New Zealand's median dwelling value fell again in October, according to Cotality's Home Value Index reported by interest.co.nz on 5 November 2026.
The national median sat at $790,987 — down 0.4% from September, down 1.4% from July, and down 2.3% compared with October 2025. That marks a seventh consecutive monthly decline.
Auckland still above $1 million — just
In Auckland the median value remained just above the million-dollar mark at $1,006,098. That was 4.2% lower than in October last year.
Cotality NZ chief property economist Kelvin Davidson said agreed sales volumes had been drifting gradually lower through 2026. With the usual spring lift in new listings underway, the stock of unsold dwellings remains elevated.
"As such, provided that would-be buyers are confident about their own job security and can satisfy the bank too, they remain in a strong bargaining position," Davidson said.
He added that the balance of power still lies with buyers in most cases, which is why property values remain subdued in many parts of the country.
Biggest annual falls
The largest annual median-value declines highlighted by interest.co.nz were:
- Wairoa −7.5%
- Horowhenua −6.3%
- Otorohanga −6.1%
- South Wairarapa −6.1%
interest.co.nz also noted that weakness is starting to show in South Island figures that had held up more strongly earlier.
How this sits with listings data
Falling values and a large pool of unsold stock point the same way as this week's property listings update: buyers have more room to negotiate than they did a year ago, but only if they can get finance and feel secure about work. Mortgage pricing remains part of that picture — see our November mortgage rates round-up.
Cotality's index tracks estimated median values rather than individual sale prices. Month-to-month moves can be small; the longer run of declines is the clearer signal.
Values vs asking prices vs sale prices
Cotality's Home Value Index is an estimate of what dwellings are worth across the market, not a list of last week's auction results. That is why it can keep falling even in months when a few high-profile sales grab headlines.
Asking prices on listing portals (covered in our Realestate.co.nz stock story) and estimated values in the Cotality index are related but not identical. Asking prices are what sellers hope to get. Index values try to reflect the broader market after recent sales evidence. When both are soft at the same time — as they are now — the bargaining message for buyers is consistent.
Davidson's point about job security and bank lending matters for Asian migrant households as much as anyone else. A strong bargaining position only helps if you can still get a mortgage offer that matches the price you negotiate.
Spring usually brings more listings onto the market. Combined with elevated unsold stock, that seasonal lift is one reason Cotality expects buyers to keep the upper hand for now, unless demand suddenly recovers.
For households deciding whether to wait or buy, the seventh monthly fall is useful context rather than a timing tip. Markets can keep drifting after a long run of soft months; they can also flatten without a sharp rebound. Watch sales volumes and mortgage rates alongside the headline median.
Sources: interest.co.nz, Housing values continued falling in October as buyers call the shots (5 November 2026), citing Cotality Home Value Index and Kelvin Davidson.
