QV spokesman Simon Petersen said nationwide, summer had been one of the housing market’s flattest in terms of home value growth.
The latest index showed the average residential home value increased nationally by just 0.2% in the three months to the end of February 2026 and the national average price was now sitting at $909,139.
"That figure is 0.4% lower than the same time last year, but 21.5% higher than in March 2020.
"Residential property values have remained largely static this quarter and yet the housing market has continued to tick along with activity remaining relatively robust in many parts of the country."
However, Dunedin stood out as the most notable exception to the broader flat quarterly trend, he said.
The city’s average home value increased by 2.6% over the summer to $652,147, which was 1.0% higher than the same time last year.
Home values in Queenstown also increased by 0.2% during the quarter and average residential property prices in the area were now $1,919,519, which was 5.4% higher than the same time last year.
In Invercargill, property values outperformed the national average this summer, he said.
The average home value increased by 1.8% to $537,167 throughout the three months of summer and homes were now worth 7.4% more on average than at the same time last year.
In Gore and the rest of Southland, average home values were 7.2% and 7.5% higher annually, respectively.
Home values also increased on average in Timaru (2.1%) and Christchurch (1.1%).
"It’s interesting to note the relative strength of property values across much of the South Island compared with the North Island.
"Of the larger urban areas we monitor on the mainland, only Nelson recorded a small reduction this quarter," Mr Petersen said.
Auckland’s average home value dipped by 0.3% during the quarter to $1,197,960, which was 3.8% lower than a year ago and Wellington city’s average home value decreased by 0.4% to $908,230, leaving it 5.1% lower year-on-year.
Nationally, he said the housing market remained in a state of "steady as she goes" for now.
"Listing levels and buyer demand are relatively well balanced, helping to keep property values broadly stable for the time being.
"But optimism seems to be growing as we start to see early signs that the wider economy may be picking up again.
"This will inevitably have implications for the housing market in the year ahead, as interest rates, employment trends and overall economic conditions continue to shape housing market activity."
However, at the same time, he believed global uncertainty and geopolitical tensions may mean the outlook remained somewhat murky.
"Particularly when it comes to interest rates and inflation.
"The next month or so should paint a clearer picture of what we can expect in 2026," he said.
