New Zealand property markets see regional shifts in luxury and growth

New Zealand's property market is experiencing regional shifts, with luxury housing demand moving toward southern lifestyle destinations. Otago has overtaken Auckland as the nation’s most expensive prestige property market, driven largely by the Queenstown-Lakes district. In this area, Kawarau Falls saw a 240% increase in luxury median prices over the last decade, reaching $2.71 million. Other high-growth areas include Arrowtown and Kelvin Heights, while Auckland's luxury median has remained relatively flat at approximately $2.5 million.

In the Canterbury region, property values are showing upward momentum beyond Christchurch. The Waimakariri District has seen values rise by 5.16% over the past year, reaching an average price of NZ$744,860 as of May 2026. This growth outpaces the national median house price increase of 1.4%. Townships such as Kaiapoi are seeing increased interest from buyers seeking a balance of affordability and proximity to Christchurch.