QV House Price Index, March 2026: NZ’s housing market six years on from lockdown
Six years on from the March 2020 lockdown, the story of New Zealand Aotearoa’s housing market has come full circle – from boom and gloom to a far more balanced and nuanced chapter today.
Our latest QV House Price Index, out now, shows national home values are now 21.6% higher than they were six years ago. However, growth has slowed significantly, with values reducing by just 0.4% over the past year, including a reduction of 0.1% over the three months to the end of March 2026.
On the six-year anniversary of NZ’s first lockdown, QV spokesperson Simon Petersen said the urgency that defined the market through 2020 and 2021 has long gone, replaced by much more cautious and measured decision-making these days.
“The past six years have really been a story of two extremes – incredibly rapid, unsustainable growth, followed by a sharp correction, and then a gradual return to normal,” he said.
“It’s now a much more stable and balanced housing market that’s behaving more like it used to, back before Covid-19. There’s less urgency, more negotiation, and a stronger focus on fundamentals like affordability and supply.
“The frenzy we saw through 2020 and 2021 may be long gone now, but values are still sitting above where they were before the pandemic, without adjusting for inflation.”
Across the main centres, Auckland’s average home value is still 9.6% higher than it was six years ago, despite modest declines of 3.8% in the past 12 months and 0.6% this quarter.
Christchurch continues to stand out, with the average home value now 55% above its March 2020 level. The city largely avoided the sharpest part of the downturn and has recorded modest growth of 3.1% over the past 12 months and 0.9% this quarter.
In contrast, Wellington’s average home value is now 0.2% less than it was at the end of March 2020. It has reduced by 5% in the past 12 months and by 0.8% this quarter.
“The higher-priced markets felt the boom and the correction more sharply,” Mr Petersen said. “But no part of the country was untouched. Regional and lifestyle areas also saw strong gains as buyers looked for more space and flexibility during the lockdown period.”
“While values remain higher than pre-pandemic levels, those gains are significantly smaller once inflation is taken into account,” he added.
Now, in 2026, the market looks markedly different from both the highs of 2020 and 2021 and the lows that followed. Growth has stabilised, activity levels are closer to longer-term averages, and differences between regions are being driven more by local conditions than a single national trend.
In practical terms, Mr Petersen said buyers are taking their time, vendors have adjusted their expectations to meet the market for the most part, and price movements are now much more modest as a result.
“The housing market of 2026 seems to be defined more by caution rather than urgency,” Mr Petersen said. “Buyers are more considered, vendors are more realistic, and overall activity is tracking closer to longer-term norms. Everything is more or less in balance right now.
“After several years of volatility, a more predictable housing market gives both buyers and sellers greater confidence and it reduces the risk of another sharp correction – even with ongoing global uncertainty still present,” Mr Petersen concluded.
Keep reading for a regional breakdown of the latest QV House Price figures — or search here to discover the latest value of your home.
Northland
Northland’s residential property values were largely flat throughout the first quarter of 2026.
According to our latest QV House Price Index, the average home value decreased by 0.4% across the wider region throughout the three months to the end of March 2026 – compared to a 0.2% reduction in the three months to the end of February 2026.
Values haven’t increased by much more on an annualised basis either. The average home value in the Far North is just 1.8% higher annually at $686,723. Whangarei’s average home value has increased by just 0.3% annually to $736,789 and Kaipara’s average home has grown in value by 2.6% to $856,900.
The average home value in the Northland region is 30.5% than at the end of March 2020.
Auckland
Home value growth remains elusive across the Auckland region in 2026.
For the second consecutive index, just Rodney (0.1%) and Papakura (0.1%) recorded modest growth this quarter, while Franklin (-0.3%), Manukau (-0.9%), Auckland City (-0.1%), Waitakere (-0.9%) and the North Shore (-1.5%) recorded reductions in average home value.
On an annualised basis, home values across the wider Auckland region are 3.8% lower on average than the same time last year but are still considerably higher than they were six years ago, at the time of the March 2020 lockdown.
