QV says some Auckland buyers are trying their luck by making "cheeky offers" in the current market

Average residential property values bounced around in the second quarter of this year (Q2) depending on location.

According to QV, the average value of all residential dwellings throughout the country was $910,479 in Q2, down 0.3%  compared to Q1 this year, and down -0.6% compared to Q2 last year and -14.5% compared to the 2021 peak in values.

However there were significant variations depending on location.

Around the main main centres, average values increased in Q2 compared to Q1 in Tauranga 0.1%, Hamilton 0.5% and Christchurch 0.1%, while average values declined in Auckland -1.0%, Wellington Region -2.0% and Dunedin -1.5% (see the chart below for the full regional figures).

Within the Auckland Region the central suburbs were the only district to record an increase in the average value, which was up a marginal 0.1%, while declines were recorded in Rodney -0.04%, North Shore -1.7%, Waitakere -1.0%, Manukau -1.2%, Papakura -0.1% and Franklin -0.6%.

The average Auckland dwelling value of $1,232,340 in Q2 was down by 1.4% compared to Q2 last year and down by 18.8% compared to the market peak in late 2021.

QV spokesperson Andrea Rush said there were some notable gains in Q2 values in some of the more affordable districts, such as the Far North 5.8%, Waitomo 5.2%, Wairoa 12.6%, Buller 6.2% and Gore 8.8%, while other centres tracked lower due to economic uncertainty and buyers remaining cautious.

Auckland Registered Valuer Hugh Robson said high levels of stock in most Auckland suburbs was helping to keep prices stable.

"For now, buyers have the upper hand, with many agents continuing to report low attendance numbers at open homes," Robson said.

"Some buyers are making cheeky offers to see what might be accepted in the current market," he said.

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