The average value of New Zealand homes dropped below $1 million in August for the first time since November last year, according to the CoreLogic House Price Index (HPI).
CoreLogic's HPI, which tracks the value of all developed residential properties throughout NZ, shows the average value of homes was $991,674 in August, down by $51,587 (-4.9%) compared to its March peak of $1,043,261.
August was the fifth consecutive month the average dwelling value has declined, and was the first time it has been below $1 million since November 2021.
The table below shows the average dwelling values in all major urban areas throughout the country in August, and how much they have changed over the previous three and 12 months.
It shows values are now declining in most parts of the country, and even places such as Christchurch and Queenstown where the property market has been more resilient have now slipped into the red.
The steepest drops in value have been in Palmerston North, the Wellington Region and Dunedin, where average values are now lower than they were 12 months ago.
Not only are values falling, the rate at which they are falling is increasing.
CoreLogic said average values dropped 1.8% in August compared to a 0.9% fall in July.
"The three month fall in values of 3.5% is drifting closer to the depths of the Global Financial Crisis, when the rate of change bottomed out at [a fall of] 4.4% at the end of August 2008," the property data company said.
"Consumer sentiment can be a key influence on the market and with the evidence of market downturn clear in every corner of the country, the already smaller pool of would-be buyers, due to tighter, more expensive credit, are happy to bide their time in the falling market," CoreLogic NZ Head of Research Nick Goodall said.
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| CoreLogic House Price Index | |||
| August 2022 | |||
| Territorial authority | Average current value | 3 month change % | 12 month change% |
| Far North | $713,713 | -1.7% | 16.4% |
| Whangarei | $813,533 | -3.6% | 11.3% |
| Kaipara | $899,518 | -0.9% | 12.4% |
| Auckland - Rodney | $1,387,073 | -2.2% | 12.6% |
| Rodney - Hibiscus Coast | $1,297,024 | -2.5% | 8.3% |
| Rodney - North | $1,464,612 | -2.1% | 15.9% |
| Auckland - North Shore | $1,559,308 | -4.9% | 4.2% |
| North Shore - Coastal | $1,785,486 | -5.4% | 4.4% |
| North Shore - North Harbour | $1,495,569 | -4.0% | 3.6% |
| North Shore - Onewa | $1,260,101 | -4.6% | 3.3% |
| Auckland - Waitakere | $1,118,746 | -5.5% | 3.5% |
| Auckland - City | $1,615,756 | -4.5% | 2.3% |
| Auckland City - Central | $1,350,482 | -5.3% | 1.2% |
| Auckland City - Islands | $1,773,894 | -4.0% | 9.7% |
| Auckland City - South | $1,472,786 | -3.5% | 2.5% |
| Auckland_City - East | $2,011,731 | -4.8% | 1.7% |
| Auckland - Manukau | $1,258,297 | -5.2% | 7.0% |
| Manukau - Central | $976,600 | -6.5% | 4.7% |
| Manukau - East | $1,549,606 | -5.3% | 3.1% |
| Manukau - North West | $1,106,385 | -4.2% | 9.0% |
| Auckland - Papakura | $1,046,556 | -2.4% | 12.9% |
| Auckland - Franklin | $1,006,668 | -3.3% | 13.4% |
| Thames Coromandel | $1,275,582 | 7.2% | 15.7% |
| Hauraki | $690,022 | 0.6% | 9.6% |
| Waikato | $807,324 | 2.9% | 19.2% |
| Matamata Piako | $747,740 | 0.7% | 16.4% |
| Hamilton | $863,481 | -0.3% | 10.3% |
| Hamilton - Central & North West | $808,197 | 0.3% | 10.5% |
