Average residential property values declined in Auckland, Wellington City and Christchurch over winter, according to the latest report from Quotable Value (QV).
The most consistent drop in values was in Auckland, where the average residential property value was $1,025,193 at the end of August, down 0.5% compared to three months earlier and down 2.3% compared to 12 months previously.
The biggest declines over winter were in Rodney in the north of the city where average values fell 2.7% over the three months to August.
On an annual basis, average values are down across all districts of Auckland except Franklin on the city's southern fringe.
The annual declines ranged from -4.6% in North Harbour to -0.4% in north-west Manukau, while average values were up 0.3% in Franklin (see the table below for the value movements in all districts throughout the country).
In Wellington value movements were more mixed, with average values down 0.3% over winter in Wellington City, but up in other districts - Kapiti +1.3%, Porirua +4.5%, Upper Hutt +1.7% and Lower Hutt +2.8%.
In Christchurch average values dropped 0.5% over winter and declines were also recorded in Ashburton -1.2%, Timaru -0.6% and MacKenzie -2.0%.
Average values also declined over winter in several centres that had previously been recording strong growth, such as Rotorua -0.7%, Napier -0.6% and Whanganui -0.4%.
However, in general, values have held up better in provincial centres than they have in the main centres.
Average values continued to rise strongly over winter in Dunedin +2% and Invercargill +3%, and were unchanged in Queenstown Lakes.
QV senior consultant Paul McCorry said the low number of new listings coming to market over winter had seen some agents reducing their commissions to secure listings.
"Real estate agents have reported increasing competition to list the limited number of properties that come to market each week," he said.
"This has proved beneficial for vendors with agents willing to negotiate their fee to secure a listing.
"In Auckland in particular, we are seeing an increasing number of properties listed with an asking price rather than an open-ended auction or tender process - a positive for purchasers," he said.
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|QV House Price Index|
|Territorial authority||Average current value $||3 month change %||12 month change%|
|Auckland - Rodney||933,788||-2.7%||-1.6%|
|Rodney - Hibiscus Coast||913,907||-2.5%||-2.1%|
|Rodney - North||955,475||-2.7%||-1.2%|
|Auckland - North Shore||1,172,939||-0.6%||-3.4%|
|North Shore - Coastal||1,350,881||-0.1%||-2.8%|
|North Shore - Onewa||938,054||-0.6%||-3.4%|
|North Shore - North Harbour||1,128,774||-1.5%||-4.6%|
|Auckland - Waitakere||812,456||-0.1%||-1.1%|
|Auckland - City||1,211,804||0.1%||-2.3%|
|Auckland City - Central||1,059,304||0.4%||-0.6%|
|Auckland_City - East||1,528,249||-0.5%||-2.9%|
|Auckland City - South||1,077,104||0.4%||-2.7%|
|Auckland City - Islands||1,135,833||2.3%||-4.1%|
|Auckland - Manukau||884,902||-0.9%||-1.5%|
|Manukau - East||1,126,295||-0.8%||-1.9%|
|Manukau - Central||684,212||-1.0%||-2.2%|
|Manukau - North West||774,305||-0.9%||-0.4%|
|Auckland - Papakura||695,577||-1.7%||-1.1%|
|Auckland - Franklin||670,874||-0.4%||0.3%|
|Hamilton - North East||733,236||0.4%||2.6%|
|Hamilton - Central & North West||540,962||0.3%||5.7%|
|Hamilton - South East||543,191||0.5%||6.9%|
|Hamilton - South West||524,672||0.8%||7.1%|
|Central Hawke's Bay||385,481||2.0%||11.0%|
|Wellington - Central & South||816,509||-0.3%||5.1%|
|Wellington - East||873,421||-2.3%||5.5%|
|Wellington - North||762,227||0.3%||7.5%|
|Wellington - West||945,971||1.1%||6.4%|
|Christchurch - East||378,096||0.2%||1.1%|
|Christchurch - Hills||668,006||-2.1%||-0.6%|
|Christchurch - Central & North||582,806||-0.8%||0.0%|
|Christchurch - Southwest||472,612||0.0%||0.5%|
|Christchurch - Banks Peninsula||511,887||-1.9%||-0.2%|
|Dunedin - Central & North||479,174||1.1%||9.2%|
|Dunedin - Peninsular & Coastal||422,182||3.3%||12.3%|
|Dunedin - South||449,447||2.9%||15.4%|
|Dunedin - Taieri||484,624||2.1%||12.2%|