April saw a very slight increase in the national residential property value, although median values in Auckland and Wellington declined during the month, according to property data company Cotality's latest NZ Home Value Index.
The national median residential value was $809,101 in April, up just 0.1% compared to March, although that was the third consecutive monthly increase.
Around the regions the biggest monthly increases were in Gisborne, Otago and Southland, all up 0.6% for the month.
The biggest regional declines in value were in Hawke's Bay -0.5%, Auckland -0.1% and Wellington -0.1%.
Cotality NZ Chief Property Economist Kelvin Davidson said the slight increase in the national median value was surprising.
"We've now seen property values edge higher for three months in a row, despite the sluggish start in 2026 for sales volumes, listings still elevated, the Iran conflict emerging, mortgage rates gradually rising and economic indicators worsening," Davidson said.
"Given all of that, it's quite surprising property values have crept up on average, although ....it's not universal in every area, with key centres such as Auckland and Wellington still looking pretty soft."
"In addition, we've been here before, with small upturns at the start of both 2024 and 2025 eventually going into reverse," Davidson said.
"With Iran-related uncertainty currently very high, it would hardly be a surprise to see that pattern repeat in the next 3-6 months," he said.
Overall, Davidson expected the property market to remain sluggish this year.
"In an environment where an Official Cash Rate rise seems likely sooner rather than later, although the economy is also turning, it's difficult to envisage anything than another sluggish year for the housing market in 2026," he said.
See the table below for the full district values throughout New Zealand and their changes over one, three and 12 months.
| Cotality Home Value Index | ||||
| April 2026 | ||||
| Region/District | Median Value | 1 month change | 3 month change | 12 month change |
| All of New Zealand | $809,101 | 0.1% | 0.6% | -0.8% |
| Southland | $529,155 | 0.6% | 1.6% | 6.5% |
| Northland Region | $709,022 | 0.5% | 2.0% | -0.8% |
| Far North District | $638,087 | -0.1% | 0.8% | -3.0% |
| Whangarei District | $731,430 | 0.9% | 2.7% | 0.4% |
| Kaipara District | $786,781 | 0.5% | 1.7% | -0.8% |
| Auckland Region | $1,049,650 | -0.1% | 0.2% | -3.0% |
| Auckland - Rodney | $1,208,580 | 0.0% | 0.0% | -2.3% |
| Auckland - North Shore | $1,296,803 | 0.1% | 0.5% | -0.2% |
| Auckland - Waitakere | $920,149 | -0.4% | -0.9% | -2.7% |
| Auckland - Central | $1,106,941 | -0.2% | 0.4% | -4.5% |
| Auckland - Manukau | $966,143 | 0.0% | 0.6% | -3.0% |
| Auckland - Papakura | $799,490 | 0.1% | 0.4% | -2.5% |
| Auckland - Franklin | $914,811 | -0.1% | -0.8% | -2.9% |
| Waikato Region | $780,154 | 0.4% | 1.1% | -0.1% |
| Thames-Coromandel District | $1,014,223 | 1.0% | 2.0% | 0.6% |
| Hauraki District | $629,867 | 0.1% | 0.9% | -0.3% |
| Waikato District | $949,821 | 0.6% | 1.9% | 2.3% |
| Matamata-Piako District | $716,725 | 0.3% | -0.4% | -0.6% |
| Hamilton City | $740,213 | 0.3% | 1.1% | -1.5% |
| Waipa District | $898,279 | 0.0% | 0.6% | -0.9% |
| Otorohanga District | $630,365 | 0.1% | -1.0% | -1.7% |
| South Waikato District | $443,692 | 0.1% | 1.1% | 1.6% |
| Waitomo District | $452,777 | 0.2% | 1.2% | 3.1% |
| Taupo District | $762,398 | -0.2% | 0.0% | 0.0% |
| Bay of Plenty Region | $852,351 | 0.5% | 0.8% | 1.0% |
