QV, national spokesperson, Andrea Rush, said the housing market remained broadly flat, with small declines in most main centres offset by modest gains in parts of the South Island and regional areas.
“Listings and buyer activity have lifted this spring, but it hasn’t yet translated into sustained value growth,” Rush said.
“The market is still finding its footing after a long period of economic uncertainty, with confidence slowly returning as interest rates ease,” she said.
Auckland’s housing market.
Wellington’s Housing Market.
Christchurch’s Housing Market.
Rush said the picture across the main centres remained mixed, with Auckland continuing to lead national declines and Wellington’s earlier downward trend appearing to stabilise.
Christchurch maintained its reputation for stability, with home values holding steady near their previous peak, though the city did not see the same double-digit increases during the peak as other main centres.
Regional cities such as Napier, Hamilton and Palmerston North showed renewed energy as the spring market gained momentum.
Further south, regional strength continued to underpin the national picture, with Invercargill, Dunedin–Taieri, Queenstown and the West Coast among the strongest performers this quarter.
Local economies remained steady, supported by tourism in Queenstown Lakes and the strong primary sector and relative affordability across Southland and Otago.
Queenstown remained the least affordable market in the country, but values held firm due to ongoing demand and limited supply.
Dunedin–Taieri recorded the strongest quarterly growth nationwide, underlining the resilience of southern markets.
QV said the market was showing early signs of recovery, but progress remained uneven.
Interest rate cuts and easier lending conditions were improving sentiment, though high living costs and elevated unemployment continued to weigh on household confidence.
QV expected values to remain relatively stable in the near term, with gradual growth likely to emerge in 2026 as economic conditions strengthened.
“There is plenty of stock on the market, giving buyers ample choice, which, combined with weak economic conditions, is dampening value growth despite lower interest rates and easing lending criteria,” Rush said.
The latest QV House Price Index shows average home values across Aotearoa New Zealand dipped by 1.1% over the three months to the end of September, with the national average now $900,521.
“Further rate cuts and an expected improvement in economic conditions in 2026 will likely strengthen the market, albeit modestly,” she said.
Christchurch City’s average home value rose 0.4% over the past quarter to $778,172, up 2.4% year-on-year and now sitting slightly above its January 2022 peak.
Selwyn District increased 0.7% to $852,855, while Waimakariri climbed 0.3% to $722,855, with both areas showing steady annual growth.
Sales volumes across Canterbury districts had been steadily increasing since mid-2025, with the metro market busy heading into the Christmas period.
QV Christchurch, registered valuer, Michael Tohill, said the figures underlined the city’s relative stability compared to other main centres.
Tohill said Christchurch did not experience the same level of value rises during the previous peak as Auckland and Wellington.
He said the city continued its historic trend as a relatively stable real estate market in a downturn, with market correction only evident in certain sectors.
Tohill said the townhouse market was seeing continued price pressure due to ample supply and new pipeline stock.
He said the $1–$2 million market was very active, with strong demand and sale prices being achieved.
Regional value changes.
Tohill said building activity across Christchurch, Selwyn and Waimakariri remained steady, with home builders reporting a healthy level of forward work well into 2026.
Southern markets once again led the way this quarter, with Dunedin–Taieri recording the strongest rise nationwide, up 6.9% for the second consecutive quarter.
Invercargill values climbed 2.7%, Queenstown rose 1.4%, and West Coast districts also performed strongly.
Westland increased 3.4%, Buller rose 2.8%, and Grey District edged up 0.4% over the quarter.
QV West Coast, registered valuer, Rod Thornton, said the region’s markets remained steady, with buyers active across all main price brackets.
Thornton said overall values had risen, though statistics could be distorted in areas with lower sales volumes and varied housing stock.
In Hawke’s Bay, Napier home values increased 1.2% to $753,948, while Hastings fell 0.6% to $774,484.
Central Hawke’s Bay posted the strongest growth in the region, up 3.1%, while Wairoa District saw the steepest fall nationally, down 13.4%.
QV Hawke’s Bay, registered valuer, Nicola Waldon, said first-home buyers remained active in Napier and Hastings, particularly in the $450,000–$700,000 price range.
Waldon said easing interest rates had given buyers more power, with listings increasing slightly in spring.
She said higher-end properties above $1 million were taking longer to sell.