasonable price. In my case, I am adding to NZ's housing stock by investing in a new-build which will provide a family with the opportunity to live in a warm, healthy Dunedin home. If you know anything about the Dunedin housing situation, you will know that they are desperately in need of new houses.
The funny thing is that I do not care if you own or invest in houses, I am only commenting on my belief where the price is likely to go in the future. Opinions aside the current situation is
- 5 months in a row down, 3 years in a row down, barfoots -2.8% in last Q
- considerable listings numbers vs historical averages
- employment situation has not bottomed
- elevated affordability numbers
- dovish RBNZ pivot shows extended recession is likely, they acted too slowly and know it
- gold going nuts while long end going up, this is 100% fiat risk fear
- lack of international co-ordinated response to global slowdown, and likely coming crisis
- elevated private debt levels
- US stocks at record Price to forward earning ratios
- Lack of political leardership on both sides of NZ house, no vision no plan
Even Cotality saying no bidding up houses in 2025
OK. Thanks for that. You certainly seem passionate about the subject. Long term, real estate is a good investment. IMO, it's a hedge against inflation. Property values never go up in a straight line. It's best not to get hyper focused on the short term.
Good on the investors for building new, YET scooping up existing - to farm poorer people by squeezing their financial lemon as tightly as possible, for more and more rent, is not doing God's work.
INFLATION HEDGE?? Did you mis out on any economics class/money/inflation study, in all of school???
We have had inflation absolutely ROAR at 22% since Q1 2021 and in most cases property has crashed in the same time or at best in outlier regions its "even stevens". So at even 2021 to 2025 house price, you HAVE LOST -22%.
"Inflation hedge" is from the BS property seminars GET A NEW MANTRA , that reflects reality!
Again, you are thinking short term. Long term, in my opinion, property is an effective inflation hedge. I've been a property owner for several decades. I don't fixate on periods of volatility. There are ups and downs - that's the nature of the property market. I haven't been to any of the "BS property seminars" you speak of. I just want to invest in a tangible asset that grows in value over time, rather than stick it in a term deposit or under my pillow.
You have been a property owner for decades indicates you have benefitted from the last 35 years of lowering real interest rates, leading to asset price inflation, of which we will not see again. Would housing be a hedge against inflation without capital gain? Or once all costs are factored in e.g maintenance and interest paid on the mortgage on top of the principal.
Investors in new builds - good on you. If only that was the preferred model and existing houses were left alone for FHBers. But in most cases that is not the so.
I agree - only FHBs should be eligible to purchase existing housing stock.
There are literally tonnes of existing properties which fbhs can't buy for various reasons and I'm not talking about those which are too pricey. If you won't allow investors then who will buy
Yes a small subset. Make it NZ citizens that actually live in NZ and pay their tax here.
Remember when Labour had that policy using tax incentives to drive investors to build new rather than buying existing? The methods were a little problematic, but I think that was a great incentive.
The incentive was interest deductibility on new builds, none on existing.
The last five months have seen falling medium price say Cotality....
Its hardly trolling to repeat actual hard stats vs opinion, not one positive month in the last five.
If you want cheering up, listen to Mike on NewstalkZB, he is full of positivity.
If wanting our best future tax payers the security of owning their own home to raise a family is a glass half empty, then that's your call. Farming renters for endless tax avoided capital gain is the glass half empty in my books.
Down down down in ponzi town. Spec town swimming in capital loses and increases rates creating declining cashflow.
Or more correctly....Crashflow.
I don't know what a "Cotality Hedonic Home Value Index" is, but the numbers give pause and the title is excellent
Fear of unemployment - once the unemployment rate gets to a certain point it has a big impact on the behavior of the still employed and can be a real economy killer. The same is going to play out in the US as their unemployment rate ticks up over the next few months.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.