The average value of New Zealand homes has declined by $24,491 over the last three months, with average values in much of Auckland declining by more than $100,000, according to property data company CoreLogic.
According to the CoreLogic House Price Index, the average value of New Zealand homes declined to $1,018,770 in June from $1,043,261 in March.
The biggest drops occurred in Auckland where the average fall in values over the three months from March to June ranged from $166,738 in the Gulf Islands (mainly Waiheke) to $13,666 in Papakura.
Apart from Waiheke, the biggest value declines in Auckland were in the upmarket central Auckland suburbs with most recording value drops of more than $100,000.
Average values were also well down in Wellington, where declines ranged from $16,150 on the Kapiti Coast to $84,526 in Wellington City’s western suburbs.
Over the same period average dwelling values have also declined in Hamilton by $10,937, Tauranga by $21,463, Gisborne by $3481, Napier by $34,562, Hastings down $24,564, Whanganui down $11,350, Palmerston North down $11,350, Porirua down $48,316, Upper Hutt down $64,513, Lower Hutt down $61,082, Dunedin down $16,771 and Invercargill $9218 lower.
CoreLogic NZ Head of Research Nick Goodall compared the current housing market to that which followed the Global Financial Crisis.
“As the downturn sets in and with interest rates set to rise further, greater consideration is now being given to how long and how far this will go,” Goodall said.
“Of course no one knows for sure, but the long recovery after the GFC offers one potential scenario which could unfold,” he said.
After the GFC housing prices declined by 9.9% over 17 months and then flattened out, and it took five years for them to return to pre-GFC levels, Goodall said.
“While the economic and lending environments are remarkably different between 2008 and 2022, housing affordability is more thinly stretched and interest rates are rising, not falling like in the late 2000s.
“Under these circumstances it is difficult to foresee any respite for falling house prices in the near term,” he said.
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| CoreLogic House Price Index | |||
| June 2022 | |||
| Territorial authority | Average current value | 12 month change % | 3 month change % |
| Far North | $722,630 | 23.3% | 3.5% |
| Whangarei | $843,530 | 17.4% | 0.5% |
| Kaipara | $894,585 | 18.3% | 1.9% |
| Auckland - Rodney | $1,409,251 | 17.8% | -0.8% |
| Rodney - Hibiscus Coast | $1,321,148 | 14.6% | 0.1% |
| Rodney - North | $1,486,017 | 20.2% | -1.5% |
| Auckland - North Shore | $1,604,040 | 10.1% | -4.3% |
| North Shore - Coastal | $1,848,637 | 10.7% | -3.2% |
| North Shore - North Harbour | $1,535,209 | 12.1% | -4.6% |
| North Shore - Onewa | $1,287,159 | 6.8% | -5.7% |
| Auckland - Waitakere | $1,159,214 | 11.1% | -5.5% |
| Auckland - City | $1,656,359 | 10.9% | -6.2% |
| Auckland City - Central | $1,385,149 | 12.1% | -7.3% |
| Auckland City - Islands | $1,752,653 | 18.9% | -8.7% |
| Auckland City - South | $1,499,646 | 10.6% | -5.6% |
| Auckland_City - East | $2,077,622 | 9.1% | -5.8% |
| Auckland - Manukau | $1,305,271 | 14.7% | -4.7% |
| Manukau - Central | $1,019,663 | 13.2% | -4.0% |
| Manukau - East | $1,605,937 | 9.8% | -5.8% |
| Manukau - North West | $1,143,708 | 17.3% | -3.5% |
| Auckland - Papakura | $1,070,975 | 19.6% | -1.3% |
| Auckland - Franklin | $1,026,058 | 19.3% | -1.9% |
| Thames Coromandel | $1,206,169 | 14.0% | 4.0% |
| Hauraki | $686,493 | 14.2% | -1.3% |
| Waikato | $808,401 | 19.0% | 4.5% |
