Average residential property values in New Zealand’s major cities declined during the winter months, new figures show.
According to state valuer Quotable Value, property prices in Auckland, Wellington City and Christchurch all fell during the winter, with the most consistent drop in values seen in Auckland.
In New Zealand’s largest city, the average residential property value was NZ$1,025,193, down 0.5 per cent compared to three months earlier and down 2.3 per cent compared to 12 months previously.
The biggest declines in Auckland during winter were recorded in Rodney in the north of the city where average values fell 2.7 per cent over the three months to August.
In the Wellington region the value movements were more mixed, with average values down 0.3 per cent over the winter in Wellington City itself, but up in other districts – by as much as 4.5 per cent in Porirua.
In Christchurch, average values dropped 0.5 per cent over winter.
However, residential property values continue to grow in many regional towns and cities where affordability is less of an issue.
Overall, New Zealand house prices rose an annual rate of 2.3 per cent in August, up on the 2.2 per cent growth seen in July.
Many regional areas recorded double-digit growth in the year to the end of August, with Kawerau, a town located in the North Island’s Bay of Plenty region seeing its residential property values increase by a mammoth 28.5 per cent.
Over the winter months, residential property values across NZ as a whole increased by 0.3 per cent.
The average property prices in New Zealand is currently NZ$688,760.
Article published 4th September 2019