New Zealand housing values are treading water, according to property data company Cotality.
The Cotality Home Value Index (HVI) for May shows the national median dwelling value was $808,187 in May, almost unchanged from April, and down 0.1% over the last three months.
The median value was also down 0.6% compared to April last year and 17% below its peak in early 2022.
Around the main centres, values declined in Auckland and Wellington in May but increased in Hamilton, Tauranga, Christchurch and Dunedin, although none of the movements was big. See the HVI table below for the full value changes across all districts.
Cotality NZ Chief Property economist Kelvin Davidson said May's flat result was a continuation of the sluggish market seen so far in 2026, with no clear directional change in sight.
"Property values are generally stuck in neutral at the national level, with buyers in no major rush, but sellers not having to capitulate either," Davidson said.
"There are differing patterns beneath the surface," he said.
"Key areas, including Auckland and Wellington are still subdued, while even 'strong' markets such as Christchurch or Invercargill aren't racing away. Interest rates have already lifted in recent months and there's likely to be more to come the longer the Iran conflict continues.
"At the same time, consumer and business confidence has been hit hard and there are other signs of economic weakness coming through, such as falls in consumer spending," Davidson said.
"It all adds up to significant headwinds for sales activity and property values in coming months."
| Cotality NZ Home Value Index | ||||
| May 2026 | ||||
| Median value | 1 month change | 3 month change | 12 month change | |
| All of Aotearoa | $808,187 | -0.01% | -0.14% | -0.64% |
| Northland Region | $712,463 | 0.11% | 0.08% | -1.45% |
| Far North District | $673,656 | 0.21% | 0.66% | -2.32% |
| Whangarei District | $714,981 | -0.10% | -0.75% | -1.28% |
| Kaipara District | $817,732 | 0.60% | 1.62% | -0.56% |
| Auckland Region | $1,046,164 | -0.16% | -0.49% | -2.61% |
| Auckland - Rodney | $1,213,529 | 0.19% | 0.42% | -0.96% |
| Auckland - North Shore | $1,283,437 | -0.20% | -0.74% | -0.39% |
| Auckland - Waitakere | $910,416 | -0.27% | -0.46% | -2.08% |
| Auckland - Central | $1,114,879 | -0.17% | -0.79% | -4.14% |
| Auckland - Manukau | $964,836 | -0.23% | -0.18% | -2.72% |
| Auckland - Papakura | $804,839 | -0.32% | -0.61% | -2.91% |
| Auckland - Franklin | $925,552 | 0.03% | -0.41% | -2.69% |
| Waikato Region | $778,077 | -0.04% | 0.31% | -0.17% |
| Thames-Coromandel District | $984,266 | 0.86% | 2.18% | 1.37% |
| Hauraki District | $633,718 | -0.34% | 0.57% | 0.49% |
| Waikato District | $944,531 | -0.92% | -0.51% | 0.51% |
| Matamata-Piako District | $717,272 | -0.35% | -0.89% | 0.14% |
| Hamilton City | $726,936 | 0.12% | 0.22% | -1.39% |
| Waipa District | $910,497 | 0.29% | 0.27% | -0.91% |
| Otorohanga District | $635,433 | -0.08% | -0.37% | -1.57% |
| South Waikato District | $432,526 | -0.24% | 0.98% | 2.89% |
| Bay of Plenty Region | $845,369 | 0.21% | 0.04% | 0.95% |
| Waitomo District | $451,279 | -0.29% | 0.16% | 5.34% |
| Taupo District | $809,248 | -0.34% | -0.17% | -0.07% |
| Western Bay of Plenty District | $1,041,556 | 0.21% | 0.44% | 0.90% |
| Tauranga City | $935,685 | 0.22% | -0.08% | 1.73% |
| Rotorua District | $648,493 | 0.64% | 0.45% | 0.49% |
| Whakatane District | $693,759 | -0.35% | -0.69% | -2.42% |