| Matamata Piako | $754,430 | 25.1% | 1.7% |
| Hamilton | $880,947 | 9.9% | -1.2% |
| Hamilton - Central & North West | $821,447 | 8.1% | 0.0% |
| Hamilton - North East | $1,089,195 | 11.2% | -2.2% |
| Hamilton - South East | $811,212 | 9.3% | -1.5% |
| Hamilton - South West | $783,311 | 9.9% | -0.8% |
| Waipa | $913,790 | 14.9% | 0.1% |
| Otorohanga | $515,858 | 3.1% | -12.7% |
| South Waikato | $475,164 | 28.3% | -0.6% |
| Waitomo | $391,289 | 15.8% | 1.3% |
| Taupo | $902,073 | 20.7% | 2.2% |
| Western BOP | $1,069,244 | 25.0% | 0.8% |
| Tauranga | $1,164,444 | 19.1% | -1.8% |
| Rotorua | $722,557 | 7.4% | -0.4% |
| Whakatane | $780,065 | 14.8% | -0.3% |
| Kawerau | $429,166 | 21.4% | 0.4% |
| Opotiki | $563,911 | 5.3% | 9.3% |
| Gisborne | $655,996 | 12.0% | -0.5% |
| Wairoa | $412,470 | 2.2% | 0.1% |
| Hastings | $878,440 | 12.8% | -2.7% |
| Napier | $860,728 | 8.3% | -3.9% |
| Central Hawkes Bay | $657,435 | 25.6% | -0.7% |
| New Plymouth | $749,082 | 18.6% | 2.8% |
| Stratford | $522,316 | 20.5% | 7.4% |
| South Taranaki | $461,721 | 23.9% | 6.2% |
| Ruapehu | $405,935 | 9.4% | -0.8% |
| Whanganui | $561,515 | 12.0% | -2.0% |
| Rangitikei | $496,183 | 14.8% | 0.2% |
| Manawatu | $677,175 | 12.8% | 0.6% |
| Palmerston North | $731,017 | 3.7% | -2.3% |
| Tararua | $475,032 | 9.9% | 2.1% |
| Horowhenua | $648,702 | 8.5% | -2.1% |
| Kapiti Coast | $961,418 | 5.3% | -1.7% |
| Porirua | $962,139 | 5.2% | -4.8% |
| Upper Hutt | $867,214 | 1.2% | -6.9% |
| Hutt | $923,980 | 1.0% | -6.2% |
| Wellington City | $1,227,308 | 7.3% | -3.7% |
| Wellington - Central & South | $1,167,987 | 7.1% | -2.6% |
| Wellington - East | $1,364,456 | 8.8% | -3.1% |
| Wellington - North | $1,161,670 | 7.5% | -4.1% |
| Wellington - West | $1,386,248 | 6.7% | -5.8% |
| Masterton | $689,785 | 13.0% | 1.0% |
| Carterton | $731,095 | 8.0% | -0.1% |
| South Wairarapa | $905,143 | 11.3% | 0.4% |
| Tasman | $876,095 | 14.6% | 2.3% |
| Nelson | $861,694 | 11.3% | -0.5% |
| Marlborough | $744,735 | 10.9% | 0.7% |
| Kaikoura | $646,630 | 13.5% | 8.0% |
| Buller | $314,328 | 14.5% | 49.2% |
| Grey | $354,126 | 16.3% | 7.6% |
| Westland | $383,181 | 16.1% | 14.3% |
| Hurunui | $574,540 | 16.3% | -3.0% |
| Waimakariri | $730,898 | 28.9% | 5.8% |
| Christchurch | $783,216 | 24.1% | 3.3% |
| Christchurch - Banks Peninsula | $862,532 | 27.7% | 7.3% |
| Christchurch - Central & North | $899,159 | 23.3% | 3.6% |
| Christchurch - East | $606,752 | 24.1% | 5.1% |
| Christchurch - Hills | $1,085,911 | 25.5% | 4.1% |
| Christchurch - Southwest | $745,026 | 24.3% | 1.6% |
| Selwyn | $869,131 | 28.3% | 0.1% |
| Ashburton | $528,914 | 18.0% | 4.2% |
| Timaru | $510,073 | 15.0% | 1.3% |
| MacKenzie | $709,975 | 13.6% | 7.8% |
| Waimate | $415,523 | 18.6% | 2.6% |
| Waitaki | $495,649 | 15.0% | 0.4% |
| Central Otago | $779,706 | 16.9% | 0.5% |
| Queenstown Lakes | $1,685,126 | 23.5% | 0.1% |
| Dunedin | $682,108 | 4.1% | -2.4% |
| Dunedin - Central & North | $696,535 | 3.9% | -3.6% |
| Dunedin - Peninsular & Coastal | $658,727 | 8.7% | -0.6% |
| Dunedin - South | $649,137 | 4.1% | -1.6% |
| Dunedin - Taieri | $707,327 | 2.9% | -2.2% |
| Clutha | $389,394 | 6.0% | -6.1% |
| Southland | $492,462 | 17.8% | 3.2% |
| Gore | $390,882 | 12.3% | 4.2% |
| Invercargill | $472,368 | 8.8% | -1.9% |
| Auckland Region | $1,445,624 | 12.6% | -4.9% |
| Wellington Region | $1,075,676 | 5.0% | -4.7% |
| Main Urban Areas | $1,141,366 | 11.0% | -3.7% |
| Total NZ | $1,018,770 | 12.4% | -2.3% |
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