Average residential property values are slowly but steadily declining in Auckland and Queenstown, according to the latest valuation data from Quotable Value (QV).
QV says the average value of homes in Auckland has declined every month for the last seven months, from $1,050,647 in November last year to $1,027,113 in June this year. That means it's now 2.7% lower than it was 12 months ago.
The drop in values has affected most parts of Auckland, with average values in June lower than they were 12 months ago in all city districts except Papakura and Franklin.
The biggest annual declines in values occurred in North Harbour -4.9%, followed by Central Auckland -4.7%, Coastal North Shore -4.2% and Gulf Islands -3.6%.
Compared to June last year, average values were up in Papakura +0.9%, and Franklin +1.6%, although those gains were modest.
Queenstown-Lakes has followed a similar trend to Auckland, with the average value there falling for each of the last four months, from $1,204,828 in February to $1,173,692 in June, which was down 0.1% compared to June last year.
There are also tentative signs of property values beginning to ease in Wellington City, where the average value has fallen for the last two months in a row, from $831,614 in April to $827,125 in June, although values are firmer in the Hutt Valley, Porirua and Kapiti.
Around the rest of the country average values are mostly continuing to rise, although the rate of increase appears to be slowing (the table below shows the average property value and the three month and 12 month percentage change for all districts throughout the country).
The average residential property value across the entire country was $687,021 in June, up just 2% compared to a year earlier.
"Overall the New Zealand property market remains quiet with value growth continuing to slow," QV said in its June report.
"The rate of annual growth nationally dropped from 3.5% in June last year to 2.0% at the same time this year.
"The rate of quarterly value growth has dropped to 0.1%."
QV General Manager David Nagel said there was a lack of impetus in the market, as expected at this time of year.
"Demand remains steady and listings relatively low, resulting in stable market conditions but subdued value growth," he said.
"We anticipate this will continue over the coming months, with supply remaining fairly constrained and demand either staying flat or dropping slightly in many areas."
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|QV House Price Index June 2019|
|Territorial authority||Average current value $||12 month change%||3 month change %|
|Total New Zealand||687,021||2.0%||0.1%|
|Auckland - Rodney||943,814||-1.3%||-1.0%|
|Rodney - Hibiscus Coast||916,817||-1.8%||-1.3%|
|Rodney - North||969,958||-0.9%||-0.8%|
|Auckland - North Shore||1,177,454||-3.9%||-1.7%|
|North Shore - Coastal||1,343,601||-4.2%||-1.4%|
|North Shore - Onewa||945,038||-3.0%||-1.9%|
|North Shore - North Harbour||1,149,620||-4.9%||-2.6%|
|Auckland - Waitakere||814,012||-1.5%||0.0%|
|Auckland - City||1,207,580||-3.3%||-1.9%|
|Auckland City - Central||1,046,191||-4.7%||-3.7%|
|Auckland_City - East||1,531,894||-2.4%||-0.6%|
|Auckland City - South||1,073,126||-2.9%||-1.9%|
|Auckland City - Islands||1,116,389||-3.6%||-0.7%|
|Auckland - Manukau||889,363||-1.5%||-0.4%|
|Manukau - East||1,135,413||-1.7%||-0.1%|
|Manukau - Central||687,217||-1.7%||-1.2%|
|Manukau - North West||776,791||-0.6%||0.0%|
|Auckland - Papakura||709,445||0.9%||2.6%|
|Auckland - Franklin||672,649||1.6%||0.1%|
|Hamilton - North East||731,945||2.7%||1.3%|
|Hamilton - Central & North West||539,740||5.2%||0.9%|
|Hamilton - South East||539,041||5.4%||0.7%|
|Hamilton - South West||520,948||6.8%||0.3%|
|Central Hawkes Bay||388,872||14.3%||2.5%|
|Wellington - Central & South||817,716||5.7%||-0.6%|
|Wellington - East||883,480||6.2%||-0.8%|
|Wellington - North||758,916||7.5%||0.1%|
|Wellington - West||940,910||4.1%||0.3%|
|Christchurch - East||377,834||1.5%||0.7%|
|Christchurch - Hills||678,967||1.0%||-0.3%|
|Christchurch - Central & North||589,618||1.2%||0.5%|
|Christchurch - Southwest||474,624||0.5%||0.6%|
|Christchurch - Banks Peninsula||522,414||0.2%||0.4%|
|Dunedin - Central & North||476,285||10.9%||2.1%|
|Dunedin - Peninsular & Coastal||414,883||9.5%||0.6%|
|Dunedin - South||442,031||13.8%||2.3%|
|Dunedin - Taieri||479,561||13.5%||2.5%|
|Main Urban Areas||790,389||0.7%||-0.3%|