Housing values have been flat overall so far this year, according to property data company Cotality's latest Home Value Index (HVI) figures.
The national median residential property value was $806,697 in February, according to the HVI. That's up 0.2% compared to January, which in turn was down 0.1% compared to December.
Looking back over the longer term, February's median price was down 0.1% compared to three months ago, and down 1.2% compared to 12 months ago.
That suggests property values have now been largely flat for more than a year, although the median value remains 17.3% down from its peak in early 2022.
Around the regions, value changes over the year to February ranged from a 3.2% loss of value in Auckland to a 5.7% gain in Southland.
"A modest lift in national property values in a single month in February is nothing to get carried away about," Cotality NZ Chief Property Economist Kelvin Davidson said.
"Given the cautious attitude that still prevails among both buyers and sellers, we'd need to see at least two to three more monthly increases before calling it a trend," Davidson said.
"Moreover, even if that upswing does begin in earnest this year, values are still down more than 17% from their peak, with conditions remaining pretty favourable for first home buyers and those investors looking to start or expand a portfolio."
"On the flipside, many vendors will be getting prices below what they expected a few years ago," Davidson said.
The HVI table below shows the latest median dwelling values and their recent movements in all districts throughout the country.
| Cotality Home Value Index | ||||
| February 2026 | ||||
| Region/District | Median Residential Value | Change 1 month | Change 3 months | Change 12 months |
| All of Aotearoa | $806,697 | 0.2% | -0.1% | -1.2% |
| Northland Region | $703,035 | 0.0% | -1.0% | -2.0% |
| Far North District | $656,643 | -0.6% | -2.3% | -3.0% |
| Whangarei District | $717,833 | 0.1% | -0.9% | -1.7% |
| Kaipara District | $762,298 | 0.7% | 1.6% | -1.6% |
| Auckland Region | $1,040,913 | 0.1% | -0.8% | -3.2% |
| Auckland - Rodney | $1,194,695 | 0.0% | -0.4% | -2.0% |
| Auckland - North Shore | $1,283,944 | 0.1% | -0.2% | -0.8% |
| Auckland - Waitakere | $917,487 | 0.0% | -0.8% | -2.5% |
| Auckland - Central | $1,104,846 | 0.0% | -1.4% | -4.5% |
| Auckland - Manukau | $967,728 | 0.1% | -0.8% | -3.9% |
| Auckland - Papakura | $812,347 | 0.2% | 0.3% | -3.3% |
| Auckland - Franklin | $918,325 | 0.1% | -0.4% | -2.9% |
| Waikato Region | $770,381 | 0.2% | 0.0% | -0.8% |
| Thames-Coromandel District | $996,757 | -0.1% | -0.3% | -1.9% |
| Hauraki District | $639,360 | 0.3% | -0.6% | -0.7% |
| Waikato District | $928,364 | -0.4% | -0.4% | 1.0% |
| Matamata-Piako District | $724,337 | -0.4% | -0.7% | -0.7% |
| Hamilton City | $711,669 | 0.9% | 0.5% | -1.2% |
| Waipa District | $914,509 | 0.1% | -0.1% | -1.0% |
| Otorohanga District | $626,474 | -0.6% | -0.6% | -1.3% |
| South Waikato District | $431,014 | 0.6% | 0.8% | 0.2% |
| Waitomo District | $448,761 | 0.9% | 0.9% | 0.5% |
| Taupo District | $816,035 | 0.2% | 0.8% | -0.4% |
| Bay of Plenty Region | $838,779 | 0.4% | 0.3% | -0.1% |
| Western Bay of Plenty District | $1,017,760 | 0.4% | 0.2% | -2.7% |
| Tauranga City | $930,470 | 0.5% | 0.6% | 1.1% |
| Rotorua District | $629,451 | -0.1% | 0.0% | -0.2% |
