The price of residential property in New Zealand was the highest in the Auckland region in December 2024, with an average sale price of around one 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; the Auckland region experienced an annual decrease in the average residential house price in December 2024 compared to the same month in the previous year. The price of residential property in Auckland was the highest in the North Shore City district, with an average sale price of around 1.21 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.

Graph and download economic data for Real Residential Property Prices for New Zealand (QNZR368BIS) from Q2 1963 to Q3 2024 about New Zealand, residential, housing, real, and price.

The average residential house price in New Zealand was at around 908,000 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 914,000 New Zealand dollars was recorded.

Key information about House Prices Growth

• New Zealand house prices dropped 0.9% YoY in Sep 2024, following an increase of 1.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Dec 1990 to Sep 2024, with an average growth rate of 5.3%.
• House price data reached an all-time high of 30.5% in Sep 2021 and a record low of -12.1% in Mar 2023.

House Price Index YoY in New Zealand decreased to -1.40 percent in February from -1.30 percent in January of 2025. This dataset includes a chart with historical data for New Zealand House Price Index YoY.

New Zealand NZ: Price to Income Ratio: sa data was reported at 119.398 2015=100 in Jun 2024. This records a decrease from the previous number of 121.104 2015=100 for Mar 2024. New Zealand NZ: Price to Income Ratio: sa data is updated quarterly, averaging 79.503 2015=100 from Mar 1986 (Median) to Jun 2024, with 154 observations. The data reached an all-time high of 143.278 2015=100 in Dec 2021 and a record low of 46.765 2015=100 in Mar 1987. New Zealand NZ: Price to 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.

New Zealand Residential Sales: Median House Price data was reported at 560,000.000 NZD in Jun 2018. This records a decrease from the previous number of 562,000.000 NZD for May 2018. New Zealand Residential Sales: Median House Price data is updated monthly, averaging 292,500.000 NZD from Jan 1993 (Median) to Jun 2018, with 306 observations. The data reached an all-time high of 562,000.000 NZD in May 2018 and a record low of 113,000.000 NZD in Apr 1993. New Zealand Residential Sales: Median House Price data remains active status in CEIC and is reported by Real Estate Institute of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.EB001: Residential Sales.

Housing is a central part of the New Zealand economy as it is a major source of investment for many New Zealanders. Data on the price and value of houses is available from 1979.

New Zealand NZ: Standardised Price-Income Ratio: sa data was reported at 148.806 Ratio in Jun 2024. This records a decrease from the previous number of 150.932 Ratio for Mar 2024. New Zealand NZ: Standardised Price-Income Ratio: sa data is updated quarterly, averaging 99.085 Ratio from Mar 1986 (Median) to Jun 2024, with 154 observations. The data reached an all-time high of 178.567 Ratio in Dec 2021 and a record low of 58.283 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.

Graph and download economic data for Consumer Price Index: Housing, Water, Electricity, Gas and Other Fuels (COICOP 04): Electricity, Gas and Other Fuels: Total for New Zealand (NZLCP040500GPQ) from Q1 1960 to Q3 2023 about water, New Zealand, fuels, electricity, gas, CPI, price index, indexes, and price.

ANZ Forecast: REINZ House Price Index: YoY data was reported at 4.900 % in 2026. This records a decrease from the previous number of 5.000 % for 2025. ANZ Forecast: REINZ House Price Index: YoY data is updated yearly, averaging 4.900 % from Dec 2018 (Median) to 2026, with 9 observations. The data reached an all-time high of 26.500 % in 2021 and a record low of -12.800 % in 2022. ANZ Forecast: REINZ House Price Index: YoY data remains active status in CEIC and is reported by ANZ Bank New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.EB005: House Price Index: Forecast: ANZ Bank Ltd.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 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.

Az Új-Zélandi Házárindex havi változása januárban 1,20 százalékkal nőtt a 2024. decemberi -0,60 százalékos értékről. Az oldal aktuális és múlbeli adatokat, elorejelzéseket, statisztikákat, grafikonokat és a gazdasági naptár adatait tartalmazza - Új-Zéland - House Price Index (Havonta).

New Zealand HPI: YoY data was reported at -0.900 % in Sep 2024. This records a decrease from the previous number of 1.500 % for Jun 2024. New Zealand HPI: YoY data is updated quarterly, averaging 5.250 % from Dec 1990 (Median) to Sep 2024, with 136 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.EB004: House Price Index.

New Zealand Consumer Price Index (CPI): Housing and Household Utilities: Property Rates and Related Services data was reported at 1,031.000 Jun2017=1000 in Jun 2018. This stayed constant from the previous number of 1,031.000 Jun2017=1000 for Mar 2018. New Zealand Consumer Price Index (CPI): Housing and Household Utilities: Property Rates and Related Services data is updated quarterly, averaging 693.796 Jun2017=1000 from Jun 1999 (Median) to Jun 2018, with 77 observations. The data reached an all-time high of 1,031.000 Jun2017=1000 in Jun 2018 and a record low of 384.747 Jun2017=1000 in Jun 1999. New Zealand Consumer Price Index (CPI): Housing and Household Utilities: Property Rates and Related Services data remains active status in CEIC and is reported by Statistics New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.I002: Consumer Price Index: Jun2017=1000.

The average price of residential property in New Zealand in December 2024 was around 775,000 New Zealand dollars. Auckland had the highest average sales price across the country's regions that year at around one million New Zealand dollars.

New Zealand NZ: Price to Rent Ratio: sa data was reported at 129.297 2015=100 in Jun 2024. This records a decrease from the previous number of 131.051 2015=100 for Mar 2024. New Zealand NZ: Price to Rent Ratio: sa data is updated quarterly, averaging 42.914 2015=100 from Mar 1970 (Median) to Jun 2024, with 218 observations. The data reached an all-time high of 163.102 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

In December 2024, around 27.8 percent of the residential property sold across New Zealand had a sale price of over one million New Zealand dollars. Just 13.6 percent of properties were sold for under 500,000 New Zealand dollars.

Graph and download economic data for Consumer Price Index: Services Less Housing for New Zealand (NZLCPISXHAINMEI) from 1969 to 2016 about New Zealand, services, CPI, housing, price index, indexes, and price.

According to a survey conducted among renters in New Zealand in January and February 2024, the cost of rent was the leading motivator among respondents for choosing a particular rental property, with almost 50 percent indicating this. Location and the quality of the rental property were the next most important factors to renters when selecting a rental property.