House prices, real during each prime minister's tenure
Every prime minister since 1991, ranked by how house prices, real changed from their first day in office. Politare shows what happened during a tenure; it does not claim the office-holder caused it.
| # | Prime minister | In office | Total | Per year | Chart |
|---|---|---|---|---|---|
| 1 |  Helen Clark | 10 Dec 1999 – 19 Nov 2008 | +71.0% Q3 1999 → Q3 2008 | +6.1%/yr | |
| 2 |  John Key | 19 Nov 2008 – 12 Dec 2016 | +48.9% Q3 2008 → Q3 2016 | +5.1%/yr | |
| 3 | Jim Bolger | 2 Nov 1990 – 8 Dec 1997 from Q1 1991 | +38.5% Q1 1991 → Q3 1997 | +5.1%/yr | |
| 4 | Jacinda Ardern | 26 Oct 2017 – 25 Jan 2023 | +21.1% Q3 2017 → Q4 2022 | +3.7%/yr | |
| 5 | Bill English | 12 Dec 2016 – 26 Oct 2017 | +2.1% Q3 2016 → Q3 2017 | +2.1%/yr | |
| 6 | Jenny Shipley | 8 Dec 1997 – 10 Dec 1999 | −1.9% Q3 1997 → Q3 1999 | −0.9%/yr | |
| 7 | Christopher Luxon | 27 Nov 2023 – now | −8.0% Q3 2023 → Q1 2026 | −3.3%/yr |
Sorted by total, highest first. Every row is indexed to the last quarter complete before the first day in office ("from" marks a start that had to move because that period had no data, or because the period cut it); Levels are per cent changes, rates are differences in %; "per year" compounds levels and divides rates. Tenures with under 12 months, or under three observations, are left out. index, 2015 = 100, adjusted for inflation · OECD analytical house price indicators (RHP), New Zealand's national house price index deflated by the CPI, seasonally adjusted · New Zealand data · as of Jul 2026.