Local QV registered valuer Hugh Robson commented: “The Auckland housing market showed a moderate increase in activity during March 2026, with first-home buyers remaining the most active group overall. However, sales volumes of Auckland properties worth more than $2 million have also increased significantly.”
“Investors continue to be very quiet at present – but I have noticed that quite a few have actually listed their rentals for sale in recent times,” he added.
Bay of Plenty
Home values in Bay of Plenty have increased by an average of 0.6% throughout the first three months of 2026.
They increased by more than average in Gisborne (3.7%), Western Bay of Plenty (1.8%) and Rotorua (1.5%), with Whakatane (-3.6%) and Opotiki (-0.7%) recording reductions.
In Tauranga, the average home value has increased by 0.6% to $1,039,884, which is 1.6% higher than the same time last year.
On the anniversary of the March 2020 lockdown, the average property value in the Bay of Plenty region is still 31.9% higher than it was six years ago.
Waikato
Residential property values in Waikato have slumped by an average of 0.8% throughout the first quarter of the year.
The average value in Hamilton also decreased by 0.6% to $790,000 in the March quarter – the same marginal rate of reduction as in the three months to the end of February. Homes here are now worth just 0.3% more than the same time last year.
However, on the anniversary of the March 2020 lockdown, the average property value in the Waikato region is still 32.5% higher than it was six years ago.
They have increased by the largest percentage in Taupo, where the average home value is 46.2% higher at $838,378, without adjusting for inflation.
Hawke’s Bay
Home values have experienced a marginal reduction across Hawke’s Bay this quarter.
Our latest QV House Price Index shows homes decreased in value by an average of 0.6% throughout the three months to the end of March – the same amount that they increased by in the three months to the end of February.
The average home is now worth virtually the same as one year ago.
Napier performed slightly better than average again this quarter – its average home value increased by 0.5% to $756,379. Hastings’ average home value reduced by 1.2% to $770,625. Both of these average home values are 0.2% higher than the same time last year.
Taranaki
The average home value in New Plymouth is the same as it was at the start of this year.
Our March QV House Price Index shows the city’s average home value has remained virtually motionless throughout the first quarter of 2026 at $719,031. That figure is 0.7% lower than the same time last year and 40.1% higher than at the end of March 2020.
Residential property values in the neighbouring districts of South Taranaki and Stratford have been more volatile due to comparatively smaller amounts of sales data. They are now 6.9% higher and 1.5% lower annually respectively.
Manawatu
Property values in Palmy have recorded a marginal average reduction in Q1.
The city’s average home value has reduced by 0.5% to $633,156 throughout the three months to the end of March 2026. That figure is now 0.4% lower than the same time last year and 21.4% higher than in March 2020.
Meanwhile, across the wider region, just Rangitikei (2.9%) and Manawatu District (0.6%) recorded small increases in average home value. The largest reduction on average was in Ruapehu (-3.2%).
Wellington
Residential property values in the wider Wellington region have remained more or less flat so far in 2026, with just two local council areas posting modest gains this quarter.
The average home increased in value by 1.1% to $724,006 in Upper Hutt and by just 0.3% to $820,703 in Kapiti, compared to an average decrease of 0.6% across the greater region. The largest quarterly decrease in average home value occurred in Hutt City (-1.6%).
“March is typically one of the busiest times of year in real estate, but the last few weeks have been quieter than usual, with agents reporting softer open home attendance,” said local QV registered valuer David Cornford.
“The conflict in the Middle East and its potential economic impact is front of mind for many buyers, who are still concerned about the cost of living and their employment. This uncertainty and lack of confidence is causing buyers to take a more cautious approach to the market.”
He said first-home buyers remained the most active buyer group in the market right now, with investors and owner-occupiers less active at the time of writing.
“While there may have been a hint of optimism in the market and general economy at the start of the year, this has since dissipated,” Mr Cornford concluded.
Nelson/Tasman/Marlborough
Home value growth remains modest at best across the top of the South Island.
Homes in Nelson are worth 1.3% less now than at the start of this calendar year, with the average value sitting at $779,248 at the end of March 2026. That figure is 2% less than the same time last year and 17% more than its March 2020 level.
