New Zealand’s median dwelling value increased by $1021 (+0.19%) to $811,662 in October, according to the Cotality Home Value Index.

That follows a 0.11% increase in September.

The modest increases in value in September and October followed five consecutive months of declines in median values from April to August.

However, the national median value is still down by 0.12% compared to three months earlier, and down by 0.40% compared to 12 months earlier.

Around the main centres, Auckland’s median value declined by 0.19% in October to be 0.2% lower than October last year, Hamilton was flat, Tauranga posted a 0.19% gain, Wellington region posted a 0.1% gain, and the median value in Christchurch was up 0.37%.

While values continue to decline in the Auckland region, most other areas show very small increases with values in Christchurch showing steady improvement. (See the table below for the full regional/district figures).

Cotality Chief Property Economist Kelvin Davidson said the figures may signal the the early stages of a market recovery.

“It’s a cliche, but upturns obviously have to start somewhere, and the recent emergence of small increases in property values would certainly be consistent with the falls in mortgage rates over the past year or so,” Davidson said.

“That being said, sentiment remains tilted to the cautious end of the spectrum and of course, the economy and labour market are still subdued,” he said.

“Meanwhile, the gains in September and October were clearly reasonably small in the grand scheme of things,” he said.

Cotality NZ Home Value Index
Residential Dwellings
October 2025
 
Median Home Value
 1 month change 
3 month change
12 month change
Region/District
Northland Region
$703,369
-0.18%
-0.83%
0.58%
Far North District
$651,564
-0.43%
-0.18%
0.57%
Whangarei District
$704,529
-0.51%
-1.31%
0.74%
Kaipara District
$891,954
1.64%
-0.12%
0.94%
Auckland Region
$1,051,796
-0.19%
-0.95%
-1.98%
Auckland – Rodney
$1,201,898
-0.09%
-1.09%
-1.29%
Auckland – North Shore
$1,257,236
0.10%
-0.36%
-2.35%
Auckland – Waitakere
$920,095
-0.73%
-0.61%
-0.60%
Auckland – Central 
$1,116,351
-0.29%
-1.32%
-2.33%
Auckland – Manukau
$975,639
-0.11%
-1.14%
-2.63%
Auckland – Papakura
$833,940
-0.10%
-0.27%
-1.35%
Auckland – Franklin
$963,041
0.30%
-0.22%
0.32%
Waikato Region
$790,835
0.32%
0.66%
1.01%
Thames-Coromandel District
$1,003,142
0.88%
0.85%
-0.74%
Hauraki District
$662,592
1.84%
2.59%
1.18%
Waikato District
$937,888
-0.83%
0.20%
1.37%
Matamata-Piako District
$751,502
0.31%
1.83%
3.42%
Hamilton City
$732,836
0.03%
-0.01%
0.70%
Waipa District
$922,015
0.82%
0.57%
0.56%
Otorohanga District
$653,144
0.31%
0.49%
2.98%
South Waikato District
$433,514
0.72%
0.44%
0.50%
Waitomo District
$437,592
0.22%
0.50%
-3.67%
Taupo District
$830,375
1.09%
2.07%
3.47%
Bay of Plenty Region
$843,692
0.68%
0.49%
1.53%
Western Bay of Plenty District
$1,091,911
2.06%
1.21%
4.89%
Tauranga City
$926,150
0.19%
0.75%
1.48%
Rotorua District
$640,781
0.60%
-0.06%
-0.27%
Whakatane District
$672,606
0.26%
-1.80%
-2.09%
Kawerau District
$409,541
0.29%
0.61%
4.25%
Opotiki District
$568,183
2.57%
-0.95%
-4.28%
Gisborne Region
$596,930
0.31%
3.72%
0.44%
Gisborne District
$596,930
0.31%
3.72%
0.44%
Wairoa District
$427,540
0.83%
0.56%
2.48%
Hawke’s Bay Region
$687,578
0.33%
-0.29%
1.48%
Hastings District
$714,430
0.41%
0.02%
1.89%
Napier City
$710,723
0.31%
-0.79%
1.22%
Central Hawke’s Bay District
$589,180
-0.30%
-0.02%
-0.05%
Taranaki Region
$641,711
-0.21%
-0.31%
1.71%
New Plymouth District
$703,738
-0.33%
-0.39%
1.64%
Stratford District
$527,106
0.12%
0.69%
1.95%
South Taranaki District
$446,035
0.33%
-0.26%
2.07%
Ruapehu District
$398,042
0.29%
0.27%
-0.93%
Whanganui District
$481,949
0.18%
-0.80%
-1.72%
Rangitikei District
$434,996
0.16%
-0.78%
0.29%
Manawatu-Whanganui Region
$541,000
0.05%
-0.48%
-0.93%
Manawatu District
$629,379
-0.14%
-1.62%
-0.07%
Palmerston North City
$605,370
-0.07%
-0.01%
-1.52%
Tararua District
$427,822
0.06%
0.30%
2.31%
Horowhenua District
$526,966
0.23%
-0.54%
-0.62%
Wellington Region
$775,529
0.10%
-0.31%
-1.54%
Kapiti Coast District
$795,126
-0.04%
-1.91%
-1.91%
Porirua City
$775,122
-0.17%
-0.05%
0.38%
Upper Hutt City
$700,001
0.16%
-0.52%
-2.40%
Lower Hutt City
$687,757
-0.40%
-1.19%
-1.57%
Wellington City
$868,938
0.54%
0.47%
-1.42%
Masterton District
$553,832
-0.62%
-0.10%
-2.64%
Carterton District
$679,454
-0.59%
-0.56%
-1.81%
South Wairarapa District
$762,509
0.34%
1.31%
-0.90%
Tasman Nelson Marlborough Region
$762,088
0.60%
0.31%
-1.34%
Tasman District
$857,379
0.27%
0.05%
-1.17%
Nelson City
$739,680
1.38%
1.64%
-1.42%
Marlborough District
$674,462
0.24%
-0.64%
-1.42%
Kaikoura District
$805,727
1.01%
0.92%
7.51%
West Coast Region
$432,033
0.03%
1.52%
2.41%
Buller District
$378,847
0.14%
0.54%
0.62%
Grey District
$443,372
0.35%
2.12%
3.55%
Westland District
$482,737
-0.52%
1.59%
2.47%
Hurunui District
$677,223
1.50%
1.05%
2.12%
Canterbury Region
$716,111
0.59%
0.88%
2.13%
Waimakariri District
$762,429
1.10%
1.57%
2.36%
Christchurch City
$704,249
0.37%
0.68%
2.55%
Selwyn District
$860,255
1.12%
1.30%
0.31%
Ashburton District
$576,128
1.19%
2.07%
2.46%
Timaru District
$539,457
0.63%
0.51%
1.51%
Otago Region
$681,136
1.14%
1.45%
0.82%
Mackenzie District
$710,470
0.23%
0.76%
0.19%
Waimate District
$500,696
0.67%
0.53%
0.72%
Waitaki District
$507,477
0.46%
-0.35%
0.98%
Central Otago District
$854,855
0.63%
0.60%
1.96%
Queenstown-Lakes District
$1,695,801
1.71%
2.37%
1.18%
Dunedin City
$597,974
0.73%
0.76%
-0.10%
Clutha District
$424,489
0.52%
1.62%
1.02%
Southland Region
$530,201
2.06%
2.92%
4.53%
Southland District
$586,296
1.70%
2.03%
3.16%
Gore District
$461,919
2.38%
3.76%
6.77%
Invercargill City
$526,789
2.16%
3.14%
4.72%
All of Aotearoa
$811,662
0.19%
-0.12%
-0.40%