One of the big lessons from the post-Covid correction is that there is no single “New Zealand housing market”.

For example, by late 2025 values were about 17% below their post-Covid peak nationally, but down more than 22% in Auckland and around 25% in Wellington, with smaller declines in places like Dunedin. Meanwhile, some regional centres have shown more resilience, supported by local economies and migration patterns.

When we talk to clients, we break it down like this:

• Big cities are more interest-rate sensitive. They rose faster in the boom and fell harder during the correction.
• Regions can be more tied to local industries. Strong primary-sector or infrastructure activity can support demand even when the national mood is gloomy.
• Supply dynamics differ. Areas with a big pipeline of new builds (thanks to post-pandemic building booms) can feel softer for longer as that stock hits the market.

From a broker’s perspective, the numbers on your pre-approval are only half the story. We also look at where you’re buying and how that market has behaved over the last few years – not to predict the future, but to help you think about risk and resale.