As we enter 2026, New Zealanders can reflect on a property market that resisted a recovery despite nine interest rate cuts but saw values remain steady.
As the latest OneRoof home survey points out, there were winners and losers in 2025, and we should not feel downcast about the immediate future.
The latest cut of 0.25% to the Official Cash Rate – taking it to 2.25% – should offer Kiwis access to sufficient credit and confidence to re-enter the market this year.
A turnaround in economic fortunes will be critical, however. Once we have a clear indication of strength returning to our economy, buyer confidence will return.
The pressure of pent-up demand is significant. Many Kiwis want to buy a first or new property but feel constrained by the economic picture.
If you have the resources and courage to make your move now, it should prove to be a smart financial decision.
First-time buyers certainly recognise today’s opportunity and are now one-third of all purchasers.
Smart upsizers know the value gap between their current property and next purchase is unlikely to shrink. Once the market recovers strength, that gap will only grow wider, possibly costing overly-cautious upsizers tens of thousands of dollars.
The OneRoof report has singled out Southland (+4.6%), West Coast (+3.2%) and Otago (+2.6%) as star performers over the past 12 months. Alongside them are Queenstown-Lakes and Christchurch, whose values grew 4% and 2.8% respectively.
The biggest winners were in Moana (+14%), Omaha (+12.7%), Waiheke Island (+11.1%) and Ahuriri (+11%).
Of the 928 suburbs the survey covers, 489 experienced annual value increases and 57 were 5% or more higher.
On the other side of the ledger, the cities of Auckland and Wellington struggled, in part a consequence of their steep value rises in the post-Covid boom.
Wellington saw 2025 values dip 3.6% to sit at a median price of $938,000, which is the city’s lowest average since the start of Covid in 2020.
If you’re considering selling your property, we recommend talking to local real estate agents about the price trends in your area.
While the OneRoof survey is valuable for understanding the market mood, you only get a true sense of what it means for you by seeking an appraisal from a real estate agent.
Here are the key elements of an appraisal:
General assessment – An agent will note the land size and the total floor area of the dwelling. This includes the number of bedrooms, bathrooms and living spaces, plus the condition and age of the property.
Location – This is always so important. The value of any property is influenced heavily by scenic views, the quality of the immediate area and proximity to shops, schools, parks, cafes and major transport links.
Comparable sales – This is a critical, evidence-based part of any appraisal. An agent will research and compare your home against recently-sold properties in the area. The data is usually no older than six months. The evaluation must be made against properties similar to your own. This is called a Comparative Market Analysis (CMA), and would be produced in writing for you. Good agents will also know and share the volume and speed of local sales.
Market Conditions – A major influence on their appraisal are the prevailing economic conditions. This includes dynamics such as supply and demand in your area, plus interest rates, employment outlook and other factors that influence buyers’ behaviours.
Overall picture – At the end of the process, you can expect to have a solid idea of the price range for your home. An agent should also offer advice and recommendations on the appropriate marketing campaign that would maximise your property’s value.