The national average residential property value declined by the finest of margins in January, continuing the sluggish trend evident in value movements last year.
According to property data company Cotality's Home Value Index (HVI), the median value of dwellings across all of Aotearoa was $802,617 in January. That's down 0.07% from December last year, and down 0.99% compared to January last year.
However, there were significant regional differences.
The chart below shows the HVI median dwelling values in all housing districts throughout the country and their percentage change over one, three and 12 months.
Figures showing value declines are highlighted in red, with most of the red figures being in the North Island, particularly in Auckland and Wellington, while South Island districts had relatively few value declines.
However, even in the South Island annual growth is residential property values remained relatively modest at less than 3% for the year in most districts.
"January's muted result for property values at the national level was simply a continuation of the trends we saw throughout most of last year," Cotality Chief Property Economist Kelvin Davidson said.
"New borrowers and also existing mortgage holders will be feeling the benefits of lower interest rates and be more able to act in the market, but there's still a good stock of listings out there for buyers to choose from and a cautious attitude persists, especially as the recovering economy has yet to improve job security and employment levels," Davidson said.
"The net result is that buyers aren't in a rush to bid up prices, although vendors aren't generally having to drop their expectations much either," he said.
"In an election year it's going to be interesting to see how policies relating to the housing market evolve and to assess what they might mean for buyers and sellers," he said.
"The latest lift for inflation and talk about earlier Official Cash Rate increases will no doubt have some households a bit on edge too," Davidson said.
| Cotality NZ Home Value Index | ||||
| January 2026 | ||||
| Region/District | Median Value | 1 month change | 3 month change | 12 month change |
| All of Aotearoa | $802,617 | -0.07% | -0.27% | -0.99% |
| Northland Region | $694,815 | -0.10% | 0.51% | -1.02% |
| Far North District | $634,690 | -0.42% | 0.48% | -1.28% |
| Whangarei District | $713,554 | 0.00% | 0.54% | -0.66% |
| Kaipara District | $764,281 | 0.23% | 0.46% | -1.72% |
| Auckland Region | $1,042,041 | -0.33% | -1.03% | -2.73% |
| Auckland - Rodney | $1,215,160 | 0.04% | -0.38% | -1.62% |
| Auckland - North Shore | $1,288,688 | 0.10% | 0.44% | -0.49% |
| Auckland - Waitakere | $917,731 | -0.27% | -0.83% | -1.84% |
| Auckland - City | $1,100,831 | -0.61% | -2.00% | -3.88% |
| Auckland - Manukau | $961,402 | -0.46% | -1.04% | -3.66% |
| Auckland - Papakura | $804,540 | -0.02% | -0.48% | -2.41% |
| Auckland - Franklin | $916,642 | -0.38% | -1.32% | -3.07% |
| Waikato Region | $762,377 | 0.25% | -0.06% | -0.49% |
| Thames-Coromandel District | $964,204 | 0.42% | -0.06% | -1.70% |
| Hauraki District | $629,497 | -0.08% | -0.17% | 0.58% |
| Waikato District | $933,268 | 0.50% | -0.40% | 1.29% |
| Matamata-Piako District | $684,477 | -0.09% | 0.01% | 0.38% |
| Hamilton City | $710,524 | 0.01% | -0.28% | -1.38% |
| Waipa District | $903,194 | -0.01% | 0.15% | -0.70% |
| Otorohanga District | $632,121 | 0.43% | -0.57% | -0.06% |
| South Waikato District | $435,641 | 0.31% | 0.97% | 0.03% |
| Waitomo District | $446,696 | 0.21% | -0.25% | -1.13% |
| Taupo District | $800,772 | 0.77% | 0.81% | 0.55% |
| Bay of Plenty Region | $842,021 | 0.08% | 0.80% | 0.56% |