| Hamilton - North East | $1,063,925 | -1.3% | 10.4% |
| Hamilton - South East | $802,076 | 3.0% | 10.9% |
| Hamilton - South West | $760,726 | -3.2% | 7.9% |
| Waipa | $894,723 | -2.4% | 9.6% |
| Otorohanga | $519,010 | -2.2% | 1.3% |
| South Waikato | $464,867 | -3.0% | 15.0% |
| Waitomo | $391,002 | 1.2% | 24.2% |
| Taupo | $876,308 | -2.7% | 11.5% |
| Western BOP | $1,042,010 | -3.5% | 15.2% |
| Tauranga | $1,139,355 | -3.3% | 11.6% |
| Rotorua | $700,802 | -3.0% | 8.8% |
| Whakatane | $759,732 | -4.2% | 13.0% |
| Kawerau | $427,480 | -1.9% | 4.1% |
| Opotiki | $587,228 | 6.4% | 20.1% |
| Gisborne | $645,075 | -4.8% | 7.7% |
| Wairoa | $391,753 | -6.6% | 11.9% |
| Hastings | $852,784 | -1.9% | 4.7% |
| Napier | $827,311 | -5.9% | 0.0% |
| Central Hawkes Bay | $639,010 | -3.7% | 17.1% |
| New Plymouth | $731,108 | -2.6% | 11.5% |
| Stratford | $505,781 | -4.2% | 12.0% |
| South Taranaki | $455,148 | -0.2% | 15.3% |
| Ruapehu | $400,205 | -2.7% | 8.0% |
| Whanganui | $547,515 | -1.8% | 4.8% |
| Rangitikei | $488,507 | -2.8% | 8.2% |
| Manawatu | $646,616 | -4.6% | 2.9% |
| Palmerston North | $708,187 | -4.1% | -2.3% |
| Tararua | $455,083 | -6.4% | 1.2% |
| Horowhenua | $621,530 | -5.8% | 1.0% |
| Kapiti Coast | $930,363 | -4.7% | 1.2% |
| Porirua | $905,141 | -7.5% | -5.1% |
| Upper Hutt | $838,808 | -6.0% | -6.0% |
| Hutt | $879,612 | -6.6% | -6.4% |
| Wellington City | $1,140,045 | -8.2% | -4.6% |
| Wellington - Central & South | $1,090,982 | -8.0% | -3.2% |
| Wellington - East | $1,273,838 | -6.3% | -2.4% |
| Wellington - North | $1,074,236 | -8.7% | -5.2% |
| Wellington - West | $1,283,695 | -9.5% | -6.5% |
| Masterton | $649,132 | -6.1% | 2.8% |
| Carterton | $708,685 | -3.2% | 4.0% |
| South Wairarapa | $889,478 | -3.2% | 8.4% |
| Tasman | $839,851 | -3.9% | 5.9% |
| Nelson | $835,191 | -3.4% | 3.8% |
| Marlborough | $733,406 | -1.9% | 8.2% |
| Kaikoura | $662,814 | 0.9% | 9.8% |
| Buller | $314,420 | 6.6% | 13.9% |
| Grey | $347,274 | 1.3% | 4.9% |
| Westland | $385,880 | 0.7% | 11.5% |
| Hurunui | $619,979 | 7.8% | 24.6% |
| Waimakariri | $729,039 | 5.3% | 21.0% |
| Christchurch | $761,131 | -0.3% | 16.4% |
| Christchurch - Banks Peninsula | $819,818 | -0.1% | 16.9% |
| Christchurch - Central & North | $873,243 | 0.0% | 15.0% |
| Christchurch - East | $589,226 | 1.1% | 16.8% |
| Christchurch - Hills | $1,034,704 | -0.9% | 14.0% |
| Christchurch - Southwest | $727,335 | -1.5% | 17.6% |
| Selwyn | $858,838 | -1.5% | 19.4% |
| Ashburton | $531,816 | 0.9% | 18.0% |
| Timaru | $515,765 | 1.2% | 13.5% |
| MacKenzie | $757,548 | 9.2% | 20.4% |
| Waimate | $422,219 | 0.7% | 15.2% |
| Waitaki | $490,345 | -1.0% | 11.4% |
| Central Otago | $780,547 | -0.2% | 12.3% |
| Queenstown Lakes | $1,675,541 | -1.1% | 20.5% |
| Dunedin | $656,423 | -5.1% | -2.3% |
| Dunedin - Central & North | $671,290 | -4.2% | -2.9% |
| Dunedin - Peninsular & Coastal | $609,797 | -11.7% | -2.8% |
| Dunedin - South | $621,683 | -5.8% | -3.2% |
| Dunedin - Taieri | $689,721 | -3.8% | -1.0% |
| Clutha | $403,312 | -0.7% | 7.8% |
| Southland | $487,717 | -0.2% | 13.8% |
| Gore | $395,344 | 2.1% | 7.1% |
| Invercargill | $469,787 | -1.1% | 6.3% |
| Auckland Area | $1,405,656 | -4.6% | 5.1% |
| Wellington Area | $1,009,563 | -7.6% | -5.2% |
| Main Urban Areas | $1,104,446 | -4.3% | 3.7% |
| All of Aotearoa | $991,674 | -3.5% | 5.8% |
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