Average NZ dwelling value down 0.4% in June quarter, now down almost 15% from 2022 peak - QV House Price Index

June quarter figures from QV's House Price Index show a declining housing values in most parts of the country.

The average New Zealand dwelling value fell 0.4% between March 31 and June 30 to $906,443, according to QV, with the country's average dwelling value now down 14.8% from to its 2022 market peak.

There were significant regional differences around the country. Of the 20 biggest urban areas, average values declined in 12, were unchanged in two and increased in six.

The biggest decline was in Gisborne, where the average value dropped 4.2%, followed by Whanganui which was down 1.8%, with Rotorua down 1.2% and Hastings down 1.2%.

In Auckland the average dwelling value slipped 0.7% for the quarter and in Wellington City it declined by 1.0%.

The biggest increase in average value in the June quarter was in Greymouth, up 2.2%, followed by Invercargill up 1.5% and Tauranga and Christchurch, both up 0.9%.

QV spokesperson Simon Petersen said weaker economic conditions and an abundance of properties for sale were helping to maintain downward pressure on prices, particularly in most North Island centres and at the top of the South Island. Canterbury and Southland continued to benefit from strong local economies, relative affordability and more balanced supply and demand conditions, which were supporting property values.

"Broader political and economic uncertainty is weighing heavily on buyer confidence, while cost of living pressures remain a significant challenge for many households," Petersen said.

"As a result, many prospective purchasers are choosing to sit on the sidelines," he said.

The chart below shows the quarterly movements in average values throughout the country, while the tables below the chart give a more detailed breakdown of value movements within the Auckland, Wellington and Canterbury regions.

QV House Price Index - June 2026