New Zealand property prices eased further at the start of the year, with the CoreLogic Home Value Index down 0.1% in January, the real estate data and analytics provider said in a Friday report.

The national median value now stands at NZ$803,819, a nearly 18% decline from record highs in late 2021 to early 2022.

Home values were up 0.1% each in Tauranga and Dunedin, but were down 0.1% in Auckland and Christchurch. Hamilton stood out with a 0.5% increase, while Wellington logged a 0.6% decline, per the report.

"Since the 'mini downturn' seen through the middle part of last year petered out in August, national property values have been in a holding pattern - not moving clearly in either direction," said Kelvin Davidson, CoreLogic NZ chief property economist.

"But with mortgage rates having dropped significantly from their peaks, property sales volumes have continued to rise in recent months and may well start to reduce the available stock of listings on the market in the near term," Davidson said.

Overall, the property market appears to be stronger in 2025 than in 2024, but the rebound might be more muted than in the past, he added.