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.
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| 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% |
21 Comments
Welly and Awkland a sea of red.
Funny Barfoots was saying best Auckland results since 2024
There are lies, damn lies and statistics.
Flat in peak season, probably down over the winter then.
Peak season is March, not January when many people are on holiday.
Its BOOMIN
BLOOMING AWFUL.
It's a Tsunami!
Remind me never to go surfing with you guys.
The Aotearoa Ponzi looks to be a safe haven in an uncertain world of asset prices.
Yep....next bigly leg down has begun.
Cant wait to see the upside dowm hockey stick, on the FRED charts, come late 2026.
Its watch out below!!- for a falling NZ Housing market.
I know, it could be a slide from .1% to .2%. Paper losses in the thousands of dollars.
There will be riots in the streets, cats and dogs living together, you name it.
For the 'house prices double every 10 years' mantra that was being pushed heavily by REA and Property Investors Association members or any other vested interest, then prices in Auckland for example, need to up by over $1,000,000 in the next 5 years (on average) to double from the 2021 peak.
Pretty much impossible from every way in which I view it.
The price to build a new house definitely doubles every 7 years.
The ability to pay for it fluctuates. Mostly down.
West coast on the up. I've spoken to a few from around there saying rentals are scarce in Greymouth with the new mining going ahead, and know of one currently doing up a place with the expectation of decent rent at the end of the tunnel.
WET Coast. Nice place to visit for 3 days.
But if your main love in life, is swatting various species of sandflies, living in constant Wetness and looking down the barrel of an overdue, fatly pregnant, mega thrust earthquake........go ahead fill your guts with WetCoast 100 year old borer chewwed plank houses.
Otherwise a nice place bush walk.
It has character.... I was last in Reefton during Auckland lockdown, you could have gone to sleep in the middle of the street and not been run over, if you like hunting skiing kayaking etc its amazing.
Some pretty decent brown trout fishing as well around there (when its not flooded!)
Yes have stayed and avoided the perils of the rancid waters of Reefton town.
More enjoyed accomodations at Blacks Pt, Victoria forest.
Better still, the Grey Rivers North bank.
I have killed every variety of blood sucking, flying hoard. Keep moving is the best defence!
Up North of Westport are some of the best beaches in the country on a sunny day.
And the hills above Murchison are pretty awesome for a 6-10 day trek.
I'd happily live there if it got more sun.
However it is nicknamed methport for a reason
so me a rural town and I will show you a meth disaster... hell does not even have to be rural , its NZs biggest drug issue.
Land still too high. Houses, apartments and terraced house in Akl need to drop another 10%. I'm waiting in anticipation to see if Fletcher Living actually gets sold. They can't be hurting too badly if they still have stock on their books.
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