Dwelling values were flat overall in November, according property data company Cotality.
The national median dwelling value was $806,561 last month, unchanged from October and barely changed (+0.02%) from September, according to the Cotality Hedonic Home Value Index.
The median dwelling value was also 0.73% lower than November last year.
In the main urban regions, values were weakest in Auckland where the median value declined by 0.24% for the month and was down 2.20% for the year.
Within the Auckland region the one month value declines ranged from 0.07% on the North Shore to 0.79% in Papakura.
Waitakere was the only Auckland district where the median value increased in November, up 0.18% for the month.
All other main centres posted increases in their median dwelling values for November. See the chart below for the value changes in all urban districts throughout the country.
One of the most surprising results was for Queenstown-Lakes, which is the most expensive urban area in the country with a median dwelling value of $1,561,310. The median value in Queenstown-Lakes fell 0.61% in November and was down 0.79% year-on-year.
"Property values across the country were patchy over May to August as households and firms remained in a cautious mood, then September and October brought a few signs of life for values, but November just eased off a little bit again," Cotality NZ Chief Property Economist Kelvin Davidson said.
| Cotality Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| November 2025 | ||||
| Median Dwelling Value | One month change | Three month change | Twelve Month Change | |
| Northland Region | $699,419 | 0.49% | -0.13% | 0.18% |
| Far North District | $652,669 | 1.22% | 1.95% | 0.93% |
| Whangarei District | $710,813 | 0.54% | -1.05% | 0.27% |
| Kaipara District | $764,537 | -1.10% | -1.31% | -1.46% |
| Auckland Region | $1,048,423 | -0.24% | -0.39% | -2.20% |
| Auckland - Rodney | $1,201,060 | -0.35% | 0.03% | -1.08% |
| Auckland - North Shore | $1,273,877 | -0.07% | 0.81% | -2.08% |
| Auckland - Waitakere | $921,268 | 0.18% | -0.30% | -1.63% |
| Auckland - City | $1,118,156 | -0.36% | -0.71% | -2.53% |
| Auckland - Manukau | $966,047 | -0.29% | -0.98% | -2.80% |
| Auckland - Papakura | $810,862 | -0.79% | -1.15% | -2.20% |
| Auckland - Franklin | $927,972 | -0.27% | -0.65% | -1.28% |
| Waikato Region | $776,062 | 0.17% | 0.41% | 0.72% |
| Thames-Coromandel District | $959,294 | -0.88% | -0.29% | -1.19% |
| Hauraki District | $659,817 | -0.16% | 0.70% | 0.90% |
| Waikato District | $921,420 | -0.41% | -2.16% | 1.56% |
| Matamata-Piako District | $733,200 | 0.82% | 0.43% | 2.51% |
| Hamilton City | $731,952 | 0.67% | 1.65% | 0.31% |
| Waipa District | $918,848 | 0.83% | 0.48% | 1.15% |
| Otorohanga District | $642,388 | -0.17% | -1.75% | 1.14% |
| South Waikato District | $425,250 | 0.64% | 0.23% | -1.46% |
| Waitomo District | $451,774 | 0.31% | 0.66% | -1.64% |
| Bay of Plenty Region | $835,699 | 0.36% | 0.27% | 0.10% |
| Taupo District | $795,179 | 0.21% | 2.49% | 2.50% |
| Western Bay of Plenty District | $1,023,878 | -0.30% | -1.03% | -0.41% |
| Tauranga City | $926,377 | 0.59% | 1.30% | 1.20% |
| Rotorua District | $616,578 | 0.09% | -1.23% | -1.31% |
| Whakatane District | $697,928 | 0.66% | -0.34% | -3.12% |
| Kawerau District | $409,563 | 0.78% | 0.31% | 4.11% |
| Gisborne Region | $595,257 | 0.27% | 0.63% | 1.79% |
