February saw a slight increase in the median value of New Zealand homes, according to property data company CoreLogic.
CoreLogic's Home Value Index for February put the median value of NZ dwellings at $807,164, up 0.28% compared to January, but down 3.82% compared to February last year.
All main centres recorded an increase in their median dwelling value in February except for Tauranga, where the median declined by 0.18% for the month.
Similarly, most regions recorded increases in median values in February apart from Bay of Plenty -0.12%, Manawatu/Whanganui -0.28% and West Coast -1.25%. (The table below gives a detailed breakdown of median values around the country in February and their movement over the monthly, quarterly and annual periods).
"The rise of 0.3% [rounded] in the national median value is fairly modest by past standards but nevertheless represents the first meaningful increase in more than a year," CoreLogic Chief Property Economist Kelvin Davidson said.
"It was always likely that the property value falls in 2024 would come to an end at some stage in early 2025, given the extent of interest rates cuts since July/August last year.
"While some markets have clearly turned a corner, there's still variability, with Tauranga edging lower in February," he said.
Davidson's report also suggested high stock levels could keep a cap on rising values.
"With listings still abundant, and debt-to-income ratio limits set to be a restraint if and when banks' serviceability tests rates fall further, a rampant boom in property values in 2025 seems unlikely," he said.
| CoreLogic NZ Hedonic Home Value Index | ||||
| February 2025 | ||||
| District | Median Dwelling Value | Monthly Change HVI (%) | Quarterly Change HVI (%) | Annual Change HVI (%) |
| All New Zealand | $807,164 | 0.28% | 0.06% | -3.82% |
| Main Centres: | ||||
| Auckland | $1,062,680 | 0.27% | 0.02% | -5.68% |
| Hamilton | $742,670 | 0.53% | 0.98% | -1.40% |
| Tauranga | $907,034 | -0.18% | -0.25% | -3.69% |
| Wellington City | $791,879 | 0.13% | -0.63% | -7.67% |
| Christchurch | $690,364 | 0.65% | 0.63% | 0.46% |
| Dunedin | $616,031 | 0.64% | 0.89% | 0.75% |
| Regions: | ||||
| Northland | $707,657 | 0.18% | 0.56% | -5.65% |
| Auckland | $1,062,680 | 0.27% | 0.02% | -5.68% |
| Waikato | $778,415 | 0.47% | 0.57% | -2.13% |
| Bay of Plenty | $831,080 | -0.12% | -0.06% | -2.53% |
| Gisborne | $585,053 | 0.46% | -0.71% | -9.16% |
| Hawke's Bay | $683,738 | 0.00% | -0.35% | -4.25% |
| Taranaki | $631,507 | 0.15% | 0.75% | -1.23% |
| Manawatu-Whanganui | $539,035 | -0.28% | -0.83% | -3.04% |
| Wellington | $782,692 | 0.16% | -0.60% | -7.18% |
| Tasman Nelson Marlborough | $748,125 | 0.33% | -0.41% | -1.64% |
| West Coast | $423,750 | -1.25% | 1.08% | -0.89% |
| Canterbury | $704,802 | 0.51% | 0.33% | -0.07% |
| Otago | $686,939 | 0.71% | 0.71% | 2.95% |
| Southland | $480,161 | 0.26% | -0.33% | 2.42% |
| Territorial Authority Areas: | ||||
| Far North District | $649,911 | 0.87% | 0.72% | -7.15% |
| Whangarei District | $719,511 | -0.22% | 0.32% | -3.82% |
| Kaipara District | $805,730 | 0.07% | 1.06% | -8.14% |
| Auckland - Rodney | $1,191,524 | 0.08% | -0.09% | -5.79% |
| Auckland - North Shore | $1,296,321 | 0.33% | -0.02% | -2.91% |
| Auckland - Waitakere | $930,474 | 0.15% | -0.28% | -4.70% |
| Auckland - City | $1,143,162 | 0.54% | 0.23% | -7.09% |
| Auckland - Manukau | $984,464 | -0.15% | -0.21% | -6.23% |
| Auckland - Papakura | $839,477 | 0.11% | 0.14% | -5.80% |
| Auckland - Franklin | $941,108 | 0.48% | 0.73% | -3.54% |
| Thames-Coromandel District | $985,097 | -0.02% | -1.16% | -4.90% |
| Hauraki District | $638,460 | 0.57% | -0.60% | -6.01% |
| Waikato District | $924,316 | 0.84% | 0.62% | -2.10% |