| Kawerau District | $425,139 | -0.41% | -0.03% | -0.13% |
| Opotiki District | $588,692 | -0.46% | -0.55% | -1.39% |
| Gisborne Region | $622,768 | 0.21% | 0.91% | 4.27% |
| Gisborne District | $622,768 | 0.21% | 0.91% | 4.27% |
| Wairoa District | $379,869 | -0.65% | -3.93% | -2.10% |
| Hawke's Bay Region | $670,709 | -0.19% | -1.96% | -2.31% |
| Hastings District | $692,110 | -0.42% | -2.56% | -3.25% |
| Napier City | $696,067 | 0.06% | -1.21% | -1.59% |
| Central Hawke's Bay District | $576,777 | 0.08% | -1.18% | -0.75% |
| Taranaki Region | $634,760 | 0.02% | -0.09% | -0.89% |
| New Plymouth District | $696,387 | -0.02% | -0.15% | -1.14% |
| Stratford District | $533,313 | 0.33% | 0.17% | 0.92% |
| South Taranaki District | $458,160 | 0.10% | 0.17% | -0.47% |
| Manawatu-Whanganui Region | $545,719 | 0.13% | -0.61% | -0.61% |
| Ruapehu District | $382,545 | -0.32% | -1.57% | -2.60% |
| Whanganui District | $506,755 | 0.78% | -0.67% | 0.65% |
| Rangitikei District | $439,476 | 0.69% | 0.26% | 2.41% |
| Manawatu District | $631,617 | 0.19% | 0.61% | -2.70% |
| Palmerston North City | $606,124 | 0.07% | -0.27% | 1.22% |
| Tararua District | $429,823 | -0.54% | 0.53% | -3.53% |
| Horowhenua District | $509,710 | -0.49% | -2.77% | -3.80% |
| Wellington Region | $773,899 | -0.22% | -0.41% | -1.25% |
| Kapiti Coast District | $819,808 | 0.67% | 1.01% | -1.71% |
| Porirua City | $763,455 | 0.22% | -0.35% | -2.13% |
| Upper Hutt City | $715,294 | 0.32% | 0.36% | -0.65% |
| Lower Hutt City | $668,450 | -0.11% | -0.88% | -4.03% |
| Wellington City | $871,120 | -0.59% | -0.72% | 0.15% |
| Masterton District | $564,103 | -0.88% | -1.09% | -2.22% |
| Carterton District | $655,923 | 0.65% | 0.12% | -1.57% |
| South Wairarapa District | $782,928 | 0.83% | 0.36% | 2.10% |
| Tasman Nelson Marlborough | $746,209 | 0.18% | -0.29% | -1.23% |
| Tasman District | $854,829 | 0.26% | -0.17% | -0.28% |
| Nelson City | $716,765 | 0.14% | -0.52% | -1.57% |
| Marlborough District | $647,901 | 0.10% | -0.23% | -2.06% |
| Kaikoura District | $800,927 | -0.02% | -0.63% | 0.66% |
| West Coast Region | $453,439 | 0.33% | 0.28% | 4.88% |
| Buller District | $398,891 | 0.51% | -0.20% | 1.28% |
| Grey District | $463,827 | 0.01% | -0.31% | 6.90% |
| Westland District | $516,778 | 0.63% | 1.43% | 5.48% |
| Canterbury Region | $719,128 | 0.31% | 0.88% | 3.01% |
| Hurunui District | $691,664 | 0.53% | 0.94% | 1.82% |
| Waimakariri District | $779,026 | 0.19% | 0.41% | 4.06% |
| Christchurch City | $702,359 | 0.44% | 1.40% | 3.16% |
| Selwyn District | $886,751 | -0.03% | -0.23% | 2.73% |
| Ashburton District | $585,475 | 0.51% | 0.46% | 4.48% |
| Timaru District | $528,847 | -0.19% | -0.54% | 0.54% |
| Mackenzie District | $733,435 | 0.48% | 1.03% | 1.98% |
| Waimate District | $509,100 | 0.00% | -0.51% | 1.57% |
| Otago Region | $738,870 | 0.24% | 0.24% | 3.78% |
| Waitaki District | $490,111 | 0.86% | 0.06% | -1.69% |
| Central Otago District | $940,188 | 0.33% | 1.59% | 4.19% |
| Queenstown-Lakes District | $1,757,937 | 0.18% | -0.38% | 5.07% |
| Dunedin City | $629,469 | 0.22% | 0.81% | 2.74% |
| Clutha District | $436,876 | 0.21% | -0.57% | 4.11% |
| Southland Region | $535,642 | 0.55% | 2.04% | 8.36% |
| Southland District | $615,731 | 1.15% | 3.24% | 11.55% |
| Gore District | $481,466 | 0.14% | 1.59% | 3.86% |
| Invercargill City | $523,472 | 0.32% | 1.51% | 7.58% |
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