The value of New Zealand homes is continuing to decline but the rate at which values are dropping is slowing.
According to property data company CoreLogic's House Price Index, the average value of all New Zealand homes dropped by another $5,580 in November, falling to $958,622 from $964,202 in October.
The average value on NZ homes has now declined by $84,639 since it peaked at $1,043,261 in March this year.
However the rate at which values are falling is starting to slow.
In the three months to October the national average value declined by 4.5%. But in the three months ended November it declined by a more modest 3.3%.
As the accompanying table shows, average dwelling values are now dropping in most urban areas and in the majority of districts values are also lower than a year ago.
The slide in values remains particularly severe in the Wellington Region where average values are now down by 15.9% compared to a year ago. Values in Lower Hutt have had the biggest fall in the entire country with average values down 19.4%.
However CoreLogic NZ Head of Research Nick Goodall cautioned against assuming the slowdown in the rate at which values are declining would continue.
"While these signs of moderation in falls will be encouraging to mortgage holders, we are cautious of it being a false dawn, with many sales transactions [which feed into valuation calculations] likely to have occurred before the recent round of pessimism hit the market, following the renewed expectations of increasing interest rates," he said.
The table below shows the current average dwelling values in all urban districts throughout New Zealand as at the end of November, with their percentage changes over three and 12 months.
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| CoreLogic House Price Index | ||||
| November 2022 | ||||
| Territorial authority | Average current value | 3 month change % | 12 month change% | |
| Far North | $710,993 | -0.4% | 8.0% | |
| Whangarei | $802,093 | -1.4% | 3.0% | |
| Kaipara | $856,478 | -4.8% | 6.0% | |
| Auckland - Rodney | $1,325,391 | -4.5% | 1.8% | |
| Rodney - Hibiscus Coast | $1,239,754 | -4.4% | -0.9% | |
| Rodney - North | $1,398,716 | -4.5% | 3.7% | |
| Auckland - North Shore | $1,505,542 | -3.5% | -3.5% | |
| North Shore - Coastal | $1,724,973 | -3.4% | -3.4% | |
| North Shore - North Harbour | $1,454,406 | -2.8% | -0.7% | |
| North Shore - Onewa | $1,205,672 | -4.3% | -7.0% | |
| Auckland - Waitakere | $1,083,186 | -3.2% | -3.9% | |
| Auckland - City | $1,570,724 | -2.8% | -4.3% | |
| Auckland City - Central | $1,319,971 | -2.3% | -4.2% | |
| Auckland City - Islands | $1,690,360 | -4.7% | 5.1% | |
| Auckland City - South | $1,412,446 | -4.1% | -5.8% | |
| Auckland_City - East | $1,970,568 | -2.1% | -5.0% | |
| Auckland - Manukau | $1,215,037 | -3.4% | -2.6% | |
| Manukau - Central | $941,296 | -3.6% | -4.3% | |
| Manukau - East | $1,502,192 | -3.1% | -5.4% | |
| Manukau - North West | $1,062,133 | -4.0% | -0.8% | |
| Auckland - Papakura | $985,724 | -5.8% | -0.6% | |
| Auckland - Franklin | $977,131 | -2.9% | 3.1% | |
| Thames Coromandel | $1,232,846 | -3.4% | 10.9% | |
| Hauraki | $658,191 | -4.6% | 6.6% | |
| Waikato | $774,500 | -4.1% | 7.2% | |
| Matamata Piako | $727,634 | -2.7% | 3.8% | |
| Hamilton | $837,692 | -3.0% | -2.7% | |
| Hamilton - Central & North West | $777,414 | -3.8% | -4.2% | |
| Hamilton - North East | $1,042,623 | -2.0% | -3.9% | |
| Hamilton - South East | $772,576 | -3.7% | -0.5% | |
