High listings give buyers leverage despite patchy recovery
Residential property values across New Zealand rose modestly in the December quarter, with QV’s latest House Price Index pointing to a stabilising market after much of 2025 was flat or falling.
Average residential values increased 1.1% over the three months to December 2025, taking the national average to $910,118. That’s 0.9% higher than a year earlier, but still 13.1% below the January 2022 peak.
QV national spokesperson Andrea Rush (pictured) said the December quarter marked a turning point after a prolonged soft patch.
The latest data shows value increases “becoming more widespread across the country, even though the pace of change remains modest in many areas," Rush said. "A clear majority of the areas we measure recorded quarterly growth, indicating that value movements are now occurring across a broader range of regions.”
She said elevated housing supply is a key driver.
“With the number of homes for sale nationwide at the highest level in a decade, buyers continue to have the upper hand, with more choice and the ability to negotiate," Rush said.
"This is keeping value movements in check, even as activity improves in some areas. That dynamic is also contributing to improved affordability in relative terms, particularly for first home buyers, who remain active across many parts of the country.”
The stabilisation comes as lower interest rates and elevated listings reshape the housing market, with buyers enjoying more choice and bargaining power even as values in many areas tentatively recover.
Auckland stabilises, high-end segment regains momentum
In the wider Auckland region, values edged back into positive territory after earlier declines. Average values rose 0.8% over the December quarter, following falls of 2.2% and 1.1% in the two preceding quarters.
The average Auckland home value is now $1,204,006, still 3.3% below a year ago and 20.6% under the January 2022 peak.
QV Auckland registered valuer Hugh Robson said the latest quarter delivered a mixed picture across the city, but overall conditions have improved.
“Residential property values across Auckland have begun to stabilise, with signs of improvement now emerging,” Robson said.
“The most pronounced improvement has been evident at the higher end of the price spectrum, particularly for homes priced between $2 million and $3.5 million, where sales volumes have increased. That segment has clearly regained momentum, and it’s helping to support overall values across the region.”
Christchurch outperforms as Wellington lags
Christchurch City recorded the strongest rise among the main centres, with values up 2.5% over the quarter and 3.3% annually, taking the average to $791,541.
QV Christchurch registered valuer Michael Tohill said “listing numbers remain elevated, while selling times have continued to shorten, reflecting a market that is functioning well,” with demand particularly strong in the $1 million to $2 million bracket.
In contrast, Greater Wellington values slipped 0.5% over the quarter and are down 3.6% year‑on‑year, with the average at $811,490.
QV Wellington registered valuer David Cornford said “some areas continue to weaken, while some have stabilised or seen increases,” with elevated listings giving buyers “a wide range of choice”.
“Many parts of the Wellington region remain close to 30% below their previous peak values, which is helping first home buyers enter the housing market,” Cornford said, although higher interest rates mean servicing debt “is still a barrier to many potential buyers.”
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