Residential property values declined in 84% of New Zealand suburbs over the three months from June to September, with median values in some suburbs declining by more than $100,000.
Property data company CoreLogic tracks median property values across 955 suburbs throughout the country, which are updated on its online mapping the market tool.
The latest figures for this year showed that median values had declined in 803 (84%) of those suburbs over the three months from June to September, with main centres showing the biggest declines.
Median values declined in all suburbs of Tauranga and Dunedin, while 97% of suburbs had value declines in both Auckland and the Wellington Region, 92% of Christchurch's suburbs declined in value and 85% of Hamilton's suburbs posted falls.
Median values declined by at least 5% in 81 suburbs, mostly in Whangarei, Auckland, Horowhenua, Wellington and Dunedin.
Seven Auckland suburbs recorded median value declines of $100,000 or more, all of them upmarket suburbs where median values were at least $2 million.
Going against the trend, 152 suburbs (15.9%) across the country recorded increases in their median values over the three month period.
Most of those were small rural districts such as Ngatea in Hauraki, Patea in South Taranaki and Halfmoon Bay in Southland.
"The winter momentum was most certainly downwards across the country, with the main centres hit hardest," CoreLogic chief property economist Kelvin Davidson said.
"We've seen signs of weakness gathering pace this year as the lagged impact of rate rises, inflation and other economic influences catch up with the market.
"The direction the market has been moving in shouldn't come as a surprise to anyone," he said.
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