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.
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| 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% |
7 Comments
RVs for Christchurch due to be published 2025. 27 days left. Where are they?
Is this more of down down down in Ponzi town.. sure looks like it. Ergo the bottom is still not in, unless its smacky bottom.
Interesting times, I was skeptical about the next downleg but with the weak market we're currently having in the middle of the peak season I see that now as a possibility over the winter months.
Also something I've noticed here in Hamilton's northern suburds is many properties are listed at or above 2021 CVs (not a typo)! Resulting in poor sale rates and properties advertised for months (getting close to a year for more and more).
People only remember the good times, and many still plan their future based on 2021 prices still which seems ludicrous given the market downturn that has occur. Denial is the first stage, and it's a long journey to acceptance.
Many of the houses for sale , are not actually for sale due to their price.....
You are right, it is dangling a carrot down a dingey hole, all the while the rabbit falls down a further away, down said hole.
Ninkimpoops thinking 2026 is going to stage a price up recovery, are high on smoking the tealeaves, not accuratetely reading them.
Smoking last years green shoots, now dried and in small baggies.
Which is totally legal as long as you have a prescription, filled by a licensed medical baggie man.
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