The past 12 months have been less about dramatic swings and more about steady adjustment in New Zealand’s property market. The latest data shows that while national property values have edged lower overall, the picture varies widely by region, with some centres already moving ahead.

Rather than signalling a downturn, the numbers point to a market that is stabilising after a sharp correction.

National Picture: Slight Decline Over the Year

Across New Zealand, median property values fell by 0.7% over the 12 months to November 2025. In the context of the past few years, including a rapid boom followed by a steep fall, this modest decline suggests the market has largely found its footing.

Annual movements of less than 1% are historically small and point to a market that has transitioned from falling to consolidating.

Auckland Still Under Pressure

Auckland continues to lag behind the national average. Over the past year, property values in the city declined by 2.2%, reflecting ongoing affordability challenges and the hangover from earlier price excesses.

Several Auckland sub-markets recorded sharper declines, particularly in areas where prices rose fastest during the boom years. Higher mortgage costs and cautious buyer sentiment remain key factors.

Christchurch Breaks Away From the Trend

In contrast, Christchurch has emerged as a standout performer. Median values there increased by 2.6% over the past year, making it one of the strongest-performing main centres.

Affordability, steady population growth, and a more balanced supply of housing have helped Christchurch avoid the volatility seen elsewhere.

Regional Variations Tell the Real Story

Looking beyond the headline figures, regional performance varies significantly:

• Some centres, such as Tauranga and Hamilton, recorded small annual gains.
• Wellington and Dunedin saw modest declines, reflecting slower buyer activity.
• Within Auckland, value changes differed suburb by suburb, highlighting the importance of local conditions.

This spread of outcomes shows that national averages mask a wide range of regional realities.

A Market in Transition

The rolling annual change data shows that both New Zealand and Auckland have moved well past the sharp declines of 2022 and 2023. While growth has not yet returned in a meaningful way, the volatility of recent years has eased.

The market now appears to be in a holding pattern — waiting for further interest rate relief and improved household confidence.

The big takeaway

The past year has been about stabilisation rather than growth. National property values are only marginally lower, Auckland continues to adjust, and Christchurch is quietly moving ahead.

For buyers, this remains a window of opportunity with limited competition. For sellers, realistic pricing is essential. And for the market as a whole, the data suggests the worst of the correction is behind us — with recovery likely to be gradual and region-specific.

Source: Cotality – NZ Monthly Housing Chart Pack, November 2025