Residential property values continue declining with the average value of New Zealand homes dropping by almost $13,000 in October.
According to property data company CoreLogic's House Price Index, the average value of all residential dwellings throughout the country was $964,202 in October. That's down $12,956 from September, and down $79,059 since average housing values peaked in March.
The average dwelling value in the Auckland region was $1,366,758 in October, down $153,583 since March.
Average dwelling values are now lower than they were three months ago in almost all of NZ's urban areas, with just three - Otorohanga, Queenstown-Lakes and Southland, showing an increase in average values over the three months to October.
The fall in values appears to be consolidating in many main and provincial centres, with average values in October being lower than they were in October last year in Auckland, Hamilton, Tauranga, Napier, Hastings, Whanganui, Palmerston North, the Wellington Region, Masterton, Nelson and Dunedin.
The chart below shows the current average value in all urban areas and how much it has changed over three and 12 months.
"This market downturn continues to compare unfavourably to the last major downturn, following the Global Financial Crisis [GFC] in 2008," CoreLogic NZ Head of Research Nick Goodall said.
This country's average dwelling value fell by 4.5% in the three months to October, which exceeded the worst quarterly fall of 4.4% following the GFC.
"Stretched affordability is constraining the ability and willingness of all buyers to get or extend a mortgage, while property investors looking to grow their portfolio are also faced with tighter tenancy regulations alongside increasing costs and reducing rental growth," CoreLogic said in its October report.
"This all leads to reduced demand and contributes to falling prices for our largest asset."
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| CoreLogic House Price Index | |||
| October 2022 | |||
| Territorial authority | Average current value | 3 month change | 12 month change |
| Far North | $699,720 | -2.6% | 8.1% |
| Whangarei | $790,244 | -5.4% | 3.0% |
| Kaipara | $864,230 | -4.2% | 9.6% |
| Auckland - Rodney | $1,334,762 | -5.4% | 4.5% |
| Rodney - Hibiscus Coast | $1,249,240 | -5.7% | 2.0% |
| Rodney - North | $1,408,240 | -5.4% | 6.5% |
| Auckland - North Shore | $1,523,554 | -4.0% | -0.5% |
| North Shore - Coastal | $1,742,931 | -4.4% | -0.3% |
| North Shore - North Harbour | $1,472,221 | -2.8% | 0.8% |
| North Shore - Onewa | $1,221,620 | -4.8% | -3.8% |
| Auckland - Waitakere | $1,090,545 | -4.6% | -1.6% |
| Auckland City Isthmus | $1,573,813 | -4.7% | -3.0% |
| Auckland City - Central | $1,331,341 | -3.9% | -1.8% |
| Auckland City - Islands | $1,678,021 | -5.7% | 7.3% |
| Auckland City - South | $1,419,809 | -4.8% | -3.2% |
| Auckland_City - East | $1,965,271 | -5.1% | -4.8% |
| Auckland - Manukau | $1,220,576 | -5.1% | -0.8% |
| Manukau - Central | $946,256 | -6.0% | -2.4% |
| Manukau - East | $1,515,126 | -3.9% | -3.8% |
| Manukau - North West | $1,064,242 | -5.7% | 0.9% |
| Auckland - Papakura | $1,002,555 | -5.8% | 3.9% |
| Auckland - Franklin | $980,705 | -4.3% | 5.5% |
| Thames Coromandel | $1,244,011 | -5.2% | 10.5% |
| Hauraki | $653,706 | -3.8% | 16.9% |
| Waikato | $776,607 | -4.9% | 14.9% |
| Matamata Piako | $732,285 | -3.1% | 8.4% |
| Hamilton | $843,485 | -3.6% | -1.2% |
| Hamilton - Central & North West | $782,454 | -4.6% | -2.1% |