| Matamata-Piako District | $697,798 | 0.56% | 1.48% | -1.87% |
| Hamilton City | $742,670 | 0.53% | 0.98% | -1.40% |
| Waipa District | $901,764 | 0.20% | 0.00% | -1.15% |
| Otorohanga District | $627,615 | 0.74% | 0.07% | -4.48% |
| South Waikato District | $431,728 | -0.23% | -0.53% | -2.34% |
| Waitomo District | $457,985 | 1.59% | 1.56% | -2.42% |
| Taupo District | $777,648 | 0.68% | 2.40% | 0.34% |
| Western Bay of Plenty District | $1,027,026 | -0.33% | 0.19% | -2.58% |
| Tauranga City | $907,034 | -0.18% | -0.25% | -3.69% |
| Rotorua District | $620,228 | 0.07% | 0.17% | 0.89% |
| Whakatane District | $715,152 | 0.22% | 0.22% | -1.45% |
| Kawerau District | $399,155 | 0.31% | 1.74% | -4.90% |
| Opotiki District | $597,687 | 0.33% | -1.68% | -1.54% |
| Gisborne District | $585,053 | 0.46% | -0.71% | -9.16% |
| Wairoa District | $610,821 | -0.42% | -2.97% | -11.25% |
| Hastings District | $699,017 | -0.42% | -1.10% | -4.94% |
| Napier City | $694,223 | 0.41% | 1.05% | -3.09% |
| Central Hawke's Bay District | $600,476 | 0.45% | -2.39% | -3.99% |
| New Plymouth District | $699,505 | 0.25% | 0.99% | -0.40% |
| Stratford District | $497,556 | -0.02% | -0.79% | -4.42% |
| South Taranaki District | $414,985 | -0.46% | -0.08% | -4.88% |
| Ruapehu District | $391,047 | 0.50% | 0.43% | -2.88% |
| Whanganui District | $481,826 | -0.57% | -1.08% | 0.89% |
| Rangitikei District | $433,615 | -0.11% | 0.19% | -4.90% |
| Manawatu District | $588,351 | -0.63% | -1.60% | -3.20% |
| Palmerston North City | $600,339 | -0.14% | -0.44% | -3.52% |
| Tararua District | $425,458 | 0.99% | 0.21% | -5.26% |
| Horowhenua District | $524,925 | -0.47% | -1.70% | -4.88% |
| Kapiti Coast District | $831,105 | 0.31% | -0.06% | -4.37% |
| Porirua City | $754,882 | 0.01% | 0.09% | -3.87% |
| Upper Hutt City | $733,277 | 0.48% | 0.11% | -4.94% |
| Lower Hutt City | $689,718 | 0.37% | -0.10% | -6.62% |
| Wellington City | $877,792 | -0.01% | -1.13% | -9.33% |
| Masterton District | $543,600 | 0.31% | -1.37% | -4.77% |
| Carterton District | $675,557 | 0.18% | -1.76% | -9.07% |
| South Wairarapa District | $776,339 | 0.10% | -0.56% | -7.87% |
| Tasman District | $837,895 | 0.23% | -0.88% | -2.48% |
| Nelson City | $736,361 | 0.44% | 0.58% | 0.72% |
| Marlborough District | $662,993 | 0.34% | -0.89% | -2.97% |
| Kaikoura District | $756,617 | 1.05% | -0.25% | 5.25% |
| Buller District | $377,334 | -0.78% | 1.64% | -0.91% |
| Grey District | $436,677 | -2.01% | 1.18% | -1.64% |
| Westland District | $461,860 | -0.69% | 0.36% | 0.24% |
| Hurunui District | $694,753 | 0.73% | 0.03% | -0.52% |
| Waimakariri District | $761,134 | 0.23% | 0.41% | -0.97% |
| Christchurch City | $690,364 | 0.65% | 0.63% | 0.46% |
| Selwyn District | $866,147 | 0.20% | -0.72% | -1.88% |
| Ashburton District | $527,705 | 0.03% | -1.02% | 0.31% |
| Timaru District | $526,140 | 0.20% | 0.68% | 0.60% |
| Mackenzie District | $708,882 | 1.14% | 1.51% | -0.59% |
| Waimate District | $657,824 | 1.17% | -0.62% | -2.56% |
| Waitaki District | $492,272 | 1.08% | 1.10% | 2.15% |
| Central Otago District | $869,655 | 0.46% | -0.21% | 2.16% |
| Queenstown-Lakes District | $1,572,608 | 0.81% | 0.71% | 5.10% |
| Dunedin City | $616,031 | 0.64% | 0.89% | 0.75% |
| Clutha District | $392,225 | 0.65% | 0.17% | 0.93% |
| Southland District | $544,491 | -1.01% | -1.65% | 2.53% |
| Gore District | $421,906 | 0.23% | -0.32% | 1.20% |
| Invercargill City | $474,192 | 0.86% | 0.28% | 2.61% |
24 Comments
Average values increasing across the country
Despite fast falling borrowing rates, I think too much evidence of more vendors chasing fewer buyers to call a sustainable floor yet. Median, REINZ HPI is the reality...
