The average value of New Zealand homes fell by $33,599 over the last four months, while the average value of homes in Auckland declined by $85,452, according to the CoreLogic House Price Index.
The Index tracks the value of all of NZ's developed residential properties, excluding vacant land, based on sales data over the previous three months.
It shows that the national average value has declined in each of the last four months, to $1,009,662 in July from $1,043,261 in March.
In the Auckland region the drop in value has been greater, falling to $1,434,889 in July from $1,520,341 in March.
The table below shows the current average dwelling values in all urban areas throughout the country and how much they have changed in percentage terms compared to three months ago and 12 months ago. This shows dwelling values are now in decline in most of the North Island and also the top and bottom ends of the South Island.
Even in Queenstown-Lakes, which has had one of the most buoyant property markets in the country, average values fell by 2.4% over the three months to July.
According to CoreLogic, the current market downturn became more entrenched in July.
It says the 2.5% decline in the national dwelling value over the three months to July was the largest quarterly drop in housing values since 2008 when the market was in retreat from the Global Financial Crisis (GFC).
The biggest decline in average values over the three months to July was in Wellington City's western suburbs where the average value dropped by 8.8%, followed by Porirua at 8.4%.
In Auckland, average values declined in all major urban districts with the falls over the three months to the end of July ranging from -5.5% in Manukau's eastern suburbs to -0.4% in northern Rodney.
Although average values across Christchurch were up by 1.3% over the three months to July, they may also be heading for a fall because July's average value was down by $12,108 compared to June. That could signal the start of a drop in values in Christchurch too.
The comment stream on this story is now closed.
|CoreLogic House Price Index|
|Three months ended July 2022|
|Territorial authority||Average current value||3 month change %||12 month change %|
|Auckland - Rodney||1,411,575||-0.6%||16.6%|
|Rodney - Hibiscus Coast||1,324,061||-0.8%||13.4%|
|Rodney - North||1,487,862||-0.4%||19.1%|
|Auckland - North Shore||1,587,715||-4.7%||7.2%|
|North Shore - Coastal||1,822,921||-4.3%||7.2%|
|North Shore - North Harbour||1,514,113||-5.1%||7.4%|
|North Shore - Onewa||1,283,567||-4.8%||5.7%|
|Auckland - Waitakere||1,143,634||-4.9%||7.5%|
|Auckland - Central suburbs||1,651,363||-4.0%||7.4%|
|Auckland City - Central||1,385,092||-4.6%||7.7%|
|Auckland City - Islands||1,778,896||-4.7%||21.4%|
|Auckland City - South||1,490,904||-4.1%||6.2%|
|Auckland_City - East||2,069,982||-3.6%||6.3%|
|Auckland - Manukau||1,285,727||-4.7%||11.7%|
|Manukau - Central||1,007,016||-4.5%||10.9%|
|Manukau - East||1,576,080||-5.5%||6.9%|
|Manukau - North West||1,129,044||-3.8%||13.3%|
|Auckland - Papakura||1,064,301||-1.1%||18.1%|
|Auckland - Franklin||1,024,428||-2.6%||17.3%|
|Hamilton - Central & North West||820,329||-1.1%||7.8%|
|Hamilton - North East||1,077,622||-2.4%||10.7%|
|Hamilton - South East||810,672||-0.4%||8.8%|
|Hamilton - South West||774,049||-3.1%||5.5%|
|Central Hawkes Bay||652,943||-1.5%||20.9%|
|Wellington - Central & South||1,125,047||-6.0%||3.1%|
|Wellington - East||1,297,424||-7.4%||1.7%|
|Wellington - North||1,103,053||-7.6%||0.1%|
|Wellington - West||1,324,634||-8.8%||-0.6%|
|Christchurch - Banks Peninsula||860,399||6.8%||23.0%|
|Christchurch - Central & North||881,101||0.7%||18.1%|
|Christchurch - East||596,998||3.3%||20.5%|
|Christchurch - Hills||1,067,034||3.9%||18.7%|
|Christchurch - Southwest||736,033||-0.4%||20.6%|
|Dunedin - Central & North||685,673||-3.7%||0.4%|
|Dunedin - Peninsular & Coastal||643,027||-5.7%||3.1%|
|Dunedin - South||641,385||-2.2%||2.1%|
|Dunedin - Taieri||700,659||-2.7%||0.9%|
|Main Urban Areas||$1,036,727||-6.7%||-0.3%|
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.