Average NZ property value sees 'modest' uptick in June
The average property price is now $815,389, according to the index. This has reversed two minor falls of 0.1% in April and May.
Since the January 2022 peak, property values remain down 16.1%. However, Cotality said they have managed to "edge up" by a total of 1.1% since September last year, and by 0.6% in 2025 so far.
"Values around the main centres were either flat in June or up slightly," according to the report.
In Auckland and Wellington, prices were stable. But property prices rose 0.2% in Dunedin, 0.3% in Hamilton, and 0.6% in both Tauranga and Christchurch.
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Cotality NZ chief property economist Kelvin Davidson said the result emphasised the variability of the market.
"On one hand, mortgage rates have come down a long way, and that benefits borrowers whether they're in Whangārei or Winton. But the normal upwards influence this would tend to have on sales volumes and property values is being dampened by other forces."
Davidson said in particular, the "abundance of listings on the market" means most buyers "aren't in a rush" and can be "quite tough when it comes to price negotiations".
"The subdued labour market remains an important factor too. After all, it's not only the direct job losses that are problematic, but a reduction in security for those who have kept their jobs will also be weighing on the property market.
"Of course, problems for some are opportunities for others, and a soft market is providing plenty of scope for first home buyers."
Davidson added mortgaged multiple property owners also remains on the comeback trail, particularly at the smaller end – those buying their first rental investment, or perhaps their second."
Outside of the main centres, property values were "a mixed bag" in June.
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Rotorua (-0.7%), Gisborne (-0.2%), Whanganui (-0.1%) and Hastings (-0.1%) were all down in June.
However, Whangārei (0.4%), Palmerston North (0.5%), Invercargill (0.4%), and Queenstown (0.6%) all saw modest rises.
On the regional results, Davidson said it is "always hard to cast a wide net" over every region to determine the factors impacting the individual housing markets of every region.
"At present, for example, lower mortgage rates are obviously a common factor, while some will be faring better than others off the back of a strong dairy sector.
"Ultimately, the wider economic uncertainty we're currently seeing and a subdued labour market still seem to be causing property market variability from month to month in a number of regions."
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1News
4 days ago
- 1News
Average NZ property value sees 'modest' uptick in June
Property values in New Zealand have increased by 0.2% in June, according to Cotality NZ's hedonic Value Index – despite low interest rates expecting to boost sales. The average property price is now $815,389, according to the index. This has reversed two minor falls of 0.1% in April and May. Since the January 2022 peak, property values remain down 16.1%. However, Cotality said they have managed to "edge up" by a total of 1.1% since September last year, and by 0.6% in 2025 so far. "Values around the main centres were either flat in June or up slightly," according to the report. In Auckland and Wellington, prices were stable. But property prices rose 0.2% in Dunedin, 0.3% in Hamilton, and 0.6% in both Tauranga and Christchurch. ADVERTISEMENT Cotality NZ chief property economist Kelvin Davidson said the result emphasised the variability of the market. "On one hand, mortgage rates have come down a long way, and that benefits borrowers whether they're in Whangārei or Winton. But the normal upwards influence this would tend to have on sales volumes and property values is being dampened by other forces." Davidson said in particular, the "abundance of listings on the market" means most buyers "aren't in a rush" and can be "quite tough when it comes to price negotiations". "The subdued labour market remains an important factor too. After all, it's not only the direct job losses that are problematic, but a reduction in security for those who have kept their jobs will also be weighing on the property market. "Of course, problems for some are opportunities for others, and a soft market is providing plenty of scope for first home buyers." Davidson added mortgaged multiple property owners also remains on the comeback trail, particularly at the smaller end – those buying their first rental investment, or perhaps their second." Outside of the main centres, property values were "a mixed bag" in June. ADVERTISEMENT Rotorua (-0.7%), Gisborne (-0.2%), Whanganui (-0.1%) and Hastings (-0.1%) were all down in June. However, Whangārei (0.4%), Palmerston North (0.5%), Invercargill (0.4%), and Queenstown (0.6%) all saw modest rises. On the regional results, Davidson said it is "always hard to cast a wide net" over every region to determine the factors impacting the individual housing markets of every region. "At present, for example, lower mortgage rates are obviously a common factor, while some will be faring better than others off the back of a strong dairy sector. "Ultimately, the wider economic uncertainty we're currently seeing and a subdued labour market still seem to be causing property market variability from month to month in a number of regions."
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