Cotality's latest Home Value Index shows ongoing declines in most parts of the country with even the South Island starting to show some weakness

Housing values continued declining in most parts of the country in October, according to property data company Cotality.

Cotality's Home Value Index shows median price movements in most urban districts from one end of the country to other, and the latest figures are a sea of red across the one, three and 12 month changes. (See the table below) for more detail). 

A notable feature of the latest figures is that the red ink is now starting to seep into the figures for the South Island, with value figures there starting to show some weakness.

Across the entire country, the median dwelling value was $790,987 in October, -0.4% compared to September, -1.4% compared to July and -2.3% compared to October last year.

The biggest annual median value declines were in Wairoa -7.5%, Horowhenua -6.3%, Otorohanga -6.1% and South Wairarapa -6.1%.

In Auckland the median value remained just above the million dollar mark at $1,006,098, which was down 4.2% compared to October last year.

"Agreed sales volumes have been drifting gradually lower throughout 2026 and with the seasonal spring uplift for new property listings now firmly underway, the stock of unsold dwellings on the market remains elevated," Cotality NZ Chief Property Economist Kelvin Davidson said.

"As such, provided that would-be buyers are confident about their own job security and can satisfy the bank too, they remain in a strong bargaining position," he said.

"There's no doubt that the balance of power still lies with buyers in most cases, and hence property values remain subdued in many parts of the country," Davidson said.

The table below shows the current median values for all urban centres around the country as well as their their movements in value.