| Western Bay of Plenty District | $1,041,376 | -0.67% | -0.88% | -1.75% |
| Tauranga City | $931,499 | 0.30% | 1.10% | 1.63% |
| Rotorua District | $630,649 | 0.14% | 1.48% | 0.79% |
| Whakatane District | $683,549 | 0.07% | 1.19% | -0.92% |
| Kawerau District | $410,162 | 0.02% | 0.68% | 0.20% |
| Opotiki District | $605,679 | 0.31% | 1.82% | -1.73% |
| Gisborne Region | $614,595 | 0.05% | 0.72% | 3.78% |
| Gisborne District | $614,595 | 0.05% | 0.72% | 3.78% |
| Wairoa District | $424,504 | -0.03% | -0.26% | 3.06% |
| Hawke's Bay Region | $679,867 | -0.33% | -0.77% | 0.18% |
| Hastings District | $698,402 | -0.39% | -1.44% | 0.35% |
| Napier City | $706,633 | -0.28% | 0.06% | 0.00% |
| Central Hawke's Bay District | $580,766 | -0.44% | -1.05% | -0.72% |
| Taranaki Region | $646,065 | 0.02% | -0.02% | 0.28% |
| New Plymouth District | $705,552 | 0.01% | -0.25% | -0.27% |
| Stratford District | $540,315 | 0.09% | 0.94% | 3.52% |
| South Taranaki District | $455,565 | 0.04% | 0.91% | 2.25% |
| Manawatu-Wanganui Region | $546,032 | 0.08% | 0.61% | 0.33% |
| Ruapehu District | $387,998 | 0.34% | -0.17% | -0.91% |
| Whanganui District | $499,222 | -0.40% | 1.43% | 1.74% |
| Rangitikei District | $436,933 | -0.25% | 0.69% | -0.17% |
| Manawatu District | $620,790 | -0.20% | -1.46% | -1.02% |
| Palmerston North City | $609,681 | 0.41% | 0.91% | 0.24% |
| Tararua District | $436,283 | -0.01% | -0.57% | 0.87% |
| Horowhenua District | $535,284 | 0.13% | 1.27% | 0.48% |
| Wellington Region | $769,340 | -0.14% | -0.55% | -1.99% |
| Kapiti Coast District | $778,399 | -0.09% | -0.39% | -3.99% |
| Porirua City | $753,764 | -0.50% | -1.54% | -2.07% |
| Upper Hutt City | $699,580 | -0.26% | 0.70% | -2.01% |
| Lower Hutt City | $666,222 | -0.23% | -1.09% | -2.49% |
| Wellington City | $878,702 | -0.02% | -0.23% | -1.01% |
| Masterton District | $564,370 | -0.22% | -1.18% | -1.81% |
| Carterton District | $666,557 | -0.55% | -1.80% | -2.97% |
| South Wairarapa District | $757,785 | -0.23% | -1.13% | -2.52% |
| Tasman Nelson Marlborough | $747,670 | 0.11% | 0.01% | -1.69% |
| Tasman District | $850,702 | 0.11% | 0.33% | -0.92% |
| Nelson City | $718,951 | 0.08% | -0.72% | -2.62% |
| Marlborough District | $664,514 | 0.13% | 0.34% | -1.61% |
| Kaikoura District | $822,483 | -0.41% | 0.54% | 5.16% |
| West Coast Region | $426,382 | 0.78% | 0.31% | 3.69% |
| Buller District | $377,121 | 0.68% | -0.36% | 2.41% |
| Grey District | $433,955 | 0.99% | 1.79% | 4.13% |
| Westland District | $482,476 | 0.59% | -1.10% | 4.29% |
| Canterbury Region | $706,360 | 0.14% | 0.68% | 2.65% |
| Hurunui District | $690,691 | 0.66% | 1.25% | 1.06% |
| Waimakariri District | $771,283 | 0.43% | 1.49% | 3.68% |
| Christchurch City | $684,714 | 0.04% | 0.53% | 2.59% |
| Selwyn District | $880,265 | 0.20% | 0.58% | 2.35% |
| Ashburton District | $599,326 | 0.41% | 1.08% | 3.61% |
| Timaru District | $531,703 | 0.24% | 0.15% | 1.30% |
| Mackenzie District | $725,557 | 0.39% | 1.51% | 1.80% |
| Waimate District | $503,442 | 0.61% | 1.83% | 3.01% |
| Waitaki District | $491,657 | 0.51% | -0.94% | -1.01% |
| Otago Region | $721,623 | 0.59% | 0.89% | 0.38% |
| Central Otago District | $849,365 | -0.17% | 1.58% | 1.47% |
| Queenstown-Lakes District | $1,768,507 | 0.83% | 1.03% | 0.17% |
| Dunedin City | $620,128 | 0.45% | 0.66% | 0.10% |
| Clutha District | $441,835 | 0.36% | 1.09% | 3.83% |
| Southland Region | $510,348 | 0.26% | 1.17% | 5.11% |
| Southland District | $572,938 | 0.07% | 0.40% | 4.11% |
| Gore District | $439,501 | 0.44% | 0.52% | 5.39% |
| Invercargill City | $506,858 | 0.33% | 1.64% | 5.51% |
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.