Housing values slid lower in July, according to property data company Cotality's Home Value Index.
The median value of New Zealand residential dwellings was $804,303 in July, down 0.3% compared to June and 1.0% lower than April.
Around the major regions, median values were down in July month-on-month in Auckland -0.5%, Waikato -0.3%, Bay of Plenty -0.4%, Wellington -0.5%, and Otago -0.1%, but were unchanged in Canterbury.
"Property sales volumes have inched lower so far this year, although they're still at a relatively normal level, but the stock of listings remains elevated and this is giving buyers the balance of power when it comes to pricing," Cotality NZ Chief Property Economist Kelvin Davidson said.
"It's therefore no surprise that values generally remain sluggish," he said.
"The major downturn actually happened back in 2022 and 2023, but it's been a soggy picture ever since and there's certainly little sign of any meaningful upturn on the horizon yet."
"After all, having seen some optimism emerge that the US-Iran peace deal could prove to be lasting, this has now faded again," said Davidson.
"Inflation is still problematic and the economic outlook more uncertain than usual."
"The Reserve Bank continues to face a delicate balancing act between containing medium term inflation and not undermining the economy, but in the event they've already started the process to return the Official Cash Rate back to a more neutral level."
"Mortgage rates haven't moved much in recent weeks, but the likelihood is that some rises are on the cards again in the short term," Davidson said.
The table below shows the value movements over one, three and 12 months in all urban districts throughout the country.
| Cotality Home Value Index | ||||
| July 2026 | ||||
| Median Value | 1 month change | 3 month change | 12 month change | |
| All of Aotearoa | $804,303 | -0.3% | -1.0% | -0.7% |
| Northland Region | $717,365 | -0.1% | -0.3% | -0.5% |
| Far North District | $670,359 | -0.1% | 0.4% | -0.2% |
| Whangarei District | $731,947 | 0.0% | -0.5% | -0.9% |
| Kaipara District | $768,886 | -0.6% | -0.8% | -0.4% |
| Auckland Region | $1,025,112 | -0.5% | -1.4% | -2.4% |
| Auckland - Rodney | $1,171,107 | -0.2% | -0.6% | -1.4% |
| Auckland - North Shore | $1,262,604 | -0.6% | -2.1% | -0.7% |
| Auckland - Waitakere | $889,333 | -0.6% | -2.0% | -3.3% |
| Auckland - City | $1,077,947 | -0.6% | -1.4% | -3.4% |
| Auckland - Manukau | $944,816 | -0.6% | -1.3% | -2.5% |
| Auckland - Papakura | $803,788 | -0.2% | -0.6% | -1.4% |
| Auckland - Franklin | $901,924 | -0.3% | -0.1% | -1.4% |
| Waikato Region | $780,907 | -0.3% | -0.5% | -0.2% |
| Thames-Coromandel District | $1,005,665 | 0.1% | -1.0% | 1.6% |
| Hauraki District | $631,871 | 0.1% | -0.6% | -0.4% |
| Waikato District | $923,540 | -0.5% | -0.9% | -1.0% |
| Matamata-Piako District | $752,048 | -1.0% | -0.9% | -0.4% |
| Hamilton City | $735,372 | -0.2% | 0.3% | -0.4% |
| Waipa District | $914,398 | -0.4% | -0.9% | -0.7% |
| Otorohanga District | $632,234 | -0.6% | -1.1% | -4.0% |
| South Waikato District | $427,239 | 0.5% | -0.2% | 2.4% |
| Waitomo District | $457,440 | -0.4% | -0.8% | 2.9% |
| Taupo District | $743,444 | -0.5% | -1.2% | -0.5% |
| Bay of Plenty Region | $859,578 | -0.4% | -0.4% | 1.3% |
| Western Bay of Plenty District | $1,069,936 | 0.1% | -0.6% | 0.2% |
| Tauranga City | $946,968 | -0.7% | -0.4% | 2.1% |