| Western Bay of Plenty District | $1,056,198 | 0.6% | 1.8% | 0.7% |
| Tauranga City | $932,335 | 0.4% | 0.7% | 2.0% |
| Rotorua District | $640,221 | 0.3% | 0.0% | -0.2% |
| Whakatane District | $687,908 | 0.6% | 0.4% | -2.5% |
| Kawerau District | $419,729 | 0.6% | 1.4% | 1.2% |
| Opotiki District | $588,972 | 0.6% | 0.4% | -0.7% |
| Gisborne Region | $606,102 | 0.6% | 1.9% | 4.0% |
| Gisborne District | $606,102 | 0.6% | 1.9% | 4.0% |
| Wairoa District | $402,457 | -1.5% | 2.2% | 4.2% |
| Hawke's Bay Region | $683,387 | -0.5% | -0.5% | -0.6% |
| Hastings District | $710,458 | -1.0% | -0.8% | -1.4% |
| Napier City | $703,442 | 0.2% | -0.1% | -0.3% |
| Central Hawke's Bay District | $588,389 | -0.7% | -0.9% | 0.8% |
| Taranaki Region | $635,028 | -0.2% | -0.1% | -1.0% |
| New Plymouth District | $696,367 | -0.1% | -0.1% | -1.4% |
| Stratford District | $531,502 | -0.2% | 0.4% | 1.1% |
| South Taranaki District | $444,478 | -0.5% | -0.4% | 0.2% |
| Manawatu-Whanganui Region | $544,456 | 0.0% | -0.6% | -0.4% |
| Ruapehu District | $383,908 | 0.1% | -1.9% | -2.3% |
| Whanganui District | $507,039 | 0.2% | -0.3% | 1.1% |
| Rangitikei District | $438,966 | 0.1% | 1.5% | 1.8% |
| Manawatu District | $620,723 | 0.0% | 0.3% | -3.1% |
| Palmerston North City | $605,835 | 0.2% | -0.5% | 1.3% |
| Tararua District | $405,352 | -0.3% | -2.5% | -4.8% |
| Horowhenua District | $517,750 | -0.5% | -1.9% | -2.5% |
| Wellington Region | $769,646 | -0.1% | 0.3% | -1.2% |
| Kapiti Coast District | $788,483 | 0.1% | 1.3% | -2.3% |
| Porirua City | $777,311 | 0.0% | 1.0% | -2.0% |
| Upper Hutt City | $717,832 | -0.3% | -0.3% | -1.1% |
| Lower Hutt City | $659,051 | -0.2% | -0.6% | -2.8% |
| Wellington City | $876,178 | -0.1% | 0.0% | -0.2% |
| Masterton District | $559,974 | -0.8% | 0.8% | -2.0% |
| Carterton District | $674,992 | 0.0% | 0.3% | -2.1% |
| South Wairarapa District | $801,781 | -0.1% | 1.7% | 1.7% |
| Tasman Nelson Marlborough Region | $767,246 | 0.3% | 0.9% | 0.0% |
| Tasman District | $879,250 | 0.5% | 1.0% | 0.6% |
| Nelson City | $737,586 | 0.2% | 0.7% | -0.4% |
| Marlborough District | $672,277 | 0.3% | 0.9% | -0.4% |
| Kaikoura District | $808,180 | 0.2% | -1.0% | 0.7% |
| West Coast Region | $446,266 | 0.4% | -0.2% | 4.8% |
| Buller District | $395,457 | 0.7% | -0.7% | 1.6% |
| Grey District | $452,032 | -0.1% | -1.3% | 5.8% |
| Westland District | $512,456 | 0.8% | 1.8% | 6.5% |
| Canterbury Region | $720,170 | 0.4% | 1.4% | 2.9% |
| Hurunui District | $692,519 | 0.6% | 1.5% | 1.6% |
| Waimakariri District | $786,459 | 0.8% | 1.1% | 4.4% |
| Christchurch City | $706,245 | 0.4% | 1.7% | 3.0% |
| Selwyn District | $890,090 | 0.3% | 0.5% | 2.4% |
| Ashburton District | $564,193 | 0.1% | 1.1% | 4.3% |
| Timaru District | $522,976 | 0.1% | 0.6% | 1.7% |
| Mackenzie District | $729,711 | 1.0% | 1.4% | 2.3% |
| Waimate District | $503,308 | 0.2% | 0.5% | 0.8% |
| Otago Region | $714,630 | 0.6% | 1.7% | 3.0% |
| Waitaki District | $512,341 | 1.1% | 1.3% | -1.8% |
| Central Otago District | $894,543 | 0.8% | 1.5% | 2.5% |
| Queenstown-Lakes District | $1,577,842 | 0.4% | 1.5% | 3.3% |
| Dunedin City | $633,632 | 0.8% | 2.2% | 3.1% |
| Southland Region | $529,155 | 0.6% | 1.6% | 6.5% |
| Clutha District | $433,761 | 0.1% | 0.3% | 3.1% |
| Southland District | $594,069 | 0.7% | 2.4% | 8.8% |
| Gore District | $478,702 | 0.5% | 1.2% | 4.8% |
| Invercargill City | $521,702 | 0.5% | 1.3% | 5.8% |
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