Some will think otherwise and we're about to hear all about it....😂🤣
Nah, you’re wrong RP, an increase is an increase, can’t argue the data
Couldn’t help myself RP…it just didn’t feel right having no one arguing with you 🤷🏻♂️😂
This is a meaningful increase RP, it says so in the article.
Far as I'm concerned we are still nowhere near the bottom. We still have tariffs' and winter to come.
It does suggest a change in downward trajectory. Perhaps is just tfabled summer peak.big question is will the Nats pull all the stops to reinstated the ponzi, foreign buyers et al. To boot, let's see what the Orange swan brings in the next six months.
Price to income rations still mad. Wouldn't want to in the GC at the moment though.
The data speaks to me of trends in relocations with more and more moving southwards across the cook straight as the north slowly keeps tumbling. Fine choice people, the south island is a great place to be.
This is where we’d get told about how wonderful Christchurch is. And for those moving from the north island, just leave everything in the shipping container:
https://www.trademe.co.nz/a/property/new-homes/new-townhouse-terraced/c…
Chch is a great place if you like proxcimity to outdoor pursuits. Basically a brand new city as well. Ultimately it's just price to income math.
Yeah it has a great load of places to go within an hour or two all round, as does Timaru, and despite what TheMan whateverthenumber says there are better value places relative to other parts of NZ. Recently had family move there and get a 4ha property on the fringes for cheaper than what they sold their place in Nelson for. That's a trade up of 0.2671ha to 4ha for less and with some change afterwards. Anecdote only
Because the prices are dropping less or slightly rising in the South Island, is that what you mean ?
I see it as an indication that more people are moving to the south island from the north, adding to demand which is slowing the decline in prices or holding them stagnant. Auckland is always shedding locals looking for greener pastures outside of the rat race - and I've noticed a reasonable increase in rented office spaces in my city for those with AKL/WLG roles working remotely, allowing for a city income with more favourable weather.
RE Agents up to their usual tricks
https://www.rnz.co.nz/news/business/543906/property-investors-say-multi…
Another one a relative experienced recently (on a multi million deal) was the purchasers agreeing a contract to buy then after property withdrawn from market for several weeks trying to renegotiate a lower price at confirmation stage on threat of pulling out. Happened twice.
Dangerous under NZ law, easy in the UK
Gotta say where are all the property trolls pushing the usual price to the moon agenda, get jn now etc etc..?
They are making so much money that they cannot afford the fee
Sock puppets became too expensive
So many listings, like a very dry forest only needing a discarded glass bottle to spark an inferno
Likely bad sales in April will be blamed on the celebration of the resurrection of Christ impacting things
Likely bad sales in April will be blamed on the celebration of the resurrection of Christ impacting things
Gold
"Sock puppets became too expensive"
Indeed, I had to close my 17 other accounts ;-)
I would love to have the IP connection logs to do a quick analysis of who was who and post clustering......
ChatGPT could clarify things in minutes
Amazing how quiet it is - would usually expect approx 150+ comments on an article like this by now. But now it’s about 10% of that.
Goes to show the site was used by many to bleat, parrot and spriuk as it was free to do so. I guess those pushing the agenda weren’t willing to put their money where their mouths were, but then again there were some with rational reasons.
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