New Zealand’s property market continued its modest upward trajectory in April, with national home values rising by +0.3% for the month, according to the latest Cotality (formerly CoreLogic NZ) Hedonic Home Value Index (HVI).
This marks the fourth consecutive month of gains, pushing the national average value to $819,096—the highest level seen since June 2023.
While the market is still sitting around 16% below its January 2022 peak, LJ Hooker Head of Network NZ Campbell Dunoon says the sustained growth points to renewed buyer confidence and firmer market conditions.
“We’re not seeing a dramatic rebound, but what we are seeing is a more stable, confidence-led recovery. After the turbulence of the past couple of years, these incremental gains are a welcome sign for both buyers and sellers,” Dunoon said.
Main centres: momentum building
The growth trend extended across most major centres in April. Hamilton saw the strongest lift, up +0.8%, followed by Christchurch (+0.5%) and Auckland (+0.3%). Smaller increases were also recorded in Wellington, Tauranga, and Dunedin (each +0.1%).
While the pace of growth varies from city to city, the consistent direction is promising.
“We’re starting to see the benefits of lower mortgage rates ripple through the market. That’s giving more buyers the ability—and crucially, the confidence—to make their move,” Dunoon said.
In Auckland, the bulk of local markets posted modest gains in April. North Shore, Rodney, Waitakere, Auckland City, and Franklin all recorded lifts of +0.3% to +0.4%, while Manukau held steady and Papakura dipped slightly (-0.1%).
Looking at the broader trend since January, key parts of Auckland have made a clear recovery.
“North Shore, Franklin, and Auckland City are all up by at least 1% over the past three months. That’s a decent turnaround, especially in a city as diverse as Auckland, where the recovery can be patchy from suburb to suburb,” he said.
In Wellington, the Kāpiti Coast led the charge with a +1.4% increase in April, while Lower Hutt posted a solid +0.4% gain. Other areas such as Upper Hutt, Porirua, and Wellington City were relatively flat.
“Wellington’s values fell hard during the downturn, but affordability has improved, and we’re starting to see more interest flow back into the market. It’s not a boom by any means, but the direction has clearly shifted.”
Recovery broadening
The Cotality index also tracks performance by property type, and recent data suggests the recovery is spreading across more segments.
Since January:
- Standalone houses have increased by +1.0%
- Flats/townhouses are up +0.9%
- Lifestyle properties have lifted slightly by +0.2%
This broader base of recovery is a key marker of market health, Dunoon said.
“When you start seeing all major property types inching upwards, it suggests that this isn’t just a short-lived bounce—it’s a market beginning to find its feet again.”
Regional results: mixed, but positive signs
Many regional markets mirrored the national trend. Whangārei, Rotorua, and Napier each saw increases of +0.5% or more, while Whanganui and Invercargill both rose +0.4%.
Some areas, however, bucked the trend. Nelson fell by -0.5%, Hastings by -0.6%, and Queenstown dipped by -1.0%.
Some short-term variability is to be expected, Dunoon said.
“Higher listings in many regions mean buyers still hold the power in negotiations. That’s leading to inconsistent outcomes month to month. But with interest rates edging down and buyer activity improving, the conditions for recovery are there.”
Measured optimism
Looking ahead, the forecast remains cautiously optimistic. Cotality’s Chief Economist Kelvin Davidson suggests national values are on track to rise by around 5% across 2025, a sentiment Dunoon supports.
“It’s a modest outlook by historical standards, but it reflects the more disciplined lending environment we’re in now.
“Debt to Income (DTI) restrictions and tighter serviceability tests are influencing what buyers can borrow—and that helps keep prices in check.”
The moderate pace of growth presents an opportunity for those who want to own their first property.
“For first home buyers and long-term investors, a slower, steadier market is actually a good thing. It gives them breathing room to save, plan, and act strategically.
“It’s not the frenzy of 2021—and that’s a positive shift.”
While headwinds remain—such as global uncertainty, the cost-of-living squeeze, and ongoing economic softness—Dunoon believes the market has passed its low point.
“The fundamentals are more balanced now. We’re not in a boom, but we are in a more sustainable recovery mode. And for a lot of people, that stability is exactly what they’ve been waiting for.”
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