| Rotorua District | $668,097 | 0.1% | 0.3% | 1.8% |
| Whakatane District | $662,071 | -0.7% | -1.4% | -1.5% |
| Kawerau District | $420,304 | -0.5% | -0.8% | 2.0% |
| Opotiki District | $551,489 | -1.4% | -2.3% | -1.9% |
| Gisborne Region | $607,136 | -0.9% | -2.3% | 2.5% |
| Gisborne District | $607,136 | -0.9% | -2.3% | 2.5% |
| Wairoa District | $407,042 | -0.3% | -2.5% | -1.0% |
| Hawke's Bay | $670,719 | -0.4% | -2.2% | -3.0% |
| Hastings District | $705,379 | -0.5% | -2.5% | -4.1% |
| Napier City | $686,541 | -0.1% | -1.8% | -1.9% |
| Central Hawke's Bay District | $565,418 | -1.0% | -2.4% | -2.9% |
| Taranaki Region | $640,558 | 0.1% | -0.4% | -0.6% |
| New Plymouth District | $703,520 | 0.2% | -0.5% | -0.5% |
| Stratford District | $542,611 | -0.3% | -0.9% | -1.1% |
| South Taranaki District | $442,755 | -0.1% | 0.1% | -0.8% |
| Ruapehu District | $382,164 | -0.2% | -1.1% | -1.2% |
| Manawatu-Whanganui Region | $536,312 | -0.1% | -0.9% | -0.8% |
| Whanganui District | $498,093 | -0.4% | -1.2% | 0.9% |
| Rangitikei District | $434,320 | -0.4% | -1.8% | -1.0% |
| Manawatu District | $616,390 | 0.1% | -1.9% | -3.5% |
| Palmerston North City | $606,109 | -0.1% | -0.1% | 1.3% |
| Tararua District | $420,810 | -0.6% | -0.9% | -3.5% |
| Horowhenua District | $507,514 | 0.0% | -1.2% | -4.0% |
| Wellington Region | $756,930 | -0.5% | -2.1% | -1.9% |
| Kapiti Coast District | $793,978 | -0.2% | -1.0% | -0.7% |
| Porirua City | $747,328 | 0.0% | -1.2% | -1.7% |
| Upper Hutt City | $701,400 | -0.5% | -1.6% | -1.9% |
| Lower Hutt City | $653,490 | -0.3% | -1.2% | -3.2% |
| Wellington City | $848,139 | -0.8% | -3.1% | -1.8% |
| Masterton District | $554,115 | -0.5% | -2.1% | -3.1% |
| Carterton District | $662,662 | -0.2% | -1.0% | -2.4% |
| South Wairarapa District | $765,945 | 0.1% | -0.8% | 1.6% |
| Tasman Nelson Marlborough | $755,698 | -0.2% | -1.1% | -1.3% |
| Tasman District | $870,174 | 0.1% | -0.8% | -0.6% |
| Nelson City | $711,234 | -0.5% | -1.9% | -2.2% |
| Marlborough District | $669,985 | -0.4% | -0.7% | -1.2% |
| Kaikoura District | $723,127 | 0.0% | 0.6% | 1.1% |
| West Coast Region | $447,299 | -0.8% | -0.5% | 2.4% |
| Buller District | $390,932 | -0.8% | -1.0% | -0.6% |
| Grey District | $447,848 | -1.3% | -0.7% | 1.6% |
| Westland District | $517,827 | -0.4% | 0.3% | 5.9% |
| Canterbury Region | $738,133 | 0.0% | 0.1% | 3.3% |
| Hurunui District | $736,129 | 0.2% | 0.9% | 4.2% |
| Waimakariri District | $782,270 | 0.0% | -0.2% | 3.5% |
| Christchurch City | $732,447 | 0.1% | 0.2% | 3.6% |
| Selwyn District | $881,326 | 0.0% | -0.4% | 2.9% |
| Ashburton District | $584,982 | -0.3% | -0.7% | 3.5% |
| Timaru District | $517,602 | -0.5% | -0.5% | 0.5% |
| Mackenzie District | $744,028 | 0.2% | 0.5% | 3.7% |
| Waimate District | $507,818 | 0.0% | 0.3% | 0.1% |
| Waitaki District | $503,485 | -0.4% | 0.6% | -0.4% |
| Otago Region | $725,226 | -0.1% | -0.3% | 2.7% |
| Central Otago District | $912,992 | -0.1% | -1.3% | 2.6% |
| Queenstown-Lakes District | $1,691,071 | -0.4% | -0.3% | 2.7% |
| Dunedin City | $623,412 | 0.2% | 0.0% | 3.3% |
| Clutha District | $443,427 | 0.0% | -0.3% | 1.9% |
| Southland Region | $560,186 | 0.6% | 0.8% | 6.4% |
| Southland District | $600,047 | -0.8% | -1.0% | 4.1% |
| Gore District | $478,467 | 0.4% | 0.6% | 2.4% |
| Invercargill City | $565,397 | 1.2% | 1.7% | 8.2% |
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