How Much Is a House in New Zealand?

New Zealand’s housing market is influenced by various factors, including the economic landscape, regional variations, and specific property characteristics. This overview provides insights into what shapes property values across the country.

National Housing Market Overview

The national median house price in New Zealand was NZD 770,000 in June 2025, showing little year-on-year change. This stability masks differing regional trends. Auckland’s median price decreased 3.4% to NZD 990,000, while outside Auckland, it rose 1.7% to NZD 691,500.

The national average property value, according to the QV House Price Index, was NZD 910,479 in June 2025, a slight decrease of 0.3% over the quarter and 0.6% year-on-year. This value is about 14.5% below the market’s peak in late 2021. Forecasts from major banks suggest a potential average increase of 6.80% in house prices between December 2024 and December 2025.

The residential construction sector is currently recalibrating after a period of rapid growth, with 3,151 new dwellings consented in May 2025, a marginal year-on-year decline. This moderation in new supply, coupled with continued population growth, contributes to ongoing demand pressures. Lower interest rates are also making mortgages more accessible, which can support buyer activity in the market.

Despite regional variations, the national market has been flat for about two and a half years, with average asking prices remaining below NZD 900,000 since December 2022. This flatness suggests a balanced market.

Factors Affecting Property Values

Several characteristics influence a property’s value. Property type (detached house, townhouse, apartment) plays a role; detached homes command higher prices due to land ownership and privacy. More bedrooms and bathrooms correlate with higher value, appealing to a wider range of buyers. Larger land sizes also increase appeal, especially in urban fringe areas.

Age and condition impact valuation. Newer homes or recently renovated properties with modern amenities fetch higher prices. Older properties needing substantial upgrades may be priced lower. School zone quality also influences values, with highly-rated schools drawing families.

Access to local amenities (shopping centers, parks, healthcare, recreation) enhances desirability and value. Proximity to urban centers and efficient transport links (train stations, bus routes) is another determinant, reducing commute times and increasing convenience. These factors influence values nationwide, though their specific impact varies by regional demand and supply. Understanding these elements is essential for assessing market worth.

Regional Price Variations

Property values in New Zealand vary considerably by region, with major cities and popular destinations often seeing higher prices. Auckland, the largest city, typically has the highest property values. Its median house price was NZD 990,000 in June 2025, though its average asking price dipped to NZD 989,250 in July 2025, falling below NZD 1 million for the first time since September 2024.

Wellington, the capital, also commands higher prices, despite market declines. Its median house price was NZD 795,000 in June 2025, a 6.5% decrease from June 2024. Wellington City’s average house value was NZD 965,639 in March 2025, higher than the national median. The market corrected approximately 25% from its 2021 peak, but experts anticipate modest growth of 3-7% in the coming year, driven by falling interest rates.

Christchurch, the largest city in the South Island, presents a stable and recovering market. In March 2025, its median sale price was NZD 700,000, a slight decrease of 0.8% from March 2024. The city’s average property value climbed 1.4% in the three months to June 2025, nearing its post-COVID peak. Suburbs like Scarborough, Kennedys Bush, Fendalton, and Merivale had the highest median prices in January 2025, while Phillipstown and Linwood offered more affordable options.

Queenstown-Lakes District, known for scenic beauty and tourism, consistently features some of the highest property values. Its average house value was NZD 1,642,403 in March 2025, higher than the New Zealand median. Despite a 1.9% decrease year-on-year to March 2025, its average property value reached a new high of NZD 2.099 million in May 2025.

Other regions show varied trends: Tauranga City’s average house value was NZD 953,056 in March 2025, Dunedin City’s average was NZD 616,008, and West Coast saw a 35.5% surge in its median house price to NZD 420,000 year-on-year to June 2025.

Finding Current Property Information

Accessing current property information in New Zealand is essential. Online platforms serve as resources for listings and sales data. Real estate websites feature databases of properties for sale, allowing users to filter by location, price, and type. These sites provide recent sales histories, offering insight into past market performance.

For in-depth valuation insights, QV.co.nz (Quotable Value) is a recognized provider. QV offers e-Reports with estimated property values, comparable local sales, and expert analysis. They also provide rating valuation information (capital, land, and improvement values) used by local councils for taxation. Comprehensive valuation services, such as full market valuations and verified reports, are also available.

Engaging with local real estate agents provides localized market intelligence. Agents possess knowledge of specific neighborhoods, including recent sales, properties on the market, and upcoming developments. They offer insights into market sentiment, negotiation strategies, and property-specific details. When interpreting data, distinguish between median prices (the middle value of all sales) and average prices (the sum of all sales divided by the number of sales). Both metrics offer different perspectives on market trends and affordability.