Residential property values remained flat overall in the first quarter (Q1) of this year, according to valuation company QV's House Price Index for March. The average New Zealand dwelling value was $909,572, almost unchanged (-0.1%) compared to Q4 last year. On an annual basis, the average dwelling value was -0.4% lower compared to Q1 last year. The biggest declines in value in Q1 were in Taupo -3.8% and Greymouth -3.4% for the quarter, while the biggest increases in average values were in Gisborne and Dunedin, both up 3.7%. Wellington City is also the only centre where average values are still below where they were in Q1 2020,when the Covid-19 pandemic hit.

Source: New Zealand Herald March 31, 2026 08:43 UTC