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Are house prices going down?

New Zealand's inflation-adjusted house price index was 3.2% lower than a year earlier (OECD, Mar 2026 qtr).

Updated

Inflation-adjusted house price indexes from the OECD for New Zealand, Australia, the UK, Canada, the US and the OECD as a whole, quarterly from 1990 (2015 = 100).

Indexes show change over time within each country (2015 = 100); they do not show which country's houses cost more. Real = deflated by each country's consumer prices.

A regional rent can change when the mix of newly rented properties changes. The national median gives the middle rent across new rentals, with half above it and half below it.

Read the period beside each number before comparing it with another figure. A monthly observation, a quarterly result and a financial year cover different spans of time. The latest release can also revise earlier observations. The chart and downloads keep the published periods so you can check which figures are being compared. A change in house prices describes what happened during that period; it does not by itself explain why it happened or identify the effect of a government policy. Definitions and coverage matter as much as the size of a change.

New Zealand was 131.3 index in Mar 2025 qtr, a year earlier.

The earliest observation on the same basis was 35.2 index in Mar 1990 qtr.

House prices: definitions

Inflation-adjusted house price indexes from the OECD for New Zealand, Australia, the UK, Canada, the US and the OECD as a whole, quarterly from 1990 (2015 = 100).

  • Indexes show change over time within each country (2015 = 100); they do not show which country's houses cost more.
  • Real = deflated by each country's consumer prices.
New Zealand. New Zealand, Mar 1990 qtr to Mar 2026 qtr, latest 127.1.050100150200Mar 1990Mar 2026
Show the figures
PeriodNew Zealand (index)
Mar 2026 qtr127.1
Dec 2025 qtr127.8
Sep 2025 qtr129.7
Jun 2025 qtr131.0
Mar 2025 qtr131.3
Dec 2024 qtr132.6
Sep 2024 qtr133.7
Jun 2024 qtr136.0
Mar 2024 qtr137.7
Dec 2023 qtr138.1
Sep 2023 qtr138.1
Jun 2023 qtr138.3
Mar 2023 qtr138.9
Dec 2022 qtr144.3
Sep 2022 qtr151.7
Jun 2022 qtr160.9
Mar 2022 qtr167.5
Dec 2021 qtr173.0
Sep 2021 qtr167.7
Jun 2021 qtr162.1
Full data: house prices real international
New Zealand. New Zealand: 127.1 in Mar 2026 qtr.

Calendar quarters. Source: OECD. Lines break at basis changes and missing periods.

Full chart, data table and downloads

More on housing

House prices: questions for your AI

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The attached CSV is Real house prices: NZ and other countries, from OECD. Answer: Are house prices going down? Name the unit and period. Use only directly supported observations. Definitions: Inflation-adjusted house price indexes from the OECD for New Zealand, Australia, the UK, Canada, the US and the OECD as a whole, quarterly from 1990 (2015 = 100). Limits: Indexes show change over time within each country (2015 = 100); they do not show which country's houses cost more. Real = deflated by each country's consumer prices.

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More questions about house prices

Other questions this topic can answer directly.

How much is rent in New Zealand?Which region has the highest rent?Are rents going up?

House prices: sources

The source publication, licence and snapshot used to build this page.

Organisation
OECD, Analytical house prices indicators
Licence
OECD Terms and Conditions (Data), reuse including commercial with citation. OECD (2026), Analytical house prices indicators, OECD Data Explorer, https://data-explorer.oecd.org/ (accessed on 10 October 2026). Figures selected and transformed by NZ in Numbers. Anyone reusing these figures must keep this OECD citation.
Reuse limits
Some OECD datasets include third-party material with its own terms; check the OECD terms page before monetising.
Snapshot
data/raw/oecd-house-prices/2026-10-10_c0fd88c65b58.csv
SHA256
c0fd88c65b58b47a6d5827a3ad1ddde7e82ea46988090c43bb366d893357f955
Retrieved
10 October 2026