Property prices in New Zealand increased in February as the CoreLogic Home Value Index grew 0.3% to mark its strongest rise since January 2024, the real estate data and analytics provider reported Thursday.

The median national value now stands at NZ$807,164, which is down nearly 17% from the record highs in late 2021 and early 2022, but over 17% higher than the pre-COVID-19 figure in March 2020, per the report.

"It was always likely that the property value falls in 2024 would come to an end at some stage in early 2025, given the extent of interest rate cuts since July or August last year," said Kelvin Davidson, CoreLogic NZ chief property economist. CoreLogic expects "modest growth" in the current year.

Home values in Auckland went up 0.3%, while that in Hamilton rose 0.5%. Christchurch and Dunedin home values rose 0.6% each. Wellington saw a 0.1% uptick, while Tauranga bucked the overall trend with a 0.2% drop.

On an annual basis, New Zealand home values were down 3.8% in February.