New Zealand's median dwelling value increased by $1021 (+0.19%) to $811,662 in October, according to the Cotality Home Value Index.
That follows a 0.11% increase in September.
The modest increases in value in September and October followed five consecutive months of declines in median values from April to August.
However, the national median value is still down by 0.12% compared to three months earlier, and down by 0.40% compared to 12 months earlier.
Around the main centres, Auckland's median value declined by 0.19% in October to be 0.2% lower than October last year, Hamilton was flat, Tauranga posted a 0.19% gain, Wellington region posted a 0.1% gain, and the median value in Christchurch was up 0.37%.
While values continue to decline in the Auckland region, most other areas show very small increases with values in Christchurch showing steady improvement. (See the table below for the full regional/district figures).
Cotality Chief Property Economist Kelvin Davidson said the figures may signal the the early stages of a market recovery.
"It's a cliche, but upturns obviously have to start somewhere, and the recent emergence of small increases in property values would certainly be consistent with the falls in mortgage rates over the past year or so," Davidson said.
"That being said, sentiment remains tilted to the cautious end of the spectrum and of course, the economy and labour market are still subdued," he said.
"Meanwhile, the gains in September and October were clearly reasonably small in the grand scheme of things," he said.
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| Cotality NZ Home Value Index | ||||
| Residential Dwellings | ||||
| October 2025 | ||||
| Median Home Value | 1 month change | 3 month change | 12 month change | |
| Region/District | ||||
| Northland Region | $703,369 | -0.18% | -0.83% | 0.58% |
| Far North District | $651,564 | -0.43% | -0.18% | 0.57% |
| Whangarei District | $704,529 | -0.51% | -1.31% | 0.74% |
| Kaipara District | $891,954 | 1.64% | -0.12% | 0.94% |
| Auckland Region | $1,051,796 | -0.19% | -0.95% | -1.98% |
| Auckland - Rodney | $1,201,898 | -0.09% | -1.09% | -1.29% |
| Auckland - North Shore | $1,257,236 | 0.10% | -0.36% | -2.35% |
| Auckland - Waitakere | $920,095 | -0.73% | -0.61% | -0.60% |
| Auckland - Central | $1,116,351 | -0.29% | -1.32% | -2.33% |
| Auckland - Manukau | $975,639 | -0.11% | -1.14% | -2.63% |
| Auckland - Papakura | $833,940 | -0.10% | -0.27% | -1.35% |
| Auckland - Franklin | $963,041 | 0.30% | -0.22% | 0.32% |
| Waikato Region | $790,835 | 0.32% | 0.66% | 1.01% |
| Thames-Coromandel District | $1,003,142 | 0.88% | 0.85% | -0.74% |
| Hauraki District | $662,592 | 1.84% | 2.59% | 1.18% |
| Waikato District | $937,888 | -0.83% | 0.20% | 1.37% |
| Matamata-Piako District | $751,502 | 0.31% | 1.83% | 3.42% |
| Hamilton City | $732,836 | 0.03% | -0.01% | 0.70% |
| Waipa District | $922,015 | 0.82% | 0.57% | 0.56% |
| Otorohanga District | $653,144 | 0.31% | 0.49% | 2.98% |
| South Waikato District | $433,514 | 0.72% | 0.44% | 0.50% |
| Waitomo District | $437,592 | 0.22% | 0.50% | -3.67% |
| Taupo District | $830,375 | 1.09% | 2.07% | 3.47% |
| Bay of Plenty Region | $843,692 | 0.68% | 0.49% | 1.53% |
| Western Bay of Plenty District | $1,091,911 | 2.06% | 1.21% | 4.89% |
| Tauranga City | $926,150 | 0.19% | 0.75% | 1.48% |
| Rotorua District | $640,781 | 0.60% | -0.06% | -0.27% |
| Whakatane District | $672,606 | 0.26% | -1.80% | -2.09% |
