QV shows steady home values as winter nears
New Zealand’s average home value rose 0.1% to $914,504 in the three months to April, though it remains 1.33% below the same time last year, as regional divides widen and interest rate cuts loom.
Market stabilisation and emerging opportunities
The latest QV House Price Index indicated that home values rose 0.1% in the three months to April, bringing the national average to $914,504—1.33% lower than a year ago.
“After five years of significant volatility, the market appears to have stabilised,” said James Wilson (pictured), QV operations manager. “We’re not seeing big swings anymore—home values are holding steady as we head into winter.
“Although interest rates are trending down, demand is tempered by cautious buyer sentiment and a large supply of properties. Still, signs of a turnaround are emerging, especially in the main centres.”
In contrast, recent Trade Me Property data showed the national average asking price fell 1.9% in April, suggesting continued caution among sellers as winter sets in.
Regional highlights
Auckland
Home values in Auckland are down 0.08% over the past three months and 2.89% year-on-year, with the current average value at $1,244,996. Suburbs like Manukau (0.53%), Papakura (0.40%), and Franklin (0.81%) posted gains, while areas such as Auckland City (-0.28%) and North Shore (-1.19%) saw declines.
“Overall, market conditions remain similar to three months ago,” said Hugh Robson, local QV registered valuer. “We continue to see the strongest demand from first-home buyers who are often purchasing more affordable townhouse developments.”
Wellington
The Wellington region experienced a 0.50% decrease in average home value over the quarter to April, now at $837,745—4.11% lower than the same time last year. Upper Hutt bucked the trend with a 0.69% increase.
“Stock levels remain at elevated levels and accordingly we have seen a slight overall softening in values in recent months in the region,” said David Cornford, QV senior consultant.
Christchurch
Christchurch’s average home value rose 0.88% in the past three months to $776,636, now 1.35% higher than a year ago.
“In the three months to April, we’ve seen more positive market movement for Christchurch City and the neighbouring districts,” said Olivia Brownie, QV registered valuer. “We have seen slightly more activity over the previous month which can be attributed to some more affordability and a slight reduction in the cost of borrowing.”
Outlook for first-home buyers
With the combination of stabilising home values, easing interest rates, and increased property listings, first-home buyers have a unique opportunity to enter the market. The anticipated OCR cuts and regional affordability—especially in parts of the South Island—further enhance this prospect.
“For first-home buyers, particularly in parts of Auckland where standalone homes are now selling in the $700,000s in some areas—something we didn’t see a year ago—now is the time to act,” Wilson said.
