QV data for January 2026 shows Auckland prices are now 20.7% below peak and Wellington prices are 27.9% below peak. In inflation-adjusted terms, Auckland valuations are down by 33% and Wellington prices are now down by 39%. Older investors holding properties may still be buffered by the big capital gains made in the decades prior to 2022. In fact, if we’d had a capital gains tax in place for the past four years, it would have been largely redundant. There are other reasons for looking at capital gains and generally broadening our tax base, but I suspect most readers already have a view on that.

Source: New Zealand Herald February 28, 2026 19:01 UTC