| Kawerau District | $409,541 | 0.29% | 0.61% | 4.25% |
| Opotiki District | $568,183 | 2.57% | -0.95% | -4.28% |
| Gisborne Region | $596,930 | 0.31% | 3.72% | 0.44% |
| Gisborne District | $596,930 | 0.31% | 3.72% | 0.44% |
| Wairoa District | $427,540 | 0.83% | 0.56% | 2.48% |
| Hawke's Bay Region | $687,578 | 0.33% | -0.29% | 1.48% |
| Hastings District | $714,430 | 0.41% | 0.02% | 1.89% |
| Napier City | $710,723 | 0.31% | -0.79% | 1.22% |
| Central Hawke's Bay District | $589,180 | -0.30% | -0.02% | -0.05% |
| Taranaki Region | $641,711 | -0.21% | -0.31% | 1.71% |
| New Plymouth District | $703,738 | -0.33% | -0.39% | 1.64% |
| Stratford District | $527,106 | 0.12% | 0.69% | 1.95% |
| South Taranaki District | $446,035 | 0.33% | -0.26% | 2.07% |
| Ruapehu District | $398,042 | 0.29% | 0.27% | -0.93% |
| Whanganui District | $481,949 | 0.18% | -0.80% | -1.72% |
| Rangitikei District | $434,996 | 0.16% | -0.78% | 0.29% |
| Manawatu-Whanganui Region | $541,000 | 0.05% | -0.48% | -0.93% |
| Manawatu District | $629,379 | -0.14% | -1.62% | -0.07% |
| Palmerston North City | $605,370 | -0.07% | -0.01% | -1.52% |
| Tararua District | $427,822 | 0.06% | 0.30% | 2.31% |
| Horowhenua District | $526,966 | 0.23% | -0.54% | -0.62% |
| Wellington Region | $775,529 | 0.10% | -0.31% | -1.54% |
| Kapiti Coast District | $795,126 | -0.04% | -1.91% | -1.91% |
| Porirua City | $775,122 | -0.17% | -0.05% | 0.38% |
| Upper Hutt City | $700,001 | 0.16% | -0.52% | -2.40% |
| Lower Hutt City | $687,757 | -0.40% | -1.19% | -1.57% |
| Wellington City | $868,938 | 0.54% | 0.47% | -1.42% |
| Masterton District | $553,832 | -0.62% | -0.10% | -2.64% |
| Carterton District | $679,454 | -0.59% | -0.56% | -1.81% |
| South Wairarapa District | $762,509 | 0.34% | 1.31% | -0.90% |
| Tasman Nelson Marlborough Region | $762,088 | 0.60% | 0.31% | -1.34% |
| Tasman District | $857,379 | 0.27% | 0.05% | -1.17% |
| Nelson City | $739,680 | 1.38% | 1.64% | -1.42% |
| Marlborough District | $674,462 | 0.24% | -0.64% | -1.42% |
| Kaikoura District | $805,727 | 1.01% | 0.92% | 7.51% |
| West Coast Region | $432,033 | 0.03% | 1.52% | 2.41% |
| Buller District | $378,847 | 0.14% | 0.54% | 0.62% |
| Grey District | $443,372 | 0.35% | 2.12% | 3.55% |
| Westland District | $482,737 | -0.52% | 1.59% | 2.47% |
| Hurunui District | $677,223 | 1.50% | 1.05% | 2.12% |
| Canterbury Region | $716,111 | 0.59% | 0.88% | 2.13% |
| Waimakariri District | $762,429 | 1.10% | 1.57% | 2.36% |
| Christchurch City | $704,249 | 0.37% | 0.68% | 2.55% |
| Selwyn District | $860,255 | 1.12% | 1.30% | 0.31% |
| Ashburton District | $576,128 | 1.19% | 2.07% | 2.46% |
| Timaru District | $539,457 | 0.63% | 0.51% | 1.51% |
| Otago Region | $681,136 | 1.14% | 1.45% | 0.82% |
| Mackenzie District | $710,470 | 0.23% | 0.76% | 0.19% |
| Waimate District | $500,696 | 0.67% | 0.53% | 0.72% |
| Waitaki District | $507,477 | 0.46% | -0.35% | 0.98% |
| Central Otago District | $854,855 | 0.63% | 0.60% | 1.96% |
| Queenstown-Lakes District | $1,695,801 | 1.71% | 2.37% | 1.18% |
| Dunedin City | $597,974 | 0.73% | 0.76% | -0.10% |
| Clutha District | $424,489 | 0.52% | 1.62% | 1.02% |
| Southland Region | $530,201 | 2.06% | 2.92% | 4.53% |
| Southland District | $586,296 | 1.70% | 2.03% | 3.16% |
| Gore District | $461,919 | 2.38% | 3.76% | 6.77% |
| Invercargill City | $526,789 | 2.16% | 3.14% | 4.72% |
| All of Aotearoa | $811,662 | 0.19% | -0.12% | -0.40% |
