Property values across New Zealand slipped another -0.2% in August, marking the fifth straight monthly fall, according to Cotality NZ’s latest Home Value Index.

National values are now down -0.6% in 2025, wiping out the small gains seen late last year.

The median home is sitting at $809,113, the lowest since August 2023 and still -17.2% below the January 2022 peak.

Chief Property Economist Kelvin Davidson says the downturn that followed the post-COVID boom has steadied but not yet turned.

“Caution is the dominant theme,” he said, noting that rising unemployment and subdued confidence are keeping a lid on growth.

Auckland continues to feel the pinch, with August falls across every sub-market.

Image: Cotality NZ

Auckland City, North Shore, Manukau, Papakura, and Waitakere each dropped between -0.4% and -0.6%.

Franklin and Rodney fared a little worse, while Rodney’s three-month drop of -1.3% was the smallest of the region.

Even so, all Auckland areas remain -20% to -25% below peak values.

For Coasties, that means it’s still a buyer’s market.

First home buyers and smaller investors are holding a bigger share of activity, helped by lower mortgage rates and more choice on the market.

Sellers, meanwhile, may find it harder to get prices they’d hoped for.

Looking ahead, Davidson expects steadier growth only from 2026, with lower mortgage rates, easing unemployment, and fewer listings likely to bring some balance back to the market.

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