The average value of New Zealand homes continues to decline, dropping another $6,242 in May.
According to property data company CoreLogic, the average value of NZ homes was $922,414 at the end of May. That's down by $6,242 compared to the end of April.
That means the average value of New Zealand homes is declining by more than $200 a day.
The average value has now declined by $120,847 (-11.6%) since it peaked at $1,043,261 in March last year.
In the Auckland region the average dwelling value declined by $10,333 last month, from $1,314,546 at the end of April to $1,304,213 at the end of May. That's a decline of $333 a day.
The average value of dwellings in Auckland has now dropped by $216,128 since the national peak in March last year.
Around the country the biggest fall in average dwelling values has been in Rangitikei in the central North Island where it's down 19.1% for the year. The biggest gain has been in Hurunui north of Christchurch where the average value is up 7.6% for the year.
The table below shows the average dwelling values in all urban areas throughout NZ at the end of May, and their percentage change over three and 12 months.
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| CoreLogic NZ House Price Index | |||||
| May 2023 | |||||
| Territorial authority | Average current value | 3 month change % | 12 month change% | ||
| Far North | $697,711 | -1.70% | -3.90% | ||
| Whangarei | $746,942 | -4.20% | -11.50% | ||
| Kaipara | $838,457 | -2.70% | -7.60% | ||
| Auckland - All of Rodney | $1,242,873 | -4.40% | -12.40% | ||
| Rodney - Hibiscus Coast | $1,150,891 | -4.50% | -13.50% | ||
| Rodney - North | $1,318,953 | -4.30% | -11.90% | ||
| Auckland -All of North Shore | $1,435,369 | -3.90% | -12.40% | ||
| North Shore - Coastal | $1,648,415 | -3.70% | -12.70% | ||
| North Shore - North Harbour | $1,374,144 | -3.70% | -11.80% | ||
| North Shore - Onewa | $1,158,378 | -4.30% | -12.30% | ||
| Auckland - Waitakere | $1,012,076 | -3.70% | -14.60% | ||
| All of Auckland City | $1,556,173 | -0.10% | -8.00% | ||
| Auckland City - Central | $1,317,975 | -0.80% | -7.60% | ||
| Auckland City - Islands | $1,676,527 | 1.90% | -9.20% | ||
| Auckland City - South | $1,431,954 | -0.40% | -6.10% | ||
| Auckland_City - East | $1,910,450 | -0.20% | -9.60% | ||
| Auckland - All of Manukau | $1,134,778 | -3.80% | -14.50% | ||
| Manukau - Central | $876,658 | -3.10% | -16.00% | ||
| Manukau - East | $1,413,188 | -4.30% | -13.60% | ||
| Manukau - North West | $991,323 | -3.40% | -14.10% | ||
| Auckland - Papakura | $884,991 | -5.80% | -17.50% | ||
| Auckland - Franklin | $955,372 | 4.50% | -8.20% | ||
| Thames Coromandel | $1,147,218 | -2.50% | -3.60% | ||
| Hauraki | $651,260 | -2.80% | -5.00% | ||
| Waikato | $737,538 | -5.90% | -6.00% | ||
| Matamata Piako | $699,389 | -2.10% | -5.80% | ||
| All of Hamilton | $804,774 | -2.70% | -7.00% | ||
| Hamilton - Central & North West | $747,397 | -3.60% | -7.20% | ||
| Hamilton - North East | $998,077 | -1.70% | -7.40% | ||
| Hamilton - South East | $738,457 | -2.70% | -5.20% | ||
| Hamilton - South West | $714,594 | -3.60% | -9.10% | ||
| Waipa | $863,747 | -1.00% | -5.80% | ||
| Otorohanga | $529,132 | -6.30% | -0.30% | ||
| South Waikato | $431,013 | -7.00% | -10.00% | ||
| Waitomo | $392,206 | 4.10% | 1.50% | ||
| Taupo | $834,587 | -0.40% | -7.30% | ||
| Western BOP | $962,753 | -4.80% | -10.80% | ||
| Tauranga | $1,022,834 | -4.50% | -13.20% | ||
