New Zealand's national median dwelling value slipped 0.2% in June to $806,512, extending a gradual decline that has seen values drop 0.8% over the past three months.
The national median is down 0.9% from June 2025 and has fallen 17.5% since the 2022 market peak.
Auckland and Wellington led the monthly falls, with values dropping 0.5% and 0.4% respectively. Auckland's median dwelling value now sits at $1,047,764, down 2.79% over the year, while Wellington's median reached $766,695, down 1.73% annually. Tauranga values also fell 0.2% in June.
Hamilton, Christchurch and Dunedin bucked the trend, with values rising 0.5%, 0.2% and 0.2% respectively in June.
Cotality NZ Chief Property Economist Kelvin Davidson said the figures from the company's Home Value Index reflected differing regional dynamics, with Auckland and Wellington weighed down by increased housing supply while other centres benefited from stronger economic fundamentals.
Davidson said lower interest rates could lift buyer confidence, noting "recent falls in interest rates could be a fillip for buyer confidence and we're clearly hoping that the US-Iran peace deal will hold". He added that if the peace agreement remained stable, it would help avoid worse outcomes for inflation, mortgage rates and the wider economy.
However, Davidson said the market remained tilted towards purchasers, saying "even if the deal does hold, housing conditions are still tilted in buyers' favour, suggesting little chance of runaway prices anytime soon".