QV data shows stable national values but outperformance in one specific area
New QV figures point to a “steady as she goes” housing market, with national home values effectively flat over summer but some clear regional winners and laggards emerging.
The latest QV House Price Index shows the average residential home value edged up just 0.2% in the three months to the end of February, taking the national average to $909,139. That is 0.4% lower than a year ago, but still 21.5% above March 2020 levels.
Complementing the QV data, REINZ’s February figures show the national median sale price up 3.2% year‑on‑year to $795,000. Trade Me reports the national average asking price at about $883,800 – its highest level since early 2024.
“Residential property values have remained largely static this quarter, and yet the housing market has continued to tick along with activity remaining relatively robust in many parts of the country,” QV spokesperson Simon Petersen (pictured) said.
South Island leads as Auckland, Wellington drift
Dunedin was the standout main centre, with values rising 2.6% over the quarter to an average of $652,147, now 1% above the same time last year. Timaru (up 2.1%), Invercargill (1.8%), and Christchurch (1.1%) also posted gains, while most other South Island markets recorded small rises or only modest falls.
Petersen noted “the relative strength of property values across much of the South Island compared with the North Island”, with only Nelson showing a small quarterly decline.
In contrast, Auckland’s average value slipped 0.3% to $1,197,960, leaving it 3.8% lower year‑on‑year, while Wellington city dipped 0.4% to $908,230, 5.1% below a year ago. Across the wider Wellington region, values were almost unchanged over summer, rising just 0.1%. Hutt City, Kāpiti, and Upper Hutt managed small gains, but Porirua and Wellington City posted further declines.
Other North Island regions were mixed. The Bay of Plenty saw 0.7% growth for the quarter, including a 1% rise in Tauranga, while Rotorua eased 0.9%. Waikato values fell 0.6% overall, though districts such as Waitomo and Matamata‑Piako outperformed with quarterly gains above 2%.
First‑home buyers underpin mid‑market activity
Outside the headline averages, price brackets are moving at different speeds.
In Palmerston North, QV consultant Jason Hockly said the $550,000–$650,000 segment “has overall performed strongly so far in 2026, buoyed by first-home buyers”, while larger, older homes in the $1–$1.25m range are seeing weaker demand.
In Nelson and Tasman, manager Craig Russell reports stock levels at a one‑year high and “a number of these properties” needing more realistic pricing to sell, with most buyer interest between $500,000 and $800,000.
Petersen said the market overall remains “steady as she goes”, with listing levels and buyer demand relatively well balanced. He added that “optimism seems to be growing as we start to see early signs that the wider economy may be picking up again”, although global uncertainty and questions around interest rates and inflation mean the outlook for 2026 “remains somewhat murky.”
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