| Rotorua | $646,090 | -2.00% | -10.60% | ||
| Whakatane | $734,011 | 2.00% | -7.40% | ||
| Kawerau | $392,165 | -10.20% | -10.00% | ||
| Opotiki | $519,384 | -5.00% | -5.90% | ||
| Gisborne | $599,307 | -3.50% | -11.60% | ||
| Wairoa | $381,635 | -7.60% | -9.00% | ||
| Hastings | $772,453 | -2.40% | -11.10% | ||
| Napier | $755,369 | -4.30% | -14.10% | ||
| Central Hawkes Bay | $593,179 | 0.30% | -10.60% | ||
| New Plymouth | $699,037 | -4.00% | -6.90% | ||
| Stratford | $475,244 | -4.60% | -10.00% | ||
| South Taranaki | $441,107 | 0.40% | -3.30% | ||
| Ruapehu | $373,241 | -11.70% | -9.30% | ||
| Whanganui | $509,007 | 1.10% | -8.80% | ||
| Rangitikei | $406,639 | -8.40% | -19.10% | ||
| Manawatu | $605,178 | -0.60% | -10.70% | ||
| Palmerston North | $636,050 | -2.70% | -13.80% | ||
| Tararua | $410,062 | -3.40% | -15.70% | ||
| Horowhenua | $560,428 | -4.00% | -15.10% | ||
| Kapiti Coast | $806,694 | -4.90% | -17.30% | ||
| Porirua | $800,062 | -3.00% | -18.30% | ||
| Upper Hutt | $718,298 | -5.30% | -19.50% | ||
| Lower Hutt | $777,646 | -1.00% | -17.40% | ||
| All of Wellington City | $1,019,455 | -1.60% | -17.90% | ||
| Wellington City - Central & South | $965,863 | -0.60% | -18.50% | ||
| Wellington City- East | $1,135,238 | -2.30% | -16.50% | ||
| Wellington City - North | $970,098 | -2.40% | -17.60% | ||
| Wellington City - West | $1,147,284 | -0.50% | -19.10% | ||
| Masterton | $571,000 | -1.10% | -17.40% | ||
| Carterton | $621,699 | -6.70% | -15.00% | ||
| South Wairarapa | $802,215 | -7.50% | -12.70% | ||
| Tasman | $786,368 | -4.60% | -10.00% | ||
| Nelson | $792,439 | -2.40% | -8.30% | ||
| Marlborough | $679,306 | -5.30% | -9.10% | ||
| Kaikoura | $640,928 | -0.20% | -2.40% | ||
| Buller | $326,624 | -2.30% | 10.80% | ||
| Grey | $358,425 | 0.90% | 4.60% | ||
| Westland | $392,589 | -0.80% | 2.50% | ||
| Hurunui | $618,860 | 3.10% | 7.60% | ||
| Waimakariri | $700,030 | -0.80% | 1.10% | ||
| All of Christchurch | $730,114 | -2.20% | -4.30% | ||
| Christchurch - Banks Peninsula | $776,940 | -5.50% | -5.30% | ||
| Christchurch - Central & North | $830,495 | -2.50% | -4.90% | ||
| Christchurch - East | $572,042 | -2.70% | -1.80% | ||
| Christchurch - Hills | $1,032,681 | -1.30% | -1.10% | ||
| Christchurch - Southwest | $690,375 | -1.60% | -6.50% | ||
| Selwyn | $812,953 | -1.80% | -6.80% | ||
| Ashburton | $536,684 | 1.50% | 1.90% | ||
| Timaru | $510,166 | -2.50% | 0.10% | ||
| MacKenzie | $665,168 | -7.60% | -4.10% | ||
| Waimate | $434,194 | 1.70% | 3.60% | ||
| Waitaki | $478,458 | -0.30% | -3.40% | ||
| Central Otago | $778,642 | 0.70% | -0.50% | ||
| Queenstown Lakes | $1,726,364 | 3.50% | 1.90% | ||
| All of Dunedin | $620,248 | -2.10% | -10.30% | ||
| Dunedin - Central & North | $627,862 | -3.00% | -10.40% | ||
| Dunedin - Peninsular & Coastal | $587,713 | -2.50% | -14.90% | ||
| Dunedin - South | $587,071 | -0.90% | -11.10% | ||
| Dunedin - Taieri | $654,853 | -2.10% | -8.60% | ||
| Clutha | $391,747 | -0.50% | -3.50% | ||
| Southland | $481,451 | -0.10% | -1.50% | ||
| Gore | $384,633 | -9.30% | -0.70% | ||
| Invercargill | $446,894 | -3.90% | -5.90% | ||
| Auckland Region | $1,304,213 | -2.30% | -11.50% | ||
| Wellington Region | $895,833 | -1.90% | -18.00% | ||
| Main Urban Areas | $1,023,123 | -2.40% | -11.40% | ||
| All of Aorearoa | $922,414 | -2.30% | -10.20% | ||
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