New Zealand's median dwelling value inched up 0.1% in September to $810,141 from August, according to property data company Cotality's Home Value Index.
It was the first time the national median value has increased in the last six months. But it's still down 0.7% compared to three months earlier, down 0.2% compared to a year earlier, and 17.3% lower than the record high during the last housing boom.
However, there were significant regional variations in value trends.
Around the main centres, Auckland values were 0.2% lower than August, Hamilton was unchanged, Tauranga was up 1.3%, Wellington was down 0.4%, Christchurch was up 0.6% and Dunedin was up 0.3%. See the table below for median values and changes for all districts.
"September's rise in values was clearly marginal, and it's far too early to conclude that this marks the start of a new sustained lift," Cotality NZ Chief Property economist Kelvin Davidson said.
"September's small rise needs to be viewed in the context of a cumulative -1.6% drop over the five [previous] months from April to August," he said.
"On top of that, even though some economic measures including filled jobs, are looking encouraging, others are less positive."
"In short, we're not on solid economic ground just yet," Davidson said.
But he also pointed out there were two sides to the housing market coin.
"It's a good time to be a buyer, provided they can get the finance," he said.
| Cotality Hedonic NZ Home Value Index | ||||
| September 2025 | ||||
| Region/District | Median Value | 1 month change | 3 month change | 12 month change |
| All of Aotearoa | $810,141 | 0.11% | -0.73% | -0.19% |
| Northland Region | $697,954 | 0.05% | -1.23% | 0.81% |
| Far North District | $628,585 | 0.28% | -1.02% | -0.42% |
| Whangarei District | $714,790 | -0.21% | -1.16% | 1.86% |
| Kaipara District | $781,943 | 0.41% | -1.81% | 0.32% |
| Auckland Region | $1,053,397 | -0.16% | -1.62% | -1.37% |
| Auckland - Rodney | $1,202,450 | 0.22% | -0.67% | -0.56% |
| Auckland - North Shore | $1,234,665 | -0.57% | -1.60% | -1.50% |
| Auckland - Waitakere | $924,512 | 0.25% | -0.87% | -0.33% |
| Auckland - City | $1,140,687 | -0.11% | -1.99% | -1.52% |
| Auckland - Manukau | $960,506 | -0.43% | -2.00% | -2.23% |
| Auckland - Papakura | $829,554 | -0.10% | -0.97% | -1.26% |
| Auckland - Franklin | $960,579 | 0.10% | -1.36% | -0.10% |
| Waikato Region | $795,270 | 0.35% | 0.17% | 0.83% |
| Thames-Coromandel District | $987,566 | 0.93% | 0.89% | -0.50% |
| Hauraki District | $655,264 | 0.67% | 1.38% | 0.71% |
| Waikato District | $939,731 | 0.30% | 0.19% | 1.40% |
| Matamata-Piako District | $732,236 | 0.83% | 1.80% | 2.25% |
| Hamilton City | $752,817 | 0.03% | -0.80% | 1.06% |
| Waipa District | $914,602 | 0.17% | -0.35% | 0.34% |
| Otorohanga District | $655,333 | -0.58% | 0.83% | 4.32% |
| South Waikato District | $427,026 | 0.13% | 0.72% | 1.78% |
| Waitomo District | $430,805 | 0.72% | 1.41% | -2.88% |
| Taupo District | $811,578 | 0.52% | 1.00% | 0.51% |
| Bay of Plenty Region | $842,802 | 0.48% | 0.00% | 1.52% |
| Western Bay of Plenty District | $1,056,254 | -0.11% | -1.42% | 2.05% |
| Tauranga City | $921,574 | 1.32% | 1.25% | 2.00% |
| Rotorua District | $640,417 | -1.07% | -1.34% | 0.56% |
| Whakatane District | $708,846 | 0.25% | -1.03% | 0.65% |
| Kawerau District | $408,543 | 0.56% | 0.14% | 5.72% |
| Opotiki District | $571,088 | -0.78% | -2.51% | -5.60% |
| Gisborne Region | $607,863 | 2.52% | 1.02% | -0.01% |
| Gisborne District | $607,863 | 2.52% | 1.02% | -0.01% |
