House prices up but still below peak
From Aaron’s YouTube: “House prices have gone up in Nz!”
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Posted 8 May 2026
The short version
- NZ median house prices rose just 0.1% in February according to CoreLogic.
- Prices are still 16.8% below the January 2022 peak of $977,000.
- Aaron suggests the 0.1% monthly increase is within normal market variation.
- The market remains well below its highs despite small recent gains.
The numbers behind the headline
CoreLogic's February 2024 data shows the national median house value at $809,000 – up 0.1% from January and 0.6% higher than the start of the year. While any increase might sound positive, Aaron argues the 0.1% monthly change falls within statistical margin of error. This means we can't definitively call it growth rather than normal market fluctuation.
Context matters with these numbers. The same report shows prices remain dramatically lower than their all-time highs, which is important for homeowners who bought near the peak or are considering selling now.
How far we are from the peak
The January 2022 market peak saw median values hit $977,000 nationwide. Current values sit at $809,000 – still 16.8% below that high watermark. That difference represents about $168,000 in lost value on an average home.
Aaron's perspective cuts through any hype about small monthly increases. Until prices meaningfully recover from this 16.8% deficit, he cautions against reading too much into minor monthly movements.
What this means for NZ homeowners and buyers
For upgraders, this data suggests your existing home's value may not have fully recovered. That affects how much usable equity you have for your next purchase. First home buyers face slightly lower prices than the peak, but mortgage rates remain the dominant factor in affordability.
The takeaway isn't to panic or celebrate month-to-month changes, but to focus on the bigger picture. Aaron encourages clients to base decisions on their personal financial situation rather than trying to time small market movements.
This is general information, not personalised financial advice. For advice on your situation, talk to Aaron.
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