Source: REINZ, Ray White Economics
CITIES IN CATCH-UP MODE
Looking closely at major cities reveals a pattern: those that fell furthest during the 2022-2023 downturn are now recovering faster. Hamilton(+ 6.50 per cent) and Tauranga(+ 4.10 per cent) are leading the rebound after steeper corrections, while Auckland(-4 per cent) and Wellington(-3.70 per cent) – which weathered the earlier downturn with more resilience – are now seeing late-cycle softening.
Auckland remains New Zealand’ s most expensive market at $ 1.20m, sitting 56 per cent above the national median. Wellington and Tauranga are clustered around $ 860,000- $ 890,000, while Hamilton($ 741,000) and Christchurch($ 661,000) remain closer to the national midpoint.
This catch-up pattern underscores that the recovery is not one-size-fits-all. Local conditions, including affordability, population growth, and available stock, are shaping each city’ s trajectory.
RAY WHITE NOW NEW ZEALAND | 11