| Hamilton - North East | $1,044,773 | -3.1% | -0.1% |
| Hamilton - South East | $776,839 | -4.2% | -3.1% |
| Hamilton - South West | $746,855 | -3.5% | -0.5% |
| Waipa | $885,602 | -1.5% | 7.2% |
| Otorohanga | $596,760 | 14.7% | 13.6% |
| South Waikato | $463,546 | -1.8% | 12.8% |
| Waitomo | $392,391 | 2.5% | 14.3% |
| Taupo | $874,525 | -1.2% | 6.0% |
| Western BOP | $993,315 | -6.7% | 6.2% |
| Tauranga | $1,075,551 | -6.8% | -1.5% |
| Rotorua | $683,049 | -3.2% | 2.5% |
| Whakatane | $732,608 | -3.9% | 4.5% |
| Kawerau | $402,710 | -6.6% | 2.1% |
| Opotiki | $575,205 | -1.9% | 20.7% |
| Gisborne | $630,980 | -4.5% | 2.4% |
| Wairoa | $394,146 | -6.8% | 17.7% |
| Hastings | $813,431 | -5.8% | -4.8% |
| Napier | $789,200 | -6.0% | -9.1% |
| Central Hawkes Bay | $611,419 | -6.4% | 5.4% |
| New Plymouth | $734,401 | -0.7% | 10.7% |
| Stratford | $490,106 | -3.8% | 6.2% |
| South Taranaki | $450,464 | -2.4% | 13.5% |
| Ruapehu | $396,508 | -0.3% | 8.2% |
| Whanganui | $521,393 | -6.2% | -1.3% |
| Rangitikei | $447,699 | -10.1% | -0.4% |
| Manawatu | $638,154 | -4.4% | -1.9% |
| Palmerston North | $675,403 | -6.2% | -7.8% |
| Tararua | $448,246 | -3.3% | -0.1% |
| Horowhenua | $591,158 | -7.4% | -6.6% |
| Kapiti Coast | $892,990 | -5.6% | -7.4% |
| Porirua | $867,048 | -5.6% | -11.7% |
| Upper Hutt | $784,063 | -8.3% | -13.1% |
| Lower Hutt | $822,278 | -9.5% | -16.8% |
| Wellington City | $1,091,080 | -6.9% | -11.7% |
| Wellington - Central & South | $1,028,624 | -8.6% | -11.8% |
| Wellington - East | $1,205,526 | -7.1% | -10.3% |
| Wellington - North | $1,034,261 | -6.2% | -12.1% |
| Wellington - West | $1,261,368 | -4.8% | -10.2% |
| Masterton | $602,914 | -11.4% | -9.3% |
| Carterton | $680,903 | -4.2% | -8.1% |
| South Wairarapa | $834,573 | -10.9% | -5.1% |
| Tasman | $819,896 | -5.6% | 0.1% |
| Nelson | $815,901 | -4.1% | -1.6% |
| Marlborough | $722,588 | -2.3% | 4.0% |
| Kaikoura | $634,428 | -5.5% | 12.3% |
| Buller | $315,119 | -1.4% | 11.7% |
| Grey | $352,281 | -3.4% | 10.8% |
| Westland | $390,096 | -0.3% | 5.8% |
| Hurunui | $617,780 | -1.7% | 19.0% |
| Waimakariri | $723,527 | -1.5% | 14.4% |
| Christchurch | $754,907 | -2.1% | 8.8% |
| Christchurch - Banks Peninsula | $788,225 | -8.4% | 9.0% |
| Christchurch - Central & North | $860,537 | -2.3% | 7.3% |
| Christchurch - East | $586,492 | -1.8% | 10.1% |
| Christchurch - Hills | $1,050,929 | -1.5% | 13.1% |
| Christchurch - Southwest | $719,393 | -2.3% | 8.1% |
| Selwyn | $839,589 | -2.6% | 7.0% |
| Ashburton | $530,583 | -0.1% | 16.2% |
| Timaru | $512,315 | -1.4% | 8.7% |
| MacKenzie | $711,378 | -5.4% | 13.4% |
| Waimate | $423,615 | 0.0% | 13.1% |
| Waitaki | $492,974 | -0.8% | 9.5% |
| Central Otago | $770,283 | -2.3% | 7.1% |
| Queenstown Lakes | $1,684,524 | 0.9% | 10.3% |
| Dunedin | $645,271 | -4.2% | -5.5% |
| Dunedin - Central & North | $661,658 | -3.5% | -4.9% |
| Dunedin - Peninsular & Coastal | $604,762 | -6.0% | -5.7% |
| Dunedin - South | $611,866 | -4.6% | -4.8% |
| Dunedin - Taieri | $673,419 | -3.9% | -6.9% |
| Clutha | $392,014 | -2.6% | 0.1% |
| Southland | $494,637 | 1.4% | 13.0% |
| Gore | $393,211 | -2.6% | 5.3% |
| Invercargill | $457,951 | -3.5% | 1.0% |
| Auckland Region | $1,366,758 | -4.8% | -1.1% |
| Wellington Region | $958,974 | -7.5% | -13.1% |
| Main Urban Areas | $1,071,741 | -4.9% | -2.9% |
| All of Aotearoa | $964,202 | -4.5% | -0.6% |
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