| Hamilton - South West | $734,442 | -3.5% | -1.0% | |
| Waipa | $867,506 | -3.0% | 2.5% | |
| Otorohanga | $593,382 | 14.3% | 12.1% | |
| South Waikato | $453,515 | -2.4% | 1.4% | |
| Waitomo | $402,309 | 2.9% | 4.1% | |
| Taupo | $873,592 | -0.3% | 6.4% | |
| Western BOP | $987,128 | -5.3% | 2.2% | |
| Tauranga | $1,073,558 | -5.8% | -3.7% | |
| Rotorua | $680,965 | -2.8% | 1.3% | |
| Whakatane | $717,732 | -5.5% | -0.6% | |
| Kawerau | $408,611 | -4.4% | 1.9% | |
| Opotiki | $572,683 | -2.5% | 13.2% | |
| Gisborne | $627,933 | -2.7% | -0.8% | |
| Wairoa | $401,372 | 2.5% | 3.1% | |
| Hastings | $811,068 | -4.9% | -6.0% | |
| Napier | $785,205 | -5.1% | -10.3% | |
| Central Hawkes Bay | $608,663 | -4.8% | 1.7% | |
| New Plymouth | $734,049 | 0.4% | 6.2% | |
| Stratford | $476,961 | -5.7% | 2.2% | |
| South Taranaki | $444,275 | -2.4% | 10.5% | |
| Ruapehu | $387,205 | -3.3% | -1.1% | |
| Whanganui | $515,203 | -5.9% | -6.1% | |
| Rangitikei | $452,682 | -7.3% | -5.9% | |
| Manawatu | $637,364 | -1.4% | -4.2% | |
| Palmerston North | $668,707 | -5.6% | -9.9% | |
| Tararua | $444,979 | -2.2% | -2.7% | |
| Horowhenua | $585,107 | -5.9% | -9.5% | |
| Kapiti Coast | $875,912 | -5.9% | -10.0% | |
| Porirua | $826,772 | -8.7% | -16.0% | |
| Upper Hutt | $767,287 | -8.5% | -17.6% | |
| Hutt | $803,603 | -8.6% | -19.4% | |
| Wellington City | $1,072,692 | -5.9% | -14.0% | |
| Wellington - Central & South | $1,000,911 | -8.3% | -15.1% | |
| Wellington - East | $1,203,423 | -5.5% | -11.2% | |
| Wellington - North | $1,017,683 | -5.3% | -14.1% | |
| Wellington - West | $1,238,327 | -3.5% | -12.2% | |
| Masterton | $602,883 | -7.1% | -8.9% | |
| Carterton | $661,409 | -6.7% | -10.2% | |
| South Wairarapa | $822,518 | -7.5% | -8.0% | |
| Tasman | $817,748 | -2.6% | -1.4% | |
| Nelson | $812,282 | -2.7% | -4.1% | |
| Marlborough | $718,755 | -2.0% | 2.2% | |
| Kaikoura | $622,471 | -6.1% | 8.4% | |
| Buller | $311,431 | -1.0% | 8.0% | |
| Grey | $357,997 | 3.1% | 10.2% | |
| Westland | $387,293 | 0.4% | 12.6% | |
| Hurunui | $626,174 | 1.0% | 15.7% | |
| Waimakariri | $715,590 | -1.8% | 11.0% | |
| Christchurch | $754,780 | -0.8% | 4.9% | |
| Christchurch - Banks Peninsula | $797,148 | -2.8% | 5.1% | |
| Christchurch - Central & North | $870,297 | -0.3% | 5.0% | |
| Christchurch - East | $584,253 | -0.8% | 6.6% | |
| Christchurch - Hills | $1,054,423 | 1.9% | 8.6% | |
| Christchurch - Southwest | $712,596 | -2.0% | 2.1% | |
| Selwyn | $835,263 | -2.7% | 2.9% | |
| Ashburton | $529,241 | -0.5% | 9.7% | |
| Timaru | $508,213 | -1.5% | 7.3% | |
| MacKenzie | $733,135 | -3.2% | 16.0% | |
| Waimate | $426,221 | 1.0% | 15.3% | |
| Waitaki | $493,631 | 0.7% | 6.9% | |
| Central Otago | $780,035 | -0.1% | 11.8% | |
| Queenstown Lakes | $1,687,671 | 0.7% | 6.3% | |
| Dunedin | $647,273 | -1.4% | -7.0% | |
| Dunedin - Central & North | $663,241 | -1.2% | -6.3% | |
| Dunedin - Peninsular & Coastal | $617,410 | 1.3% | -6.7% | |
| Dunedin - South | $611,261 | -1.7% | -8.3% | |
| Dunedin - Taieri | $674,746 | -2.2% | -7.2% | |
| Clutha | $389,741 | -3.4% | 0.4% | |
| Southland | $496,289 | 1.8% | 11.5% | |
| Gore | $394,263 | -0.3% | 6.4% | |
| Invercargill | $456,290 | -2.9% | -1.1% | |
| Auckland Region | $1,358,998 | -3.3% | -3.1% | |
| Wellington Region | $937,870 | -7.1% | -15.9% | |
| Main Urban Areas | $1,064,564 | -3.6% | -5.1% | |
| All of Aotearoa | $958,622 | -3.3% | -2.9% | |
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