The latest QV House Price Index shows Auckland property values continued to soften in the May 2025 quarter, while Northland saw modest growth.

The average Auckland home is now worth $1,240,029, down 0.5% over the quarter and 2.2% lower than the same time last year.

Values remain 19.1% below their late 2021 peak.

Localised growth was seen in Papakura (1.3%) and central Auckland (0.4%), while areas like Manukau (-1.2%) and the North Shore (-1.0%) declined further.

QV’s Hugh Robson said open homes and auctions remain quiet across many suburbs, but first-home buyers are starting to re-enter the market, mainly in mid- to lower-value areas.

He noted that investment properties and multi-unit developments are also more common, while the rental market has “flat-lined.”

In contrast, Northland values rose 2.2% this quarter.

Whangarei led the way with a 3.2% lift, followed by the Far North (1.7%) and Kaipara (0.1%).

The region’s average value is now $738,936—down just 0.9% year-on-year.

Nationally, house prices inched up 0.1%, with the average home valued at $913,772.

While still down 1.1% from last year, this signals a slowing in the rate of decline.

For Coasties, it’s a mixed bag.

Auckland remains flat, but signs of buyer activity and regional strength hint that the tide may be turning.

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