New Zealand house prices fall 0.4% in October 2026

New Zealand home values fell 0.4% in October, a seventh straight monthly decline that leaves the index 19.1% below its 2022 peak.

The facts

New Zealand home values fell -0.4% in October 2026, the seventh consecutive monthly decline, Cotality reported on 5 November.
Values were 2.3% lower than a year earlier and the national median stood at 790,987 New Zealand dollars.
The index is 19.1% below its January 2022 cyclical peak. Over the past decade values rose by an annual average of 3.0%, a total of 34.7%.
Among the main centres Wellington fell 0.9% in the month and Auckland 0.7%, Dunedin 0.1%, while Hamilton, Tauranga and Christchurch held steady.
Queenstown rose 0.8% in the month and 2.9% over the year, and Invercargill was up 4.3% on the year. Cotality counted only about 400 mortgagee sales in the past year.

Entry is cheaper than a year ago and far cheaper than at the 2022 peak. But values have now fallen for seven months running.
An owner selling now realises a value 2.3% below last year. With mortgagee sales at about 400 for the whole year, the decline is not being driven by forced selling, so there is little distressed stock on offer.
Glopra's data put the New Zealand average asking price at 504,654 USD per home and the bubble risk score at 50 out of 100, in the moderate band; the same data record that foreign purchase is banned with narrow exemptions, so for most non-residents these lower prices are not directly reachable.

Cotality publishes the index monthly, and the next reading is the one that shows whether the run of declines continues. The release gives no figure for Hamilton, Tauranga or Christchurch beyond the words held steady.
The index listing page carries 4 November as the publication date while the article itself prints 5 November. The figures are identical on both.

Sources: Cotality https://www.cotality.com/nz/insights/articles/housing-market-down-again-as-election-looms