Our latest QV House Price Index also shows values increased by 1% this quarter in Tasman District to reach a new average of $832,539, and by 1.5% to reach $701,258 in Marlborough.
QV Nelson/Marlborough manager Craig Russell commented: “The market has lost the momentum it had at the end of 2025.”
“The necessity of pricing correctly is now more important than ever, with the market poised to retreat as the war continues. The headwinds are getting stronger, with unemployment set to rise, mortgage rates already rising, and the cost of living biting harder.”
However, he said the first-home buyer market was still going strong, with lots of activity up to the $800,000 mark.
“There is still some demand between $800,000 and $1 million but it’s sluggish, while properties worth more than $1 million are proving difficult to sell right now,” Mr Russell said.
“Residential properties with an x-factor – such as extra garage space, views, etc. – are easier to sell than stock standard properties. Otherwise, buyers are now more risk adverse than they were last year.”
West Coast
The QV House Price Index records overall home values across the wider West Coast region of 1.3% over the three months to the end of March 2026, with the average home value now $452,285. Compared with the same time last year values are overall shown as 4.6% higher.
Of the three districts that make up the region, Westland District recorded an increase for the three-month period of 5.3% – compared to a 1.8% increase in the three months to the end of February – an average value of $520,935 and a 7.7% increase from 12 months ago.
Grey District recorded a decline for the three-month period of 3.4%, an average value of $462,444 and a 2.4% increase from 12 months ago. In comparison, it showed a 1.8% decline in the three-month period to the end of February.
The Buller District is showing an increase of 5.6% for the three-month period, an average value of $386,391, and a 5.3% increase from 12 months ago. This is compared to a decrease of 4.1% in the three-month period to the end of February.
Local QV registered valuer Rod Thornton noted the fluctuating data.
“Statistics should be interpreted with some care in regions like the West Coast, as sales volumes tend to be lower here and there is a wide mix of housing types, locations, price points and value drivers that can distort/cause fluctuations – including if a disproportion number of higher or lower value properties sell in a given period.”
“However, we would characterise the market over recent months as steady and active,” he concluded.
Canterbury
Residential property values remain about as flat locally as the Canterbury plains.
The average home value increased by 0.6% across the wider region this quarter, with Christchurch growing by little more than average at 0.9%. Homes here are now worth $798,518 on average, which is 3.1% higher than the same time last year.
The average value of a home in Hurunui decreased by 0.6% to $651,134 and increased in Waimakariri by 0.6% to $742,651. Selwyn also recorded a small average decrease of 0.5% to $853,294.
On the six-year anniversary of the March 2020 lockdown, residential property values remain on average 54.4% higher on average across the wider Canterbury region.
Otago
Residential property values across Otago led the country in the first quarter of 2026, outperforming the national trend.
They have grown across the wider region by 2.6% on average this quarter, with Waitaki (4.4%) and Central Otago (4%) leading the way throughout the three months to the end of March.
Clutha (0.2%) recorded the smallest amount of home value growth on average this quarter, but it is still above the national average of -0.1% growth nationally.
In Dunedin, the average home value has increased by 3.7% to $659,571, which is 2.2% higher than the same time last year and 19% above its March 2020 level.
QV lower South Island regional manager Kylie Helman commented: “Property values across Otago have shown some momentum throughout the first part of 2026, with growth in most districts outperforming the national trend.
“Dunedin has seen steady demand, while home value growth in Central Otago and Waitaki has highlighted the ongoing appeal of lifestyle locations.”
Meanwhile, home values in Queenstown also increased by 1% this quarter to a new average of $1,931,981. That figure is 6.2% higher than March 2025 and still 54.7% higher than it was in March 2020.
Southland
Home values continue to tick upward in the Deep South.
Our latest QV House Price Index shows the average home value in Invercargill increased by 1.5% to $539,126 throughout the first three months of 2026. Homes here are now worth 8.1% more on average than at the same time last year and 42.9% more than in March 2020.
Average home values in Gore and Southland are also 10.1% and 8.2% higher annually respectively following positive growth this quarter.
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.
