The average value of New Zealand homes was $953,850 at the end of January, down by almost $90,000 from its peak, according to the CoreLogic House Price Index.
It shows average values in most parts of the country are continuing to decline, with the national average dwelling value having fallen by $89,411 (-8.6%) since it peaked at $1,043,261 in March last year.
The biggest fall over that period was in the Wellington region where the average dwelling value fell by just over $200,000 to $928,349 in January from $1,128,708 in March last year.
In Auckland, the average dwelling value is down by $167,443, falling to $1,352,898 in January from $1,520,341 in March last year.
The figures also suggest that the recent slide in property values is yet to hit the bottom, with the national average value declining by another $2533 between December and January.
According to CoreLogic, the annual rate of decline in average property values is now the biggest it has been since 2009 in the wake of the Global Financial Crisis.
CoreLogic NZ property economist Kelvin Davidson said it was no surprise that property values continued to fall in January.
"Some green shoots of optimism had started to emerge in September and October last year on the back of a view that mortgage rates may have been at or close to a peak, leading to some slightly stronger offers being made around that time," Davidson said.
"But then in November the Reserve Bank released its gloomy outlook for both the economy and inflation for 2023, which was always likely to impact property values in the following few months," he said.
The table below shows average dwelling values in all urban districts throughout New Zealand and their percentage change over three and 12 months.
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| CoreLogic NZ House Price Index | ||||
| Three Months to January 2023 | ||||
| Territorial authority | Average current value | 3 month change % | 12 month change% | |
| Far North | $707,961 | 1.2% | 5.8% | |
| Whangarei | $796,205 | 0.8% | -4.0% | |
| Kaipara | $866,310 | 0.2% | -3.0% | |
| Auckland - Rodney | $1,312,821 | -1.6% | -5.8% | |
| Rodney - Hibiscus Coast | $1,214,910 | -2.8% | -9.3% | |
| Rodney - North | $1,392,540 | -1.1% | -3.4% | |
| Auckland - North Shore | $1,500,697 | -1.5% | -10.2% | |
| North Shore - Coastal | $1,720,330 | -1.3% | -9.9% | |
| North Shore - North Harbour | $1,445,258 | -1.8% | -9.2% | |
| North Shore - Onewa | $1,208,516 | -1.1% | -12.2% | |
| Auckland - Waitakere | $1,066,822 | -2.2% | -8.3% | |
| Auckland - City | $1,580,206 | 0.4% | -7.2% | |
| Auckland City - Central | $1,321,942 | -0.7% | -6.1% | |
| Auckland City - Islands | $1,690,018 | 0.7% | -2.4% | |
| Auckland City - South | $1,427,745 | 0.6% | -8.1% | |
| Auckland_City - East | $1,981,072 | 0.8% | -8.3% | |
| Auckland - Manukau | $1,203,363 | -1.4% | -9.2% | |
| Manukau - Central | $920,867 | -2.7% | -13.3% | |
| Manukau - East | $1,496,994 | -1.2% | -9.5% | |
| Manukau - North West | $1,053,527 | -1.0% | -7.0% | |
| Auckland - Papakura | $956,111 | -4.6% | -8.0% | |
| Auckland - Franklin | $932,675 | -4.9% | -9.3% | |
| Thames Coromandel | $1,209,128 | -2.8% | 6.5% | |
| Hauraki | $641,779 | -1.8% | -5.5% | |
| Waikato | $785,419 | 1.1% | -5.1% | |
| Matamata Piako | $726,854 | -0.7% | 2.8% | |
| Hamilton | $833,809 | -1.2% | -8.2% | |
| Hamilton - Central & North West | $786,599 | 0.5% | -7.8% | |
| Hamilton - North East | $1,025,596 | -1.8% | -9.0% | |
