QV House Price Index, January 2026: Nationwide home values rise as regional differences persist

The latest QV House Price Index shows that average residential property values across New Zealand Aotearoa rose by 0.9% over the three months to January 2026, with the national average now $910,285. That figure is 0.4% higher than at the same time last year, and 13.1% below the nationwide market peak of January 2022.

Among the main centres, Dunedin recorded the strongest quarterly growth (2.7%) followed by Christchurch City (2.0%) and Tauranga (1.6%). The Auckland Region also saw values rise modestly over the quarter (0.8%), and Hamilton also recorded a small increase (0.4%), while Wellington City saw values remain almost unchanged, down by just 0.1% over the three months to January.

QV National Spokesperson Andrea Rush said residential property values remain relatively stable across much of the country, following the subdued conditions that persisted through much of last year.

“Overall value movements remain modest, but we’re seeing fewer areas recording declines and more locations showing small quarterly increases, which suggests values are beginning to settle rather than continuing to weaken,” she said.

“Conditions remain uneven between centres and property types, with affordability constraints, cautious buyer sentiment and elevated listing levels continuing to influence activity in some parts of the country. While lower interest rates are improving borrowing capacity for some households, many buyers are still taking a measured approach and are not under pressure to bid prices higher.”

Ms Rush said broader economic conditions will continue to influence residential property values through the remainder of 2026.

“Employment trends, confidence levels and interest rate movements will all play a role this year,” she said. “At this stage, the data does not point to a rapid upswing, but it does suggest that the widespread declines seen previously have largely come to an end. For now, we expect values to remain broadly steady, with pockets of modest change depending on location and dwelling type.”

Keep reading for a regional breakdown of the latest QV House Price figures — or search here to discover the latest value of your home.

Auckland

QV Auckland Registered Valuer Hugh Robson said market activity over January was subdued, reflecting the usual Christmas and summer holiday slowdown. “Many buyers and sellers were focused on other priorities over the holiday period, and while there is still a large amount of stock available across Auckland, price levels have remained fairly stable overall,” he said.

“We did observe some modest price uplift in parts of Auckland City and the North Shore, but buyers are generally taking a cautious approach. First home buyers continue to make up a significant share of the market, while new townhouse developments are still being established across the city.”

Wellington

QV Wellington Registered Valuer David Cornford said property values across the region remained largely flat, with mixed results between districts.

“Some areas recorded modest value growth over the last three months, while others experienced modest declines,” he said. “We’ve started the year with a significant number of properties on the market, which is giving buyers plenty of choice and bargaining power.”

“First home buyers remain active and are taking advantage of lower property prices and more favourable interest rates. It won’t be until after the busier months of February and March that we’ll get a clearer sense of where the market is heading, however it’s unlikely we’ll see any significant value growth this year—particularly if interest rates begin to move higher sooner than expected.”

Mr Cornford added that general economic and employment conditions in the Capital remain subdued, and this continues to subdue any increases in residential property values.

Christchurch

QV Christchurch Registered Valuer Michael Tohill said January is typically a quieter period for sales activity due to the holiday season.

“However, demand remains solid and home value growth is well above the nationwide average at more than 3.0% over the past year, reflecting continued demand for residential dwellings in Christchurch.

“Interest rates have been unchanged since late last year, helping to provide a degree of certainty for buyers and sellers.

“Builders continue to report a strong forward pipeline of work across Christchurch, Selwyn, and Waimakariri, while apartment and townhouse developers also have several major projects planned for delivery in 2026.”

Regional Update

Regional home values across New Zealand Aotearoa showed uneven and inconsistent results over the January quarter, with movements continuing to vary between regions. While some areas recorded small increases, others were flat or declined slightly, reinforcing the view that conditions remain locally driven rather than shaped by a single nationwide trend.

A number of provincial and regional centres recorded modest quarterly increases, particularly in areas where home values remain lower and affordability make buying a home comparatively easier. In contrast, several larger urban markets continued to show softer results, reflecting ongoing caution among buyers and a higher level of available stock.

In some parts of the country, activity linked to the primary sector continues to provide a degree of support for residential dwelling values, helping to underpin stability in certain regional locations. Elsewhere, affordability constraints, employment conditions and local economic confidence remain key influences on buyer behaviour.

It less likely we will see a broad or sustained upswing, with residential dwelling values remaining largely stable across many regions and only pockets of modest change evident.

Keep track of all these value movements and more via our interactive QV House Price Index — or search here to discover the latest value of your home.