26 Comments
"It's a cliche, but upturns obviously have to start somewhere"
JUST LIKE YOU SAID IN 23, 24 AND NOW ALMOST 2026..
Behold the economic prophecy that aged like milk in the sun
The latest figures confirm that the market is now into its next phase of growth, on the back of lower interest rates and improved affordability after the previous value falls.
Kelvin Davidson, Cotality's Chief Property Economist, stated: "with signs becoming clearer that the economy has started to turn a corner, confidence is returning to the property market."
I'd forgotten that one "the economy has started to turn a corner" - because "the green shoots of recovery" has been so prevalent recently.
Interest commentators were wrong saying the opposite for over a decade.
It's kind of unbelievable that the smartest and best paid economists from the banks including the RBNZ, Treasury and the media have been so wrong for so long and they just repeat the same analysis and the same forecasts over and over. And we accept it and nod at their wisdom and foresight each time.
It's not unbelievable when you factor in their bias. They all want what they say to happen, they don't necessarily actually think it will.
Sentiment is a massive factor, and that’s hard to predict.
Had a pint and a bite at the pub this afternoon, was packed. Although probably the first really nice day in Auckland this season so not surprising.
Given the possibility of a Capital Gains Tax, any specuvestor would have to think very carefully about pricing. That has to do something to the market.
Even if there is a CGT you still keep 72% of the profit.
Yes, $72,000 from a $100,000 capital gain is better than a Lotto second division win.
I'd be happy . . . . and we have had plenty in the past and there will be still many sitting out there waiting to collect. :)
Yes, but a CGT changes the return on investment equation, doesn't it.
Agree, and it also improves fairness. But for the born and bread housing speculators, I doubt it will stop them.
Born and 'bred' entrepreneurs have had the enthusiasm sucked out of them by councils, banks etc
Cancel all the controls and hurdles, free up the market and let people make their own decisions about what's viable feasible and suitable. Instead we have to explain plead and report to the council. Council have discretionary power over outcomes and for what I've heard there is corruption in the system. While banks have a list of industries on their hit list, look it up and see that farmers are on that list too.
Yesterday we drove past a house with a shipping container parked in front being used as a shop splashed with signage presumably for takeaway food, there was a footpath from their front gate but little else such as sealed and drained parking spaces, disabled parking and all the rest of it. All seemed tidy and some good effort had gone into making it appealing. It was obvious that this was not a commercial zone area and if someone complained to Council they would be shut down. I would rather the person has the freedom to create and establish a business or house or whatever it is without a clipboard carrying official sticking their noses in and ruining individualism.
Nationals (and ACT and nz first) work to allow granny flats without resource consent, garden sheds to be on the boundary, in some cases freeing up rural land for urban use and an emphasis on relaxing of zoning rules is good and I hope it continues.
