Fresh QV revaluation shows Dunedin’s housing market stabilising.
Dunedin City property owners will soon receive updated three-yearly rating valuations, with new figures prepared by independent valuers Quotable Value (QV) on behalf of Dunedin City Council.
The new values reflect the likely selling price of properties as of June 1, 2025, excluding chattels.
The total rateable value for the district is $48.862 billion, a marginal 0.1% decline since the last revaluation in July 2022. Land values across the district also fell by 4.8% to $24.472 billion, reflecting the broader market downturn over the past three years.
Residential market showing signs of stability
Following a post-2021 correction, Dunedin’s housing market has stabilised over 2024 and into 2025. Overall, residential values decreased by an average of 2.63% between July 2022 and June 2025. The average home value is now $664,651, while the average land value dropped 6.37% to $340,650.
QV Urban Valuations Manager Tim Gibson (pictured) said Dunedin’s market had seen only moderate movement since the last revaluation.
“Property values have remained relatively stable within Dunedin City over the past three years and values have generally had minimal changes since the 2022 rating revaluation,” Gibson said.
He noted that modern, well-maintained homes continued to attract stronger demand, while dated properties saw larger declines. Areas such as Māori Hill, Roslyn, and St Clair recorded land value increases, while South Dunedin and steep-contour areas experienced greater-than-average reductions.
The local results come as property values across New Zealand begin to edge higher. Cotality NZ chief property economist Kelvin Davidson said national prices rose modestly for the second month in a row, with Dunedin up 0.7%, the strongest among the main centres.
Lifestyle values ease amid subdued building activity
Lifestyle properties mirrored residential trends, with capital value decreases of 5–10% compared to 2022. The average improved lifestyle property value fell 4.5% to $1.10 million, and land values declined 5.7% to $658,385.
Modern, well-maintained homes remain popular, though longer marketing periods and subdued demand for vacant lifestyle sections persist due to high development costs.
Commercial and industrial sectors mixed
Dunedin’s 2,676 commercial and industrial properties showed mixed performance.
On average, commercial capital values rose 1.2% and industrial values increased 4.3% since 2022.
Central retail and office properties faced higher vacancies and slower rental growth, while suburban areas such as Mosgiel (+12.3%) and Green Island (+14%) saw strong value gains. Industrial assets remain investor favourites, with yields between 6.25% and 6.5% and solid demand in Hillside Road and Dukes Road North.
Rural sector holds steady
Pastoral and dairy properties remain close to 2022 levels amid fluctuating commodity prices, high costs, and uncertainty over regulation. Despite improved rural confidence through 2025, elevated livestock prices have kept sale values largely unchanged.
Understanding rating valuations
Rating valuations are completed every three years to help councils assess property rates. They represent the likely selling price on the revaluation date—in this case, June 1, 2025—and exclude chattels.
QV said values are based on recent property sales and physical inspections, particularly of properties with new building consents. All figures are independently audited by the Office of the Valuer General before confirmation.
New valuation notices have now begun posting following Oct. 29, and property owners who disagree with their figures can lodge an objection by Dec. 5.
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