Winter has deepened the chill across the country's housing market with average residential property values declining in most parts of New Zealand, according to Quotable Value's (QVs) report for July.
NZ's average dwelling value was $898,799 at the end of July having fallen 1.5% over the three months to the end of July, according to QV's House Price Index.
The biggest declines in average values over that period were in Gisborne -6.4%, Greymouth -5.0%, Wellington City -3.2%, Marlborough and Hastings both -2.3%, Auckland -2.2%, followed by Hamilton and Whanganui, both -1.7%.
The only regions to post an increase in average values over the three months to July were Tauranga +0.7%, Christchurch +0.3%, Timaru +0.6%, Queenstown +0.2% and Invercargill +0.1%. The average value in Rotorua was unchanged.
The report said the modest upward momentum in values at the start of the year continued to fade, with the winter slowdown becoming more widespread as buyers grew increasingly cautious.
"The regional divide we highlighted last month [between the mid-lower South Island and the rest of the country] is still evident, but there are fewer bright spots now," QV spokesperson Simon Petersen said.
"Winter has put a further chill through the market, while the prospect of higher borrowing costs and ongoing economic uncertainty have given buyers even less reason to rush," he said.
"This isn't another sudden correction. It's an already subdued market losing what little momentum it had built earlier in the year," Petersen said.
The tables below show the average residential value movements in the main urban districts throughout the country.
QV House Price Index Movements - July 2026 - Auckland, Wellington Region, Canterbury
2 Comments
Looks like the areas that didnt tripple down on greed fueled speculative overshoot are doing ok, aka Chch and deep south. Wellington and Awkland are still free fall.
Higher rates, insurance, even Luxy is talking a bed tax for BnB crowd, and noise that inflation is on the rise. Add in a more normal cost of debt (higher) how's that negative leverage is going...?
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Excellent. Median house price needs to fall to three years' median household income.
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