New Zealand’s housing market stagnated from June to September 2025, with flat prices and minor regional variations due to high rates and weak economy.

New Zealand’s housing market showed little change from June to September 2025, with property values mostly flat despite a slow rise in sales. Most suburbs saw minor declines in standalone house prices, while some affordable areas and certain townhouse markets posted gains. Weak economic conditions, high interest rates, and rising costs continue to weigh on the market, though declining listing volumes and lower mortgage rates may support modest growth in 2026. Regional differences remain significant, with no broad-based recovery expected.