I'd probably then agree with CGT if/when that happens
Maybe you should read Abundance by Klein and Thompson, that argues that, despite living in a time of great potential abundance, many of the crises we have, have artificially been made a worse by the control structures we've built around so much of human activity; control structures might have been valid once but are now no longer fit for purpose and need to evolve, and fast.
However: it is not a libertarian tract, and has been seen in the hands of several progressive Labour ministers in Australia, but it is an argument we need to work out how to change, without sacrificing the good things, like democratic process, while changing the way we do practical things, like how it takes 7 years to build a wind-farm, where only about 18 months is the construction time and the balance is spent in administrative processes.
I'm not sure what fairness has to do with it, but if you're going on your gut instincts rather than the math, it's gambling, not investment.
I've been trying to buy a typical 4brm/2bath/2 living/dble+ garage family home in ChCh/Nth Canterbury for several months now over winter. Prices have firmed through this year, the right house in good condition in the right (NW) location is quickly selling at least 10% above RV.
Were the RVs revised down in the last update though?
Waimakariri rvs dropped a whisker ~2-3% in this year's review however ChCh is still on peak 2022.
Expect offers will be dropping soon with the next update then
Christchurch and surrounding areas haven't really seen any price falls, unlike the rest of the country (especially Wellington and Auckland). Combination of actually being a desirable place to live, and prices still playing catch up after being very cheap before COVID.
Christchurch and surrounding areas haven't really seen any price falls, unlike the rest of the country (especially Wellington and Auckland). Combination of actually being a desirable place to live, and prices still playing catch up after being very cheap before COVID.
Sorry friends, it's coming. The credit cycle is about to flip into the positive. Probably already has in October. The measure in the linked graph is monthly loan drawdowns minus repayments - i.e. net credit flow.
If you compare net mortgage credit flows to the change in real house prices, the historic relationship is rock solid. Will it be different this time? I doubt it.
And, as that net flow of credit flows into the economy, we will see another few years of 'growth'. That growth will be basically measuring the flow of mortgage credit into wages and operating surpluses (the components of GDP P). Or, to put it another way, GDP will measure the expansion of the private sector balance sheet. Then, as private debt approaches 155% of GDP again, ever lower interest rates will no longer be able to coax kiwis into borrowing more. What then? Govt homebuyer grants like the aussies?!
Will it be different this time? Yes it will. Private sector debt is at the peak of the debt cycle. One of the highest globally and mostly against an inflated housing market that is now starting to deflate. This is why the reserve bank is in full panic mode and talking about a 2% OCR - something that was unthinkable a few months ago.
The biggest factor is the lack of demand and this is down to fiscal policy being too tight and completely unresponsive to the growing spare capacity in the economy. Spare capacity that will quickly turn into a loss of productive capacity and potentially rising inflation.
Private debt as a % of GDP is around 135%, well below the 155%+ we had a few years ago. There's room for another short growth cycle, sorry.
Yep, it's coming. As I stated before, house prices will resume rising in 2026, and I have not said that for multiple years.
But will they rise at a rate sufficient to promote the required (desired?) capital gains?
The magical 'green shoots' of economic recovery. It's the same hopeum you can find in the NZ Herald business section and other commentary. The coalition created a massive demand shock in 2024 and the economy has been contracting ever since at a frightening pace. Over 30,000 jobs gone in 2 years in a small economy like NZ's. That was down to more than monetary policy - that was a fiscal choice that we made as an electorate in 2023 when we voted for tax cuts.
Private sector debt is too high and public sector debt too low. Very simple double entry accounting.
Prices have retreated from peak stupidity, mainly in speculation zones (Awkland, Welly etc). Rates are in drop mode again. Perhaps this is a signal of meet in the middle?
DtI is still in play and hopefully will stop the leverage to moon brigade from kicking into overdrive. Perhaps the DTI on investors could be tightened to make them play with more of their own money...?
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