In October 2025, the West Coast region recorded the largest annual change in residential property prices in New Zealand, with an increase of around **** percent compared to the same month of the previous year. The national median price for residential property in New Zealand was ******* New Zealand dollars in that month, a decrease from October 2024.

The price of residential property in New Zealand was the highest in the Auckland region in October 2025, with an average sale price of over *** million New Zealand dollars. The most populated city in the country, Auckland, has consistently reported higher house prices compared to most other regions. Buying property in New Zealand, particularly in its major cities, is expensive. The nation has one of the highest house-price-to-income ratios in the world. Auckland residential market The residential housing market in Auckland is competitive. Prices have been slowly decreasing although the Auckland region experienced an annual increase in the average residential house price in October 2025 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the Auckland City district, with an average sale price of around **** million New Zealand dollars. Home financing Due to the rising cost of real estate, an increasing number of New Zealanders who want to own their own property are taking on mortgages. Most residential mortgage lending in New Zealand went to owner-occupier borrowers, followed by first home buyers. In addition to mortgage lending, previously under the KiwiSaver HomeStart initiative, first-home buyers in New Zealand were able to apply to withdraw all or part of their KiwiSaver retirement savings to assist with purchasing a first home. Nonetheless, the scheme was discontinued in May 2024. Furthermore, even with a large initial deposit, it may take decades for many borrowers to pay off their mortgage.

Key information about House Prices Growth

• New Zealand house prices dropped 0.7% YoY in Jun 2025, following a decrease of 1.7% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Dec 1990 to Jun 2025, with an average growth rate of 0.0%.

Housing Index in New Zealand increased to 2291 Points in October from 2287 Points in September of 2025. This dataset provides - New Zealand House Prices MoM Change - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about New Zealand Gold Production

• New Zealand Real Residential Property Price Index was reported at 159.790 2010=100 in Jun 2025.
• This records a decrease from the previous number of 162.609 2010=100 for Mar 2025.
• New Zealand Real Residential Property Price Index data is updated quarterly, averaging 63.784 2010=100 from Mar 1970 to Jun 2025, with 222 observations.
• The data reached an all-time high of 216.278 2010=100 in Dec 2021 and a record low of 35.788 2010=100 in Dec 1970.
• New Zealand Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

House Price Index YoY in New Zealand increased to 0 percent in October from -0.10 percent in September of 2025. This dataset includes a chart with historical data for New Zealand House Price Index YoY.

New Zealand has one of the highest house price-to-income ratios in the world; nonetheless, since the first quarter of 2022, the country's house price-to-income ratio started to trend downward. In the first quarter of 2025, the ratio was *****, a decrease from the same quarter of the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head, and is considered a measure of affordability. Homeownership dream New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2025, around ** percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner-occupiers where the property was not their first home, with first-home buyers often struggling to secure a loan. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market. Rent affordability Due to New Zealand's high property prices, many individuals and families are stuck renting for prolonged periods. However, with rent prices increasing across the country and the share of monthly income spent on rent trending upwards in tandem with a highly competitive rental market, renting is becoming a less appealing prospect for many. The Auckland and Bay of Plenty regions had the highest weekly rent prices across the country as of December 2024, with the Southland region recording the lowest rent prices per week.

In June 2025, the Papakura district recorded the largest annual change in residential property prices in Auckland, New Zealand, with a decrease of *** percent compared to June of the previous year. Across the entire Auckland region, Auckland City had the highest average residential property sales price.

