House prices creep up in regions, but Auckland, Wellington still stall

Wednesday, 10 December 2025

House price growth has hit snooze on a national level, but most territorial authorities saw price increases over the last quarter, Quotable Value says.

The property research company’s latest House Price Index has prices nationwide unchanged over the three months to the end of November, leaving the national average at $907,274.

That’s down 13.4% from the nationwide market peak of $1.04 million in January 2022, but just 0.1% lower than the same time last year.

While the Auckland region’s prices fell 1.1% to an average of $1.2m over the period, the rate of decrease slowed from 2.2% in the October quarter.

Wellington’s prices again declined 0.8% over the past three months to $808,649, while Christchurch’s increased 2.1% to $786,671.

But of the 112 territorial authorities where prices were measured, 71 recorded increases over the quarter and 41 saw declines. That meant almost two-thirds of the country saw prices edge upward.

The impact of economic pressures

QV national spokesperson Andrea Rush said at a regional level price growth and decline diverged sharply.

Some centres, including Christchurch, Invercargill, Queenstown, Gisborne, Nelson, Rotorua and Hamilton - were seeing increases, but Auckland’s decline continued to exert downward pressure on the national average, she said.

“In places where prices are flat or moderating, the relative stability offers a welcome window for potential buyers. Yet affordability remains elusive for many.

“Wages in many sectors have not kept pace with inflation, meaning many households now have less real income available to save for a deposit or to comfortably service a mortgage.”

Even with recent reductions, mortgage lending rates were also significantly higher than the lows of the early 2020s, she said.

“That raises the barrier to home ownership and adds pressure to those maintaining existing mortgages.”

Those factors indicated a shift in the country’s residential property landscape, Rush said.

“Prices are no longer rising rapidly, but the cost of entering or remaining in the market remains high.

“For the residential sector, we may see a slower, more gradual period ahead in which affordability, economic pressures and regional differences play a larger role than headline price growth.”

Auckland turns a corner

But there were some positive signs for the country’s biggest market, according to QV Auckland registered valuer Hugh Robson.

“The market has clearly improved over the past four to six weeks, with more activity, stronger prices, and noticeably more prospective buyers out there looking.”

The higher-value end of the market, particularly properties between $2m and $3.5m, had shown the most pronounced uplift, he said.

“It has seen a substantial increase in the number of sales in recent weeks. That part of the market has clearly gained momentum.”

Increased listings had contributed to improved sentiment heading into summer, even though the headline figures still showed a softening over the quarter, Robson added.

“Lower interest rates and increased housing supply are major factors influencing this shift.

“And while many bank economists are predicting steady, if not dramatic, price increases through 2026, the recent lift in activity suggests the market is already starting to turn a corner.”

Subdued capital outlook

The view from Wellington was less optimistic. QV Wellington senior consultant David Cornford said the economic and employment mood in the capital remained subdued, and that was impacting the property market.

“A relatively high number of people are leaving the city for employment opportunities elsewhere, and fewer are relocating to replace them. Many of those departing are putting their homes on the market, adding to already elevated stock levels.”

There was likely to be even more stock coming onto the market in January and February, which would continue to give buyers plenty of choice and constrain price growth, he said.