New Zealand real estate is heading for a stronger 2025, according to the latest CoreLogic property report.

 CoreLogic's hedonic Home Value Index showed property values in Aotearoa fell -0.5% in October - taking the total decline in values since February to a miniscule -5.1%.

 Property values across the motu now stand at a median of $805,984, which is about 18% below the post-COVID cyclical peak but still about 16% higher than the pre-COVID level from March 2020.

 Christchurch led the way among the main cities rising by 0.2%, however Wellington dropped by -1.2% in October, with both Hamilton and Auckland down by -0.7%. Dunedin’s median price decline was slightly smaller at -0.4%, while Tauranga flatlined in October.

In the regions, Nelson, Whanganui, Rotorua, and Gisborne property values all edged slightly higher, while Queenstown with a 1.5 million median property value was stable. However, value falls of -0.7% or more occurred in Invercargill, Whangarei, and Napier.

What is most significant is the pace of decline across the motu has roughly halved in the past two months after an average fall of around -0.9% from May to August, indicating a market floor is approaching, the CoreLogic report said.

Ian Keightley, Head of Operations, Raine & Horne New Zealand said the CoreLogic findings echoed the sentiment that Raine & Horne property professionals were picking up on the ground.

“Buyers are waking up to the fact that homes are becoming more affordable and that mortgages interest rates are falling. There is a growing sense in the broader real estate industry that we will soon turn the corner and experience a market recovery in the coming months or year. As CoreLogic noted, the improving outlook is yet to come through in hard data and it will take time for stock listings to decline from market highs, but the change in on the ground mood is unmistakeable.

“For people looking to get into the market, the latest figures indicate that the window to take advantage of low and falling prices is starting to close and that they should get ready to act and reach out to a real estate professional.

“For sellers who have been holding off marketing their property, the wait may be soon over as values start increasing again, as they have already in Christchurch, which retains its popularity because of lifestyle and affordability,” Ian said.

Whether you want to sell buy or rent a property, don’t hesitate to contact your local Raine & Horne office.