New Zealand homes have significantly outpaced apartments in value growth over the past decade, according to new data from realestate.co.nz. Between June 2015 and June 2025, the national average asking price for a standalone house rose 56.8% or $296,096, climbing from $521,183 to $817,279. In contrast, apartment prices rose just 25.1% or $131,793, moving from $524,926 to $656,719.
Vanessa Williams, spokesperson for realestate.co.nz, noted that while both property types tracked similarly in the first half of the decade, the second half saw a sharp divergence. “The last 10 years have certainly been a game of two halves,” she said, attributing the shift to rising land values.
Seller expectations are now aligning more closely with market reality. From January 2024 to May 2025, the average New Zealand home sold for $3,930 above its final asking price, based on over 53,000 listings analyzed by realestate.co.nz and REINZ. Eight out of 19 regions saw sellers receive more than their asking price, indicating renewed balance between buyer demand and vendor pricing.
Despite a broader housing market slowdown—reflected in Westpac’s revised forecasts and ANZ’s reported 0.3% monthly price dip in June—apartments remain a viable investment. A June 10 survey of 405 respondents found that 55% still considered apartments a better or similar investment to standalone homes.
However, when price isn’t a factor, 85% of respondents preferred standalone homes, citing space, land, and lifestyle benefits. With land value and buyer sentiment favoring houses, experts expect the price gap between homes and apartments to widen further.
“Homes typically offer greater land value and appeal to a broader range of buyers,” Williams said. “Unless apartment demand increases significantly or supply constraints shift, homes are likely to retain their lead in investment returns”.