The Real Estate Services industry has faced mixed conditions over recent years. Despite the recent improvement in housing supply and the piling up of inventory, prices remain elevated relative to pre-pandemic levels, offsetting revenue declines for real estate agents. A demand-supply imbalance led to historically high housing prices in 2021-22, though tighter loan-to-value ratio (LVR) regulations and heightened interest rates curbed real estate activity and weakened prices over the two years through 2023-24. The bright-line test extension in 2021 cooled speculative investment, diminishing property investors' interest. Residential property transactions plunged in 2022-23 as cost-of-living pressures and soaring borrowing expenses weighed on mortgage affordability. As inflation moderates and the official cash rate has come down since August 2024, sales volumes and demand will pick up. That's why revenue is forecast to climb 2.8% in 2024-25. However, a plunge in property transactions is why revenue is expected to have dipped at an annualised 0.4% over the five years through 2024-25 to $6.2 billion. The commercial market has faced shifting tenant preferences, particularly around remote work arrangements, contributing to elevated office vacancy rates. Nonetheless, booming demand for industrial space and interest in green buildings has yielded new opportunities. Concurrently, the widespread adoption of artificial intelligence has boosted operational efficiency for many real estate agencies, underpinning growth in their profit margins and alleviating some wage pressures. The Coalition government’s reinstatement of 80% interest deductibility for residential investment properties in April 2024, with a plan to reach 100% by April 2025, alongside the rollback of the bright-line test from 10 to 2 years, will spur investor activity and escalate property prices. These policy changes will entice property investors, expanding this market's revenue share over the coming years and benefiting real estate agencies. Consecutive cuts to the official cash rate to counter subdued economic activity will strengthen mortgage affordability and promote a resurgence in the residential property market. However, an expanding housing supply – aided by funding for social housing units and relaxed planning restrictions – will temper price escalation and slow agencies' commission growth over the coming years. Rising competition among real estate agencies and the continued adoption of digital tools, from big data analytics to advanced customer management solutions, will intensify market dynamics, creating opportunities and challenges for prospective and existing agents. Overall, revenue is forecast to climb at an annualised 2.2% over the five years through 2029-30 to $6.9 billion.

Key information about New Zealand Nominal Residential Property Price Index

• New Zealand Nominal Residential Property Price Index was reported at 230.287 2010=100 in Jun 2025.
• This records a decrease from the previous number of 233.094 2010=100 for Mar 2025.
• New Zealand Nominal Residential Property Price Index data is updated quarterly, averaging 47.371 2010=100 from Mar 1970 to Jun 2025, with 222 observations.
• The data reached an all-time high of 267.783 2010=100 in Dec 2021 and a record low of 2.515 2010=100 in Mar 1970.
• New Zealand Nominal Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Nominal Residential Property Price Index: 2010=100: Quarterly.

The average residential house price in New Zealand was at around ******* New Zealand dollars as at November 2024. This marked a decrease in the average residential property price in New Zealand from the same period of 2023, in which an average house price of approximately ******* New Zealand dollars was recorded.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The House Construction industry plays a vital role in New Zealand's economy, meeting a need for home ownership and rental accommodation while stimulating economic growth. A shift in housing preferences towards medium-to-high-density apartments and townhouses, reflecting an escalation in house and land prices and modern lifestyle choices, is constraining the industry’s long-term performance. Changing government policies on first-home buyer grants, mortgage payment taxation and the promotion of social housing also profoundly affect the industry's performance. During the COVID-19 pandemic, the industry benefited from strong population growth, higher household savings and record-low mortgage rates. Government measures like first-home buyer stimulus, easing loan-to-value (LTV) restrictions and Housing Acceleration Fund (HAF) investments further supported growth. Still, a hike in mortgage interest rates as the Reserve Bank of New Zealand attempted to rein in inflation has choked off housing investment in recent years and slashed new dwelling consents. Given the rollercoaster that homebuilders have been on over the past five years, industry revenue is only expected to edge up at an annualised 0.3%, to $21.0 billion, over the past five years despite contracting by an estimated 2.5% in 2024-25. While some builders thrived during a 2022-23 housing boom, industry profit margins have plummeted in recent years with slumping housing investment. Many builders saw their profit shrink amid climbing input prices and supply chain disruptions, and some builders on fixed-price contracts struggled to absorb the higher input costs. Looking ahead, homebuilders face harsh conditions over the next few years, losing ground to the Multi-Unit Apartment and Townhouse Construction industry. Mounting population pressures support constructing new accommodation, and easing mortgage interest rates will encourage investment in residential building construction and are projected to drive total dwelling consents up by an annualised 2.3%. However, continued growth in house and land prices will drive investment towards medium-to-high-density dwelling options, like duplexes, townhouses, flats and apartments. In light of this, industry revenue is forecast to fall marginally at an annualised 0.2% to $20.9 billion through the end of 2029-30.

New Zealand HPI: YoY data was reported at -1.600 % in Dec 2024. This records a decrease from the previous number of -0.900 % for Sep 2024. New Zealand HPI: YoY data is updated quarterly, averaging 5.200 % from Dec 1990 (Median) to Dec 2024, with 137 observations. The data reached an all-time high of 30.500 % in Sep 2021 and a record low of -12.100 % in Mar 2023. New Zealand HPI: YoY data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.EB005: House Price Index: Quarterly.

