Home values across Nelson and Tasman moved in opposite directions this summer, with Nelson recording one of the few value drops in the South Island while Tasman saw a small lift.
The latest Quotable Value (QV) House Price Index shows Nelson’s average home value fell 1.8% over the past three months to $777,407. That figure is now 2% lower than the same time last year, although still 16.7% higher than in March 2020.
Tasman fared better. Its average residential property value increased 0.8% over the quarter to reach $830,617.
QV Nelson/Marlborough manager Craig Russell said economic conditions continued to shape buyer behaviour across both districts.
“Stock levels across Nelson and Tasman are at their highest levels for a year and continue to climb,” he said.
“A number of these properties have been on the market for an extended period and require realistic pricing if they are to sell.”
Craig said buyer activity remained strongest in the $500,000–$800,000 bracket, largely driven by first‑home buyers looking for tidy, modern homes rather than properties needing renovation.
Nationally, home values increased by just 0.2% over summer, making it one of the flattest quarters in recent years. QV spokesperson Simon Petersen said balanced listing levels and buyer demand were helping keep prices stable, although economic uncertainty still hung over the market.
Across the South Island, Nelson was the only major urban area to record a quarterly drop, while cities such as Dunedin, Timaru and Invercargill all saw moderate growth.
