Raine & Horne Kumeu - Hobsonville Blog

Property report 

Average national residential property values rose in the December quarter, due mainly to Christchurch's property price stability, but a glut of homes for sale in Auckland means buyers start 2026 with the upper hand.

QV's House Price Index shows average residential property values across New Zealand rose 1.1% in the December quarter from the prior September quarter, lifting the national average to $910,118. Although that's 0.9% higher year-on-year, it's 13.1% below the national peak in January 2022.

The QV HPI uses a rolling three month collection of sales data, based on sales agreement date.

The December quarter rise follows a prolonged period of flat or falling values during much of 2025.

Big numbers of property listings remains a key housing market driver with over supply being a major contributor to lower prices in many areas. . The three big property portals ended 2025 with huge volumes of properties for sale. Realestate.co.nz had more than 30,000 for sale listings, TradeMe Property had more than 41,000, and OneRoof had over 38,000.

"With the number of homes for sale nationwide at the highest level in a decade, buyers continue to have dominance, with more choice and the ability and power to negotiate. This is keeping value movements in check, even as activity surges in areas like Christchurch. That dynamic is also contributing to improved affordability in relative terms, particularly for first home buyers.

Of the main cities, Christchurch recorded the strongest quarterly growth at 2.5%. Next was Hamilton at 2.1%. The Auckland Region recorded a 0.8% increase, with Dunedin up 0.4%. Wellington City dropped 0.5%.

Auckland and Christchurch, apartments and townhouses face pricing pressure because of supply, higher building and servicing costs, and because values for stand-alone homes have fallen.

"In many cases, buyers are choosing houses on their own sections offering more storage, privacy, living space and carparking over townhouses or apartments that lack these amenities and are often not significantly cheaper to purchase and opften over encumbered by body corporate, resident group fees or laneway fees.

We’re also seeing the effects of a reset in development land values in some locations, following elevated prices paid during the previous peak such as the Waitakere ward where values have dipped more sharply. With QV CostBuilder data showing building costs remain elevated compared to pre-peak levels, alongside higher interest rates, some developers who paid a premium for land during the peak can no longer afford to develop or hold it, resulting in land being resold in some cases at significantly lower prices than originally paid.

If you haven't heard, it's an election year. This can create a degree of caution, which may restrain activity at times as buyers and sellers take a more wait-and-see approach. As a result, any change in values is expected to be gradual rather than rapid.

The average home value across Auckland is now $1,204,006, with values 3.3% below where they were at the same time last year, and 20.6% below the nationwide peak of January 2022.

Lower prices have improved affordability for some buyers. However, interest rates remain much higher than during the peak which means servicing debt is still a barrier to many potential buyers.

The suggestion to buyers is talk to a Mortgage Broker early, understand your position and get your paperwork in order. If you are buying a plaster-coat home or a lifestyle property, be sure to talk this through with your broker as some banks are negatively pre-disposed to lending on some types of property. 

If you are seeking to rent, sell, or buy in this challenging market, it pays to talk to an agent that is experienced, trusted and capable. Contact Brendon Hodge 021 608 234 or Graham McIntyre 0276320421 from Raine & Horne Real Estate Kumeu - Hobsonville.  A Real Estate team that provides proven results and excellent service.  Country Living Realty Limited. Licensed (REAA2008)