The rate at which housing values are declining sped up in February after relatively modest falls in December and January.
According to the CoreLogic House Price Index, the average value of New Zealand homes was $944,077 at the end of February, down 1.0% from the end of January. That follows relatively minor falls of just 0.2% in January and 0.3% in December.
That means the average NZ dwelling value has now declined by $99,184 (-9.5%) since it peaked at $1,043,261 in March last year.
The biggest decline has occurred in the Wellington Region where the average dwelling value is down $215,130 (-19.1%) from its March peak.
In the Auckland Region the average dwelling value has declined by $185,869 (-12.2%) from its March peak.
The table below shows the average dwelling values in all major urban districts throughout the country at the end of February, and their percentage changes over three and 12 months.
The biggest decline over the three months of summer (December - February) was in Wellington City's western suburbs, where the average dwelling value declined by 6.9%.
The biggest decline in the Auckland region was in Franklin on the city's southern flank where the average value was down 6.4% over summer.
CoreLogic NZ Chief Property Economist Kelvin Davidson said the larger decline in average values in February was unsurprising and continued the weakening trend of the last 12 to 15 months.
"Despite mortgage interest rates being at or close to a peak, the Reserve Bank's grim outlook for inflation and the economy more broadly was always going to weigh further on property values," he said.
"February's 50 basis point hike in the Official Cash Rate is also likely to restrain demand," he said.
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| CoreLogic House Price Index | |||||
| February 2023 | |||||
| Territorial authority | Average current value | 3 month change % | 12 month change % | ||
| Far North | $709,578 | -0.2% | -0.2% | ||
| Whangarei | $779,593 | -2.8% | -6.1% | ||
| Kaipara | $861,796 | 0.6% | -3.5% | ||
| Auckland - Rodney | $1,299,522 | -2.0% | -6.5% | ||
| Rodney - Hibiscus Coast | $1,205,647 | -2.8% | -9.5% | ||
| Rodney - North | $1,378,049 | -1.5% | -4.3% | ||
| Auckland - North Shore | $1,493,845 | -0.8% | -10.6% | ||
| North Shore - Coastal | $1,712,421 | -0.7% | -9.8% | ||
| North Shore - North Harbour | $1,426,441 | -1.9% | -11.6% | ||
| North Shore - Onewa | $1,210,154 | 0.4% | -11.2% | ||
| Auckland - Waitakere | $1,050,831 | -3.0% | -13.3% | ||
| Auckland City | $1,557,495 | -0.8% | -9.5% | ||
| Auckland City - Central | $1,328,642 | 0.7% | -6.2% | ||
| Auckland City - Islands | $1,645,778 | -2.6% | -12.3% | ||
| Auckland City - South | $1,437,940 | 1.8% | -8.6% | ||
| Auckland_City - East | $1,913,517 | -2.9% | -11.1% | ||
| Auckland - Manukau | $1,179,769 | -2.9% | -14.2% | ||
| Manukau - Central | $904,532 | -3.9% | -15.6% | ||
| Manukau - East | $1,476,598 | -1.7% | -14.6% | ||
| Manukau - North West | $1,026,324 | -3.4% | -12.3% | ||
| Auckland - Papakura | $939,655 | -4.7% | -13.2% | ||
| Auckland - Franklin | $914,424 | -6.4% | -13.3% | ||
| Thames Coromandel | $1,176,287 | -4.6% | 1.6% | ||
| Hauraki | $670,231 | 1.8% | -2.8% | ||
| Waikato | $783,547 | 1.2% | -6.2% | ||
| Matamata Piako | $714,633 | -1.8% | -1.3% | ||
| Hamilton | $827,095 | -1.3% | -8.1% | ||
| Hamilton - Central & North West | $775,328 | -0.3% | -7.5% | ||
| Hamilton - North East | $1,014,778 | -2.7% | -9.7% | ||
| Hamilton - South East | $759,023 | -1.8% | -8.7% | ||