| Whakatane District | $691,362 | 0.2% | -0.5% | -1.8% |
| Kawerau District | $415,541 | 0.6% | 0.6% | 2.4% |
| Opotiki District | $593,635 | 0.7% | 0.5% | -1.6% |
| Gisborne Region | $623,830 | 0.9% | 1.1% | 4.3% |
| Gisborne District | $623,830 | 0.9% | 1.1% | 4.3% |
| Hawke's Bay Region | $694,110 | 0.3% | -0.7% | -0.5% |
| Wairoa District | $444,058 | 1.3% | 0.7% | 8.4% |
| Hastings District | $712,171 | 0.2% | -1.8% | -1.2% |
| Napier City | $703,516 | 0.4% | 0.4% | -0.3% |
| Central Hawke's Bay District | $595,225 | 0.5% | 0.3% | 0.4% |
| Taranaki Region | $637,919 | -0.2% | -0.4% | -0.3% |
| New Plymouth District | $701,113 | -0.1% | -0.4% | -0.8% |
| Stratford District | $535,150 | -0.1% | -0.5% | 2.5% |
| South Taranaki District | $463,280 | -0.2% | -0.4% | 1.5% |
| Manawatu-Whanganui Region | $548,523 | 0.0% | 0.0% | -0.2% |
| Ruapehu District | $386,240 | -0.3% | 0.1% | -1.9% |
| Whanganui District | $521,106 | 1.2% | 1.3% | 2.5% |
| Rangitikei District | $434,854 | -0.1% | -0.5% | -1.7% |
| Manawatu District | $611,828 | 0.1% | -1.2% | -3.0% |
| Palmerston North City | $607,217 | 0.0% | 0.3% | 0.6% |
| Tararua District | $424,504 | -0.6% | -1.9% | -3.4% |
| Horowhenua District | $524,942 | -1.0% | -0.8% | -1.1% |
| Wellington Region | $765,158 | 0.3% | 0.1% | -1.8% |
| Kapiti Coast District | $787,008 | -0.1% | -0.1% | -3.5% |
| Porirua City | $719,858 | -0.3% | -1.4% | -3.4% |
| Upper Hutt City | $708,605 | -0.1% | -0.2% | -1.8% |
| Lower Hutt City | $663,635 | 0.0% | -1.0% | -2.6% |
| Wellington City | $875,710 | 0.8% | 1.1% | -0.3% |
| Masterton District | $559,834 | 0.0% | -0.7% | -3.9% |
| Carterton District | $660,806 | -0.2% | -1.7% | -4.2% |
| South Wairarapa District | $755,975 | -0.2% | -1.6% | -3.0% |
| Tasman Nelson Marlborough Region | $750,687 | 0.3% | 0.5% | -1.4% |
| Tasman District | $848,725 | 0.2% | 0.8% | -0.8% |
| Nelson City | $718,436 | 0.2% | -0.4% | -2.2% |
| Marlborough District | $680,783 | 0.4% | 1.3% | -1.3% |
| Kaikoura District | $826,520 | -0.1% | 0.4% | 3.4% |
| West Coast Region | $435,040 | 0.8% | 0.9% | 3.3% |
| Buller District | $387,181 | 0.7% | 1.2% | 3.1% |
| Grey District | $438,761 | 0.9% | 1.1% | 3.2% |
| Westland District | $496,559 | 1.0% | 0.5% | 4.0% |
| Canterbury Region | $718,551 | 0.6% | 1.0% | 2.9% |
| Hurunui District | $715,435 | 0.2% | 1.1% | 0.9% |
| Waimakariri District | $788,329 | 0.7% | 1.6% | 4.1% |
| Christchurch City | $701,152 | 0.6% | 0.9% | 2.8% |
| Selwyn District | $885,886 | 0.6% | 1.3% | 2.8% |
| Ashburton District | $567,908 | 0.7% | 1.1% | 4.0% |
| Timaru District | $534,754 | 0.4% | 0.5% | 0.6% |
| Mackenzie District | $730,801 | 0.8% | 1.7% | 2.6% |
| Waimate District | $510,347 | 0.6% | 1.8% | 3.0% |
| Otago Region | $703,400 | 0.5% | 0.7% | 0.7% |
| Waitaki District | $483,530 | 0.6% | 0.1% | -1.9% |
| Central Otago District | $877,449 | 0.2% | 0.4% | 2.2% |
| Queenstown-Lakes District | $1,526,975 | 0.1% | 0.3% | 0.0% |
| Dunedin City | $619,067 | 0.9% | 1.3% | 0.9% |
| Clutha District | $445,866 | 0.0% | -0.4% | 3.2% |
| Southland Region | $521,036 | 1.0% | 1.9% | 5.7% |
| Southland District | $601,502 | 0.9% | 2.2% | 5.2% |
| Gore District | $490,752 | 1.2% | 1.5% | 5.1% |
| Invercargill City | $515,067 | 1.1% | 1.9% | 6.1% |
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