|
Getting your Trinity Audio player ready...
|
The latest QV House Price Index shows average residential property values across New Zealand dipped by 0.5 per cent over the three months to the end of July, with the national average now $909,671.
Nationally, values remain almost unchanged compared to the same time last year and the average value is 13.1 per cent below the market peak in January 2022 of $1,047,132.
While the rate of decline has slowed in many areas, the overall market remains subdued, says Quotable Value (QV).
Values were down in most of the main centres in the July quarter, including Auckland (-1.2 per cent), Wellington (-2.3 per cent) and Dunedin (-1.5 per cent).
Some cities such as Tauranga (1.7 per cent), Queenstown (2.4 per cent) and Invercargill (1.2 per cent) bucked the trend with value growth over the past three months.
QV says the Auckland property market remained subdued in July, with high stock levels and cautious buyer sentiment continuing to keep a lid on price growth.
The average home value across the Auckland region declined to $1,219,470, which is 1.5 per cent lower than at the same time last year, and 19.7 per cent below the market’s nationwide peak of January 2022.
For Auckland in the July quarter, the only area to see values hold relatively steady was the local council area previously known as Auckland City (-0.1 per cent).
All other parts of the region recorded value drops: Manukau (-1.9 per cent), North Shore (-2.0 per cent), Waitakere (-1.6 per cent), Rodney (-0.3 per cent), Papakura (-0.2 per cent), and Franklin (-0.8 per cent).
QV Auckland registered valuer Hugh Robson says the region’s housing market remains largely unchanged, with average values holding steady across most suburbs and little movement in either direction.
“There’s been very little price movement over the past month. Listings levels remain in line with April, May and June, and overall prices are just sitting stable – not rising, not falling.”
Robson notes that the higher end of the market continues to perform well, with stronger-than-usual sales activity in the $2 million-plus bracket.
“Barfoot & Thompson sold 51 properties over $2m and 16 over $3m in July – their best results since 2021, which shows confidence remains for quality homes in top locations.
“Developers are also pressing ahead with new builds across a wide range of suburbs, which is another indicator of underlying market resilience.”
QV spokesperson Andrea Rush says the housing market nationally is still adjusting to a softer economic environment, with many buyers carefully weighing affordability, employment security and mortgage servicing costs before committing to a purchase.
“There’s more activity occurring at the lower to mid-value end of the market, where first-home buyers and owner-occupiers remain the most engaged,” she says.
“These buyers are being supported by relatively stable interest rates, improving access to finance, and a wide range of listings, particularly in larger urban centres.”
Rush says market conditions across the country continue to vary by location and property type, with some regional centres experiencing renewed value growth off the back of earlier declines and ongoing demand for affordable housing.
“While national value levels have broadly stabilised, the recovery is uneven and fragile.
“Vendors in many areas are having to meet the market to achieve a sale, while some buyers remain hesitant due to broader economic uncertainty.”
With the traditional spring uplift in listings just around the corner, Rush says the next few months will be pivotal in determining whether the market begins to tilt more decisively toward recovery.
