Housing values were almost as flat as a pancake in March, according to the Cotality Home Value Index.
The national median dwelling value was $802,599 in March, up just 0.17% compared to February, and down 1.26% compared to March last year.
However, there were significant differences in value movements between North and South Island centres.
There was no change in median values in Auckland and Tauranga, while median values in Hamilton and Wellington both declined 0.1%.
In the South Island the median value in Christchurch increased 0.6% March, and Dunedin's median value increased 0.7%.
The 0.2% increase in the national median value in March matched February's increase.
However, the national median dwelling value in March was still $165,734 lower (-17.1%) compared to the market peak in early 2022.
"Coming off the back of February's small gain, the latest rise means we've now had two increases in a row, potentially signalling a change in trend," Cotality NZ Chief Property Economist Kelvin Davidson said.
"That being said, the increases in national values in the last two months clearly remain small and have only made a minor difference to the drop from early 2022's peak," he said.
"The Iran conflict is throwing an extra layer of uncertainty over everything.
"In the property market, values were already still proving slow to respond to the falls in mortgage rates since mid-2024 and the nascent economic recovery," Davidson said.
"The missing piece has probably been a confidence factor, and now, in light of the latest conflict and sharply higher fuel prices, it's difficult to see housing sentiment or property values lifting sharply in the near term.
"In a nutshell, both the economy and housing market still face a testing period ahead," Davidson said.
| Cotality NZ Home Value Index | ||||
| Residential Dwellings | ||||
| March 2026 | ||||
| Median Value | 1 Month Change | 3 month Change | 12 month Change | |
| Region/District | ||||
| All of Aotearoa | $802,599 | 0.17% | 0.29% | -1.26% |
| Far North District | $630,213 | 0.08% | -1.51% | -3.81% |
| Whangarei District | $725,087 | 0.44% | 0.39% | -1.35% |
| Kaipara District | $789,560 | -0.07% | 0.18% | -1.52% |
| Auckland Region | $1,039,955 | -0.02% | -0.18% | -3.39% |
| Auckland - Rodney | $1,194,535 | -0.33% | -0.62% | -2.42% |
| Auckland - North Shore | $1,299,465 | 0.20% | 0.13% | -0.85% |
| Auckland - Waitakere | $902,907 | -0.27% | -0.84% | -2.67% |
| Auckland - Central | $1,073,683 | -0.09% | -0.15% | -4.79% |
| Auckland - Manukau | $975,458 | 0.27% | 0.29% | -3.84% |
| Auckland - Papakura | $796,089 | -0.14% | -0.42% | -3.42% |
| Auckland - Franklin | $916,700 | -0.41% | -0.92% | -3.85% |
| Waikato Region | $775,452 | 0.12% | 0.32% | -1.34% |
| Thames-Coromandel District | $1,019,482 | 0.60% | 1.81% | -0.86% |
| Hauraki District | $642,654 | 0.05% | 0.13% | -0.85% |
| Waikato District | $923,382 | 0.74% | 0.27% | -0.50% |
| Matamata-Piako District | $719,762 | -0.37% | -0.98% | -0.32% |
| Hamilton City | $723,721 | -0.06% | 0.61% | -2.11% |
| Waipa District | $888,976 | -0.37% | -0.44% | -1.98% |
| Otorohanga District | $636,381 | 0.76% | 0.28% | -0.80% |
| South Waikato District | $430,474 | 0.09% | -0.39% | -0.37% |
| Waitomo District | $451,900 | 0.36% | 1.11% | 2.88% |
| Taupo District | $776,819 | -0.41% | -0.67% | -1.40% |
| Bay of Plenty Region | $842,295 | 0.27% | 0.55% | 0.68% |
| Western Bay of Plenty District | $1,049,945 | 1.25% | 2.18% | 0.10% |
| Tauranga City | $917,527 | 0.00% | 0.14% | 2.01% |
