The housing market remains "broadly flat" with home values across New Zealand dropping 0.8%, according to new figures.
Quotable Value released its house price index for the quarter to the end of October this morning, saying it showed "early signs" of recovery for the market.
The national average home value sat at $902,020 – unchanged from the same time last year and 13.9% below the nationwide market peak in January 2022.
Auckland recorded the largest fall of the main centres, dropping 2.2% to $1,192,927, followed by Whangārei and Tauranga (down 1.3% to 729.250 and 1.018,510, respectively).
Values in Wellington City declined 0.8% to $914,390, while Hastings dropped 0.6% to $774,484.
New Plymouth fell 0.3% to $720,754, and Dunedin had a small drop of 0.1% to $636,144.
The largest gain was recorded in Invercargill – up 2.7% to $521,313 – followed by Queenstown (up 1.4% to $1,888,471) and Napier (up 1.2% to $753,948).
Christchurch had an increase of 0.4% to $778,172, while Hamilton recorded an increase of 0.6% to $789,540. Smaller increases were noted in Palmerston North (up 0.2% to $632,521) and Nelson (up 0.1% to $782,335).
QV national spokesperson Andrea Rush said the numbers showed the housing market remained "broadly flat" with "small declines" in the main centres being offset by increases in the regions and parts of the South Island.
“Listings and buyer activity have lifted this spring, but it hasn’t yet translated into sustained value growth," she said.
"The market is still finding its footing after a long period of economic uncertainty, with confidence slowly returning as interest rates ease.”
She said results from the main centres remained "mixed", with Auckland continuing to lead national declines and Wellington appearing to stabilise.
Christchurch maintained position, with values "holding steady" near their previous peak. "It’s notable the city didn’t see the same double-digit increases during the peak as other main centres," Rush said.
"Elsewhere, regional cities such as Napier, Hamilton, and Palmerston North are showing renewed energy as the spring market gains momentum.”
Southern 'strong performers'
In the south, Rush said "regional strength" underpinned the national picture.
"Invercargill, Dunedin-Taieri, Queenstown, and the West Coast were among the strongest performers this quarter. Local economies remain steady, supported by tourism in Queenstown Lakes and the strong primary sector and relative affordability across Southland and Otago."
"While Queenstown is still the least affordable market in the country, values there remain firm thanks to ongoing demand and limited supply."
She said the housing market was showing "early signs" of recovery, but said progress was "uneven".
"While interest rate cuts and easier lending conditions are improving sentiment, high living costs and elevated unemployment are still weighing on household confidence."
QV expected values to remain "relatively stable" in the near term, with "gradual growth" expected in 2026.
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