| Wairoa District | $429,369 | -0.28% | 0.30% | 2.37% |
| Hawke's Bay Region | $692,095 | 0.11% | -0.67% | 1.99% |
| Hastings District | $720,952 | 0.10% | -0.26% | 2.50% |
| Napier City | $721,464 | 0.12% | -1.13% | 1.60% |
| Central Hawke's Bay District | $561,242 | 0.32% | -1.38% | 0.42% |
| Taranaki Region | $643,474 | 0.55% | 0.29% | 2.82% |
| New Plymouth District | $707,965 | 0.70% | 0.40% | 2.98% |
| Stratford District | $523,001 | 0.64% | 0.13% | 2.40% |
| South Taranaki District | $445,749 | -0.36% | -0.42% | 2.01% |
| Ruapehu District | $388,866 | 1.01% | 0.17% | -0.59% |
| Manawatu-Whanganui Region | $543,374 | 0.40% | -0.43% | 0.00% |
| Whanganui District | $481,819 | 0.57% | -1.57% | -0.88% |
| Rangitikei District | $442,768 | 0.39% | -0.66% | 0.82% |
| Manawatu District | $642,778 | 0.03% | -1.19% | 0.24% |
| Palmerston North City | $610,365 | 0.58% | 0.12% | -0.51% |
| Tararua District | $437,863 | -0.04% | 0.14% | 1.70% |
| Horowhenua District | $515,272 | 0.01% | -0.16% | 1.12% |
| Wellington Region | $783,634 | -0.35% | -0.97% | -1.94% |
| Kapiti Coast District | $806,309 | -0.70% | -2.27% | -1.04% |
| Porirua City | $740,315 | -0.67% | -1.15% | 0.44% |
| Upper Hutt City | $711,007 | 0.52% | -0.16% | -2.49% |
| Lower Hutt City | $688,110 | -0.91% | -1.72% | -1.19% |
| Wellington City | $886,513 | -0.21% | -0.48% | -2.86% |
| Masterton District | $545,348 | 0.79% | 0.47% | -1.02% |
| Carterton District | $673,928 | -0.51% | -1.44% | -2.53% |
| South Wairarapa District | $755,466 | 0.46% | -0.42% | -1.32% |
| Tasman Nelson Marlborough | $756,986 | 0.33% | 0.13% | -1.26% |
| Tasman District | $862,643 | 0.59% | 0.89% | -1.21% |
| Nelson City | $726,813 | 0.51% | 0.06% | -1.31% |
| Marlborough District | $673,534 | -0.19% | -0.74% | -1.29% |
| Kaikoura District | $772,755 | 0.06% | 0.77% | 3.45% |
| West Coast Region | $435,919 | 1.18% | 1.29% | 2.31% |
| Buller District | $384,146 | 0.37% | 0.75% | 0.78% |
| Grey District | $445,949 | 1.74% | 1.75% | 3.69% |
| Westland District | $488,148 | 1.25% | 1.22% | 1.93% |
| Canterbury Region | $705,399 | 0.58% | 0.33% | 2.24% |
| Hurunui District | $687,373 | 0.56% | -0.02% | 1.79% |
| Waimakariri District | $751,783 | 0.47% | 0.41% | 0.93% |
| Christchurch City | $693,680 | 0.62% | 0.41% | 3.20% |
| Selwyn District | $856,127 | 0.61% | 0.14% | -0.52% |
| Ashburton District | $550,209 | 0.38% | 0.34% | 1.23% |
| Timaru District | $530,164 | 0.50% | -0.18% | 1.20% |
| Mackenzie District | $742,793 | 0.60% | 0.24% | 5.29% |
| Waimate District | $503,808 | 0.18% | 0.18% | -0.32% |
| Otago Region | $709,117 | 0.19% | 0.06% | -0.26% |
| Waitaki District | $498,155 | -0.39% | -1.66% | -0.26% |
| Central Otago District | $883,153 | 0.66% | 1.11% | 2.45% |
| Queenstown-Lakes District | $1,712,545 | 0.07% | 0.03% | -0.77% |
| Dunedin City | $597,767 | 0.26% | -0.04% | -0.33% |
| Clutha District | $420,794 | 1.41% | 1.65% | -0.01% |
| Southland Region | $521,426 | 0.83% | 1.49% | 4.24% |
| Southland District | $584,044 | 0.28% | 0.66% | 1.20% |
| Gore District | $439,504 | 2.14% | 2.61% | 7.32% |
| Invercargill City | $520,639 | 0.84% | 1.65% | 4.99% |
5 Comments
Look out Gecko…it begins…🏠📈💥
yeah its booming
😂 a bit eager there sergeant.
The jafas are on a roll, down
Looks like a very region dependent swing. Would go as far as saying it looks like the only areas with slight upside a in dairy related areas. After their payout news, who would be surprised as farm workers need housing.
Are we are turning into old English surfdom...?
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