New Zealand NZ: Standardised Price-Income Ratio: sa data was reported at 131.448 Ratio in Mar 2025. This records a decrease from the previous number of 133.266 Ratio for Dec 2024. New Zealand NZ: Standardised Price-Income Ratio: sa data is updated quarterly, averaging 110.437 Ratio from Mar 1986 (Median) to Mar 2025, with 157 observations. The data reached an all-time high of 177.494 Ratio in Dec 2021 and a record low of 58.155 Ratio in Mar 1987. New Zealand NZ: Standardised Price-Income Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

New Zealand NZ: Price to Rent Ratio: sa data was reported at 126.531 2015=100 in Sep 2024. This records a decrease from the previous number of 129.205 2015=100 for Jun 2024. New Zealand NZ: Price to Rent Ratio: sa data is updated quarterly, averaging 42.985 2015=100 from Mar 1970 (Median) to Sep 2024, with 219 observations. The data reached an all-time high of 163.028 2015=100 in Dec 2021 and a record low of 30.866 2015=100 in Dec 1970. New Zealand NZ: Price to Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s New Zealand – Table NZ.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by rent price indices

The real house price index in New Zealand in the fourth quarter of 2024 was *****, marking a decrease from the same quarter of the previous year. From the fourth quarter of 2019 to the fourth quarter of 2021, there was an upward trend of increasing house prices compared to the base year of 2015, with the first quarter of 2022 breaking this trend.

New Zealand Household Inflation Expectation: House Price: 5 Years - Mean data was reported at 8.000 % in Mar 2025. This records a decrease from the previous number of 8.100 % for Dec 2024. New Zealand Household Inflation Expectation: House Price: 5 Years - Mean data is updated quarterly, averaging 8.000 % from Mar 2022 (Median) to Mar 2025, with 13 observations. The data reached an all-time high of 12.200 % in Mar 2022 and a record low of 4.400 % in Mar 2023. New Zealand Household Inflation Expectation: House Price: 5 Years - Mean data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I027: Household Inflation Expectation.

Wide cyclical fluctuation has characterised the performance of the Multi-Unit Apartment and Townhouse Construction industry over the five years through 2024-25. Despite these ups and downs, overall revenue has remained stagnant over the period, at a total of $2.7 billion. Industry revenue peaked at a record $3.7 billion in 2021-22 and has plummeted in recent years, corresponding with the sharp correction in the number of multi-unit dwelling consents issued. The anticipated decline in industry revenue by 6.5% in 2024-25 reflects the recent hike in mortgage interest rates and the winding back of government first-home buyer stimulus. Industry profitability has climbed marginally despite contracting from the 2021-22 peak, while industry participation has maintained an upwards trend as new entrants strike out in business. The shift in dwelling construction away from traditional single-unit houses and towards higher-density apartments and townhouses has underpinned the industry’s long-term performance. This partly stems from the escalation in land prices pushing investors into medium-to-high-density alternatives but also reflects the growing preferences for urban lifestyles in close proximity to transport, nightlife and other inner-city amenities. Prior to the current slump in multi-unit dwelling construction, builders enjoyed robust growth across the residential building market, corresponding with historically low interest rates, strong population growth and generous first-home buyer subsidies. The escalation in residential property prices encouraged buyers to opt for lower-cost alternatives, and the number of multi-unit dwelling consents surged to 58.1% of all consents issued in 2022-23, double the level in 2015-16 and representing accelerated long-term growth. The higher housing costs forced many New Zealanders to rent rather than buy, encouraging property developers to invest in apartments and townhouses. The Multi-Unit Apartment and Townhouse Construction industry’s performance is set to recover solidly through 2029-30, underpinned by mounting population pressures and some easing in mortgage interest rates. Investment in multi-unit dwelling construction will also be supported by the reinstatement of property tax deductions, the relaxation of tenancy laws and growing opportunities under the build-to-rent (BTR) funding model. The winding back of first-home buyer subsidies will be partly offset by the Central Government’s (Te Kawanatanga o Aotearoa) direct funding of social housing projects. Still, more households may be forced to remain in the rental market. Industry revenue is forecast to climb at an annualised 5.6 % through 2029-30 to $3.6 billion, driving higher profitability and attracting increased participation.

This is the look-up table for Mass Contour and is part of the set of District Valuation Roll (DVR) data.

The Mass Contour look-up table is used by the NZ Properties: National District Valuation Roll table.

Look-up tables are provided to make it easier to interpret coded DVR attributes and are given as reference data, pre-populated with fixed values defined in the Rating Valuations Rules 2008.

More information Please refer to the NZ Properties Data Dictionary for detailed metadata and information about this table.