| Rotorua District | $652,298 | 0.20% | 0.63% | -0.78% |
| Whakatane District | $695,239 | -0.11% | -0.80% | -3.06% |
| Kawerau District | $410,034 | 0.01% | 0.06% | 0.32% |
| Opotiki District | $592,469 | 0.19% | -0.08% | -2.39% |
| Gisborne Region | $608,363 | 0.85% | 1.37% | 4.04% |
| Gisborne District | $608,363 | 0.85% | 1.37% | 4.04% |
| Hawke's Bay Region | $692,070 | 0.33% | 0.90% | -0.01% |
| Wairoa District | $371,553 | -0.57% | 4.00% | 7.39% |
| Hastings District | $730,431 | 0.22% | 0.64% | -0.53% |
| Napier City | $710,615 | 0.70% | 1.30% | 0.09% |
| Central Hawke's Bay District | $591,168 | -0.67% | 0.02% | 0.40% |
| Taranaki Region | $643,827 | 0.16% | -0.97% | -1.42% |
| New Plymouth District | $698,943 | 0.10% | -0.95% | -1.73% |
| Stratford District | $536,547 | 0.48% | -0.84% | -0.01% |
| South Taranaki District | $439,509 | 0.47% | -1.17% | -0.35% |
| Manawatu-Whanganui Region | $535,562 | 0.01% | 0.12% | 0.01% |
| Ruapehu District | $385,264 | -0.12% | -1.42% | -3.42% |
| Whanganui District | $497,509 | 0.31% | 1.26% | 2.42% |
| Rangitikei District | $438,515 | 0.14% | 2.50% | 1.63% |
| Manawatu District | $625,282 | -0.18% | -0.29% | -3.68% |
| Palmerston North City | $594,523 | 0.06% | 0.67% | 1.80% |
| Tararua District | $420,986 | -0.28% | -2.40% | -4.18% |
| Horowhenua District | $518,266 | -0.17% | -1.60% | -1.81% |
| Wellington Region | $761,753 | 0.04% | 0.28% | -1.91% |
| Kapiti Coast District | $786,281 | 0.73% | 1.71% | -2.23% |
| Porirua City | $731,942 | -0.11% | -0.53% | -3.01% |
| Upper Hutt City | $707,441 | 0.93% | 1.02% | -0.73% |
| Lower Hutt City | $657,422 | -0.58% | -0.51% | -3.41% |
| Wellington City | $857,311 | 0.00% | 0.39% | -0.83% |
| Masterton District | $556,656 | 0.41% | -0.24% | -2.77% |
| Carterton District | $673,501 | -0.53% | -0.79% | -4.41% |
| South Wairarapa District | $768,436 | -0.56% | -0.54% | -3.29% |
| Tasman Nelson Marlborough | $750,764 | 0.47% | 0.38% | -0.75% |
| Tasman District | $858,656 | 0.59% | 0.39% | -0.12% |
| Nelson City | $714,059 | 0.40% | 0.71% | -1.11% |
| Marlborough District | $674,020 | 0.40% | 0.04% | -1.06% |
| Kaikoura District | $821,932 | 0.01% | -0.53% | 1.90% |
| West Coast Region | $453,269 | 0.63% | 2.26% | 5.59% |
| Buller District | $397,647 | 0.28% | 0.66% | 3.34% |
| Grey District | $461,521 | 0.74% | 3.04% | 7.02% |
| Westland District | $516,100 | 0.81% | 2.68% | 5.75% |
| Canterbury Region | $711,162 | 0.50% | 1.00% | 2.47% |
| Hurunui District | $684,585 | 0.31% | 1.32% | 0.94% |
| Waimakariri District | $787,616 | 0.34% | 1.18% | 3.74% |
| Christchurch City | $689,739 | 0.64% | 1.09% | 2.41% |
| Selwyn District | $877,047 | 0.31% | 0.91% | 2.39% |
| Ashburton District | $550,352 | 0.53% | 0.93% | 3.85% |
| Timaru District | $529,284 | 0.08% | 0.24% | 0.86% |
| Mackenzie District | $728,249 | -0.01% | 0.82% | 0.96% |
| Waimate District | $505,178 | -0.18% | 0.50% | 1.47% |
| Waitaki District | $491,479 | -0.30% | -0.90% | -2.41% |
| Otago Region | $688,898 | 0.49% | 1.71% | 2.41% |
| Central Otago District | $901,789 | 1.15% | 1.19% | 3.13% |
| Queenstown-Lakes District | $1,583,378 | 0.30% | 2.20% | 2.90% |
| Dunedin City | $622,269 | 0.68% | 1.73% | 2.05% |
| Clutha District | $434,433 | -0.51% | -0.74% | 2.91% |
| Southland Region | $534,122 | 1.51% | 2.36% | 6.54% |
| Southland District | $582,717 | 1.10% | 1.88% | 5.70% |
| Gore District | $485,167 | 1.49% | 1.91% | 5.60% |
| Invercargill City | $531,571 | 1.69% | 2.65% | 7.06% |
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