New suburb-level property insights as NZ housing market turns a corner
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Property values across New Zealand are showing signs of recovery, with more than half of suburbs recording stable or rising prices in the first quarter of 2025.
The latest Mapping the Market update from CoreLogic NZ provides suburb-level insights across 2,661 areas for houses and 1,077 areas for flats/townhouses, offering the most comprehensive view of property values in the country.
CoreLogic NZ Chief Property Economist Kelvin Davidson said the data confirms that while affordability remains a challenge, improving market conditions are supporting a shift in property values.
"New Zealand's housing market has started to turn, driven largely by lower mortgage rates. Over the past three months, 54% of suburbs saw house values stabilise or increase, with a similar trend for flats or townhouses at 56%," Mr Davidson said.
"While this recovery is in its early stages, the strongest gains have tended to be concentrated in more affordable areas, where buyers appear to be capitalising on relatively lower property values."
Houses on the West Coast, particularly some suburbs in Buller and Grey District, saw values increase by 6% or more over the past quarter, reinforcing the role of affordability in driving market activity.
Among the main centres, Dunedin's Waldronville (3.9%), Hamilton's Temple View (3.5%), and Christchurch's Kainga (3.3%) recorded some of the strongest gains for standalone houses.
For flats and townhouses, Glenleith in Dunedin (6.2%) and Grenada North in Wellington (4.8%) led the upturn, while areas such as Deanwell in Hamilton (4.1%) and Auckland North Shore's Bayview (3.5%) also recorded notable growth.
Mr Davidson said signs of stabilisation in previously weaker markets suggested demand was gradually beginning to return.
"The number of suburbs experiencing price declines has narrowed, indicating the early stages of an upturn. Fewer than 230 suburbs saw house values drop by 2% or more over the past three months, while only 111 suburbs recorded similar declines for flats and townhouses," he said.
However, he cautioned that recovery remains uneven, with economic conditions, supply levels, and lending constraints continuing to influence local markets.
"Some areas are stabilising or rising, but others remain affected by high listing volumes and economic uncertainty. The resurgence in values suggests improving sentiment, but we expect the pace of recovery to remain measured as affordability constraints and credit conditions limit momentum."
Enhanced market intelligence with new digital mapping
The Mapping the Market online tool has been significantly expanded, now featuring suburb-level data split by property type. This enhanced dataset allows homebuyers, investors, and policymakers to assess value trends across different housing types using a single, standardised methodology.
The interactive digital map, available at CoreLogic NZ Mapping the Market, provides current median values across every major suburb. With an intuitive interface, it offers a clear visual representation of where buyers can find properties within their budget.
Mr Davidson said the latest insights reaffirm the affordability advantages of some regional markets.
"Lower-priced housing markets are leading the recovery, particularly in West Coast districts such as Buller and Grey, where affordability remains a key driver. Suburbs within major centres, such as Waldronville in Dunedin and Temple View in Hamilton, are also showing signs of renewed demand."
NZ's most expensive and affordable suburbs
Auckland's most expensive suburb remains Herne Bay, with a median house value of $3.15 million, while Oriental Bay tops the list in Wellington ($1.57 million) and Merivale in Christchurch ($1.33 million).
For flats and townhouses, Queenstown continues to dominate, with median values in Queenstown Hill reaching $1.52 million, while Auckland's Stonefields ($1.37 million) and Campbells Bay ($1.23 million) also rank among the highest.
More affordable housing options remain available in regional areas, with median property values significantly lower in some parts of Buller and Grey Districts, as examples.
A cautious recovery ahead
While more suburbs are showing early signs of a market rebound, Mr Davidson expects the pace of growth to remain gradual due to economic conditions, high listing volumes, and credit constraints.
"The downturn appears to be largely over, but the upturn in 2025 could be subdued," he said.
"The affordability gains seen in recent years are still in place and while lower interest rates may provide a lift, factors like high listings supply levels and restrained lending conditions to some degree – such as the debt to income ratio limits – could temper the recovery."
ENDS
Source: CoreLogic NZ
