Residential property values largely remained at a standstill in the first quarter of this year, Quotable Value (QV) says.
According to the QV House Price Index, the national average dwelling value eked out a $1,514, or 0.2%, rise in the March quarter to $903,928 versus the December quarter's $902,414.
However, that's down 2.3% compared to the first quarter (Q1) last year, and down 15% compared to the late 2021 peak.
QV Operations Manager James Wilson described market conditions as "pretty soft" across the country.
In the main centres, average Q1 dwelling values declined in Auckland -0.1%, Wellington -0.3% and Hamilton -0.3%, increased by 1.1% in Christchurch and 0.4% in Tauranga, and were unchanged in Dunedin. See the chart below for the full regional values.
"Residential property values continue to bubble up and down slightly from month to month, but have been kept virtually motionless as a whole throughout the first quarter of 2025," Wilson said.
"Although interest rates have reduced markedly, buyers are still finding the current economic climate to be a challenge," he said.
"Job worries and the rise in unemployment are causing many to be cautious and play it safe right now."
"That is one factor that has helped to keep the brakes on throughout the first quarter of 2025 - a sizeable surplus of properties for sale is another," Wilson said.
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16 Comments
Standstill for now, followed by a tariff slide..
8/16 districts stagnant or declining still, with the risk of tarriffs impacting export markets/employers and jobs.
10/16 stagnant or increasing I think you mean.
See, we can play silly buggers with numbers too.
So about that crash. Any second now right? Maybe next month, or June, or July, or 2026..?
😂🤣 Much like the timing of every recovery. Stagflation is upon us. What does this mean for still over priced houses in the face of still rising joblessness and inventory???
If we were in the midst of outright deflation "house prices at a virtual standstill" might be considered good performance. Vulnerable is the better word.
You found the emojis...you don't need to be jealous anymore RP 🥳
I like your sense of humour 👍
Stagflation. Let the staggering begin.
Some comments have been removed from this thread because they did not meet the standards of civil conversation.
Thankyou
How bad were the removed comments?! There is only about ten people on the same loop these days
Things got slightly less pragmatic for a moment and a naughty word was said
Just my luck...missing the good stuff 😂
Said it before and think it's worth saying again. The current turmoil could be overall good for the Ponzi, both in Aussie and Aotearoa. Cost of debt servicing may plummet (not guaranteed) and China may dump goods into our markets causing a deflationary impulse. That will be a justification for the pencil necks at RBNZ to work to lower the OCR thereby allowing the banks to shovel out more cheap credit.
Everyone's a winner.
Of course. More credit would never be anything but good.
Lower prices would be better.
Agreed, but cheap credit chasing capital gain only is never the driver of cheaper houses.
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