| Opotiki District | $579,441 | 1.10% | 0.95% | -2.40% |
| Gisborne District | $595,257 | 0.27% | 0.63% | 1.79% |
| Wairoa District | $430,580 | -0.68% | -0.76% | 2.61% |
| Hawke's Bay Region | $677,321 | -0.23% | -0.16% | 1.37% |
| Hastings District | $712,260 | -0.19% | 0.42% | 2.37% |
| Napier City | $686,169 | -0.32% | -0.83% | 0.27% |
| Central Hawke's Bay District | $599,214 | 0.22% | 0.04% | 0.33% |
| Taranaki Region | $636,135 | 0.05% | -0.37% | 0.52% |
| New Plymouth District | $695,531 | 0.01% | -0.66% | -0.11% |
| Stratford District | $529,918 | 0.26% | 1.58% | 2.73% |
| South Taranaki District | $448,327 | 0.19% | 0.38% | 3.32% |
| Manawatu-Whanganui Region | $538,069 | 0.11% | 0.20% | -0.63% |
| Ruapehu District | $392,983 | 0.23% | 0.64% | -0.86% |
| Whanganui District | $488,990 | 0.08% | -0.22% | -1.70% |
| Rangitikei District | $455,402 | 0.18% | -1.00% | -1.32% |
| Manawatu District | $572,380 | -0.63% | -1.16% | -0.41% |
| Palmerston North City | $606,986 | 0.25% | 0.83% | -0.55% |
| Tararua District | $423,541 | -0.26% | -0.61% | 1.36% |
| Horowhenua District | $528,435 | 0.21% | 0.49% | -0.39% |
| Wellington Region | $765,780 | 0.10% | -0.29% | -1.93% |
| Kapiti Coast District | $788,814 | -0.07% | -0.60% | -2.44% |
| Porirua City | $765,230 | 0.17% | -0.73% | -1.48% |
| Upper Hutt City | $700,544 | 0.19% | -0.52% | -3.10% |
| Lower Hutt City | $672,741 | -0.49% | -1.84% | -2.18% |
| Wellington City | $865,060 | 0.39% | 0.65% | -1.39% |
| Masterton District | $572,007 | 0.32% | 0.22% | -1.32% |
| Carterton District | $662,426 | -0.03% | -1.15% | -2.60% |
| South Wairarapa District | $752,607 | 0.19% | 0.34% | -1.73% |
| Tasman Nelson Marlborough Region | $745,775 | 0.01% | -0.62% | -1.84% |
| Tasman District | $843,431 | 0.38% | -0.62% | -1.30% |
| Nelson City | $722,258 | -0.02% | 0.09% | -1.78% |
| Marlborough District | $660,884 | -0.44% | -1.35% | -2.55% |
| West Coast Region | $439,742 | -0.47% | -0.38% | 2.61% |
| Buller District | $384,465 | -0.60% | -2.33% | 0.09% |
| Grey District | $445,732 | -0.36% | -0.27% | 3.35% |
| Westland District | $512,272 | -0.50% | 1.30% | 4.09% |
| Canterbury Region | $715,068 | 0.26% | 1.05% | 2.35% |
| Kaikoura District | $834,348 | 1.17% | 1.81% | 7.59% |
| Hurunui District | $679,176 | 0.16% | 0.50% | 1.05% |
| Waimakariri District | $764,052 | 0.16% | 0.92% | 1.69% |
| Christchurch City | $705,030 | 0.31% | 0.98% | 2.62% |
| Selwyn District | $875,600 | 0.13% | 1.62% | 1.80% |
| Ashburton District | $562,984 | 0.34% | 1.37% | 2.80% |
| Timaru District | $533,960 | -0.10% | 0.09% | 1.24% |
| Mackenzie District | $718,368 | 0.45% | 1.86% | 2.83% |
| Waimate District | $503,184 | 1.30% | 1.51% | 1.73% |
| Waitaki District | $476,721 | -1.04% | -1.79% | -1.75% |
| Otago Region | $704,131 | -0.20% | 0.55% | -0.20% |
| Central Otago District | $885,688 | 0.57% | 0.80% | 0.87% |
| Queenstown-Lakes District | $1,561,310 | -0.61% | 0.42% | -0.79% |
| Dunedin City | $616,911 | 0.11% | 0.90% | 0.16% |
| Clutha District | $428,674 | 0.87% | 1.53% | 2.95% |
| Southland Region | $510,829 | 1.00% | 2.41% | 3.95% |
| Southland District | $590,353 | 1.60% | 3.34% | 3.34% |
| Gore District | $438,837 | 0.49% | 1.64% | 5.64% |
| Invercargill City | $503,847 | 0.81% | 2.11% | 3.89% |
| All of Aotearoa | $806,551 | 0.00% | 0.02% | -0.73% |
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