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.
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| 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% |
14 Comments
Its Doomed!
Hey now! I came here to get my daily dose of humor from welly-F..kedHB not some generic DGM comment!
"Tony Alexander: Agents tell it straight - the housing market is grinding to a halt"
https://www.oneroof.co.nz/news/tony-alexander-agents-tell-it-straight-t….
Dooooooomed
The net proportion of agents saying that prices are rising in their area has gone from 21% four months ago to -2% a month ago, and now a net 27% say prices are going down again.
This could be an interesting stat to watch
Specu tax free gains are done. Yield is mile back. Govt change could make things worse. Why would investor jump in in spades...?
Well well, the owner of all prop stats says it's Doom and Gloom. Its only really an issue for the interest only seminar suckers who over stacked leverage without suitable foundation's.
The stagflation steamroller is coming to the ponzivestor near you.
Have to say it's funny to read the "denial" posts on what's unfolding. Most of the last ten years ponzi posters can't afford the 27c a day to keep their contributions up. Note "denial" comes before the "bull trap" (it's all ok) then comes "fear"and "capitulation".
Regardless, we are in the blowout phase.
🍿
We did it guys. All it did was constantly talking about it
And World War 3
Realizing you are doomed takes time to process.
Yup
I am finishing up a few remaining contracts
And sitting on the beach for a year or two watching it play out.
Some great places in NZ and Bali to sit on the beach
And what did people achieve by spending decades telling each other that 'house prices double every 10 years - guaranteed' and 'you can't lose with housing' and 'the best time to buy housing was yesterday' and the goals of the PIA members is to 'own a portfolio of 100 houses'
What good did this achieve for our society? Other than over inflate our housing market and cause people to behave like greedy children?
Did these people celebrate and say 'we did it guys' - we now have some the worlds most expensive houses and a country where young people want to leave because the future prospects of home ownership and starting a family seem so grim.
That is the real sad story in my opinion - not what is unfolding now. What is unfolding now is the consequence of the foolishness of those who happily gloated about the things I mention above.
Taking ones medicine can be a bitter experience.
Unaffordable urban housing is a very old story.
What's less old, is the level of comfort, peace and abundance we've enjoyed for not very long.
The economy is all intrinsically linked, so without any significant process of decompartmentalisation, the unwinding of house values is going to coincide with the toughest living conditions most in our society haven't faced for generation.
Hip-hip
Did these people celebrate and say 'we did it guys' - we now have some the worlds most expensive houses and a country where young people want to leave because the future prospects of home ownership and starting a family seem so grim.
No, but I'm certain that some parties hosted by these people were off the CHAIN XD
Happy Easter weekend ahead to all. Eat, drink and be merry with family and friends. We live another day and harvest what we can from each.
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