| Hamilton - South East | $765,246 | -1.5% | -8.0% | |
| Hamilton - South West | $738,225 | -1.2% | -7.6% | |
| Waipa | $880,959 | -0.5% | -3.3% | |
| Otorohanga | $521,203 | -12.7% | -4.7% | |
| South Waikato | $455,205 | -1.8% | -2.0% | |
| Waitomo | $378,089 | -3.6% | 3.7% | |
| Taupo | $859,255 | -1.8% | 3.0% | |
| Western BOP | $1,014,311 | 2.1% | 1.6% | |
| Tauranga | $1,078,251 | 0.3% | -7.6% | |
| Rotorua | $679,913 | -0.5% | -4.9% | |
| Whakatane | $720,348 | -1.7% | 0.1% | |
| Kawerau | $425,284 | 5.6% | 4.7% | |
| Opotiki | $514,190 | -10.6% | 0.3% | |
| Gisborne | $645,292 | 2.3% | 0.4% | |
| Wairoa | $421,818 | 7.0% | -5.0% | |
| Hastings | $790,450 | -2.8% | -12.0% | |
| Napier | $792,195 | 0.4% | -10.9% | |
| Central Hawkes Bay | $587,345 | -3.9% | -7.2% | |
| New Plymouth | $727,112 | -1.0% | 2.0% | |
| Stratford | $506,172 | 3.3% | 6.5% | |
| South Taranaki | $434,911 | -3.5% | -2.7% | |
| Ruapehu | $382,134 | -3.6% | -7.3% | |
| Whanganui | $523,123 | 0.3% | -6.7% | |
| Rangitikei | $457,257 | 2.1% | -9.7% | |
| Manawatu | $632,212 | -0.9% | -6.2% | |
| Palmerston North | $656,707 | -2.8% | -12.9% | |
| Tararua | $436,954 | -2.5% | -6.5% | |
| Horowhenua | $599,339 | 1.4% | -9.8% | |
| Kapiti Coast | $863,678 | -3.3% | -13.1% | |
| Porirua | $843,406 | -2.7% | -16.6% | |
| Upper Hutt | $751,723 | -4.1% | -21.6% | |
| Lower Hutt | $804,486 | -2.2% | -19.1% | |
| Wellington City | $1,052,252 | -3.6% | -17.4% | |
| Wellington - Central & South | $993,851 | -3.4% | -16.3% | |
| Wellington - East | $1,185,780 | -1.6% | -15.2% | |
| Wellington - North | $1,003,876 | -2.9% | -17.8% | |
| Wellington - West | $1,174,519 | -6.9% | -20.9% | |
| Masterton | $598,326 | -0.8% | -11.5% | |
| Carterton | $661,656 | -2.8% | -8.8% | |
| South Wairarapa | $829,134 | -0.7% | -7.3% | |
| Tasman | $821,055 | 0.1% | -4.2% | |
| Nelson | $806,463 | -1.2% | -6.5% | |
| Marlborough | $725,297 | 0.4% | -0.5% | |
| Kaikoura | $641,654 | 1.1% | 4.0% | |
| Buller | $319,502 | 1.4% | 4.9% | |
| Grey | $360,381 | 2.3% | 7.3% | |
| Westland | $395,797 | 1.5% | 9.9% | |
| Hurunui | $609,016 | -1.4% | 7.8% | |
| Waimakariri | $712,775 | -1.5% | 5.6% | |
| Christchurch | $743,659 | -1.5% | -1.0% | |
| Christchurch - Banks Peninsula | $796,234 | 1.0% | 0.5% | |
| Christchurch - Central & North | $849,445 | -1.3% | -1.7% | |
| Christchurch - East | $581,042 | -0.9% | 0.9% | |
| Christchurch - Hills | $1,028,407 | -2.1% | 2.0% | |
| Christchurch - Southwest | $707,566 | -1.6% | -2.8% | |
| Selwyn | $829,474 | -1.2% | -2.3% | |
| Ashburton | $531,641 | 0.2% | 5.0% | |
| Timaru | $518,437 | 1.2% | 4.8% | |
| MacKenzie | $711,288 | 0.0% | 3.4% | |
| Waimate | $422,151 | -0.4% | 5.2% | |
| Waitaki | $485,116 | -1.6% | 1.2% | |
| Central Otago | $764,806 | -0.7% | 1.3% | |
| Queenstown Lakes | $1,680,991 | -0.2% | 8.3% | |
| Dunedin | $643,212 | -0.3% | -10.0% | |
| Dunedin - Central & North | $655,456 | -0.9% | -10.3% | |
| Dunedin - Peninsular & Coastal | $592,783 | -2.0% | -9.6% | |
| Dunedin - South | $608,905 | -0.5% | -12.0% | |
| Dunedin - Taieri | $681,742 | 1.2% | -8.7% | |
| Clutha | $390,742 | -0.3% | -3.3% | |
| Southland | $489,794 | -1.0% | 4.5% | |
| Gore | $415,763 | 5.7% | 9.5% | |
| Invercargill | $464,118 | 1.4% | -2.3% | |
| Auckland Region | $1,352,898 | -1.0% | -8.2% | |
| Wellington Region | $928,349 | -3.2% | -18.1% | |
| Main Urban Areas | $1,059,495 | -1.1% | -9.3% | |
| Total NZ | $953,850 | -1.1% | -7.2% | |
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