| Hamilton - South West | $741,016 | 0.9% | -6.0% | ||
| Waipa | $872,856 | 0.6% | -4.2% | ||
| Otorohanga | $564,534 | -4.9% | -0.7% | ||
| South Waikato | $463,456 | 2.2% | -2.6% | ||
| Waitomo | $376,856 | -6.3% | 5.7% | ||
| Taupo | $837,601 | -4.1% | -0.7% | ||
| Western BOP | $1,010,789 | 2.4% | -5.3% | ||
| Tauranga | $1,070,622 | -0.3% | -9.2% | ||
| Rotorua | $659,351 | -3.2% | -11.0% | ||
| Whakatane | $719,557 | 0.3% | 0.3% | ||
| Kawerau | $436,725 | 6.9% | 6.7% | ||
| Opotiki | $546,869 | -4.5% | 0.2% | ||
| Gisborne | $621,322 | -1.1% | -2.6% | ||
| Wairoa | $412,852 | 2.9% | -7.2% | ||
| Hastings | $791,220 | -2.5% | -12.7% | ||
| Napier | $789,167 | 0.5% | -11.8% | ||
| Central Hawkes Bay | $591,431 | -2.8% | -9.0% | ||
| New Plymouth | $728,120 | -0.8% | 0.3% | ||
| Stratford | $498,206 | 4.5% | 6.4% | ||
| South Taranaki | $439,466 | -1.1% | -0.1% | ||
| Ruapehu | $422,661 | 9.2% | 3.8% | ||
| Whanganui | $503,397 | -2.3% | -10.8% | ||
| Rangitikei | $444,084 | -1.9% | -8.2% | ||
| Manawatu | $609,047 | -4.4% | -12.3% | ||
| Palmerston North | $653,384 | -2.3% | -13.2% | ||
| Tararua | $424,338 | -4.6% | -10.6% | ||
| Horowhenua | $583,873 | -0.2% | -13.1% | ||
| Kapiti Coast | $848,654 | -3.1% | -13.3% | ||
| Porirua | $825,097 | -0.2% | -18.3% | ||
| Upper Hutt | $758,615 | -1.1% | -20.2% | ||
| Hutt | $785,830 | -2.2% | -20.3% | ||
| Wellington City | $1,035,942 | -3.4% | -19.6% | ||
| Wellington - Central & South | $971,385 | -3.0% | -19.0% | ||
| Wellington - East | $1,162,463 | -3.4% | -18.6% | ||
| Wellington - North | $994,200 | -2.3% | -19.7% | ||
| Wellington - West | $1,153,343 | -6.9% | -22.7% | ||
| Masterton | $577,227 | -4.3% | -16.1% | ||
| Carterton | $666,366 | 0.8% | -9.2% | ||
| South Wairarapa | $867,520 | 5.5% | -4.9% | ||
| Tasman | $824,566 | 0.8% | -3.7% | ||
| Nelson | $812,030 | 0.0% | -5.9% | ||
| Marlborough | $717,009 | -0.2% | -1.6% | ||
| Kaikoura | $642,243 | 3.2% | 9.1% | ||
| Buller | $334,392 | 7.4% | 43.3% | ||
| Grey | $355,086 | -0.8% | 8.3% | ||
| Westland | $395,566 | 2.1% | 12.5% | ||
| Hurunui | $600,374 | -4.1% | -2.3% | ||
| Waimakariri | $705,856 | -1.4% | -0.1% | ||
| Christchurch | $746,562 | -1.1% | -1.7% | ||
| Christchurch - Banks Peninsula | $821,773 | 3.1% | 5.7% | ||
| Christchurch - Central & North | $852,017 | -2.1% | -2.7% | ||
| Christchurch - East | $587,759 | 0.6% | 0.7% | ||
| Christchurch - Hills | $1,046,695 | -0.7% | 3.3% | ||
| Christchurch - Southwest | $701,533 | -1.6% | -4.7% | ||
| Selwyn | $827,942 | -0.9% | -4.3% | ||
| Ashburton | $528,873 | -0.1% | 4.6% | ||
| Timaru | $523,383 | 3.0% | 4.7% | ||
| MacKenzie | $719,971 | -1.8% | 6.1% | ||
| Waimate | $427,062 | 0.2% | 8.2% | ||
| Waitaki | $479,715 | -2.8% | -2.5% | ||
| Central Otago | $773,406 | -0.9% | -1.1% | ||
| Queenstown Lakes | $1,668,331 | -1.2% | 10.2% | ||
| Dunedin | $633,333 | -2.2% | -10.5% | ||
| Dunedin - Central & North | $646,945 | -2.5% | -11.9% | ||
| Dunedin - Peninsular & Coastal | $602,759 | -2.4% | -6.0% | ||
| Dunedin - South | $592,433 | -3.1% | -13.0% | ||
| Dunedin - Taieri | $668,581 | -0.9% | -8.3% | ||
| Clutha | $393,575 | 1.0% | -6.3% | ||
| Southland | $482,140 | -2.9% | 1.3% | ||
| Gore | $424,156 | 7.6% | 9.3% | ||
| Invercargill | $464,774 | 1.9% | -3.6% | ||
| Auckland Region | $1,334,472 | -1.8% | -11.0% | ||
| Wellington Region | $913,578 | -2.6% | -19.7% | ||
| Main Urban Areas | $1,048,001 | -1.6% | -11.1% | ||
| All of Aotearoa | $944,077 | -1.5% | -8.9% | ||
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