Residential property values are dropping like stones according to CoreLogic's latest House Price Index.
It shows the average value of dwellings throughout New Zealand declined by $11,192 in June, to $911,222 from $922,414 in May.
Since June last year the national average dwelling value has fallen $107,548, or 11%.
In Auckland, the country's largest property market, the average dwelling value dropped by a whopping $38,775 in June. It has now declined by $180,186, or 13%, since June last year.
That meant property values in Auckland were declining by $1250 a day last month.
The table below shows the average dwelling values throughout the country and how much they have changed over three and 12 months. This suggests the decline in values is nationwide, with just a handful of districts escaping the decline. Those that have are mostly smaller communities with low monthly sales volumes.
According to CoreLogic, the rate at which values are declining is accelerating, with an average 1.2% decline in June compared to a 0.7% decline in May.
In Auckland the rate at which property values declined in June was almost double the national average, at 3.0% for the month.
CoreLogic's Head of Research Nick Goodall said the acceleration in the rate of decline in average values illustrated the impact of such a long and strong interest rate hiking cycle as stretched mortgage affordability continued to strain demand.
"The latest data may be a speedbump for expectations the housing downturn may have already ended," Goodall said.
The comment stream on this story is now closed.
| CoreLogic House Price Index | ||||
| June 2023 | ||||
| Territorial authority | Average current value | 3 month change % | 12 month change % | Change since recent market peak % |
| Far North | $697,291 | 0.3% | -3.5% | -4.0% |
| Whangarei | $743,439 | -2.3% | -11.9% | -11.9% |
| Kaipara | $863,882 | 10.4% | -3.4% | -5.6% |
| Auckland - Rodney | $1,241,812 | -3.2% | -11.9% | -12.6% |
| Rodney - Hibiscus Coast | $1,152,354 | -2.9% | -12.8% | -14.0% |
| Rodney - North | $1,314,527 | -3.6% | -11.5% | -12.9% |
| Auckland - North Shore | $1,414,748 | -3.8% | -11.8% | -15.6% |
| North Shore - Coastal | $1,621,353 | -4.1% | -12.3% | -15.1% |
| North Shore - North Harbour | $1,367,174 | -2.2% | -11.0% | -17.1% |
| North Shore - Onewa | $1,141,067 | -3.8% | -11.4% | -15.3% |
| Auckland - Waitakere | $993,814 | -4.1% | -14.3% | -19.0% |
| Auckland - City | $1,477,131 | -5.0% | -10.8% | -16.3% |
| Auckland City - Central | $1,258,950 | -4.9% | -9.1% | -15.8% |
| Auckland City - Islands | $1,602,178 | -3.3% | -8.6% | -16.7% |
| Auckland City - South | $1,326,103 | -7.1% | -11.6% | -16.5% |
| Auckland_City - East | $1,836,824 | -4.0% | -11.6% | -16.5% |
| Auckland - Manukau | $1,119,720 | -3.3% | -14.2% | -18.6% |
| Manukau - Central | $869,326 | -2.5% | -14.7% | -19.8% |
| Manukau - East | $1,386,318 | -3.9% | -13.7% | -18.9% |
| Manukau - North West | $987,470 | -2.4% | -13.7% | -16.7% |
| Auckland - Papakura | $876,476 | -5.0% | -18.2% | -19.2% |
| Auckland - Franklin | $896,678 | -3.6% | -12.6% | -15.0% |
| Thames Coromandel | $1,177,543 | 0.8% | -2.4% | -10.3% |
| Hauraki | $646,669 | -2.2% | -5.8% | -7.0% |
| Waikato | $729,685 | -3.5% | -9.7% | -12.6% |
| Matamata Piako | $697,349 | -0.7% | -7.6% | -7.7% |
| Hamilton | $803,275 | -1.6% | -8.8% | -11.6% |
| Hamilton - Central & North West | $743,759 | -3.8% | -9.5% | -11.6% |
| Hamilton - North East | $996,165 | -0.8% | -8.5% | -12.8% |
| Hamilton - South East | $739,390 | -1.5% | -8.9% | -11.1% |
| Hamilton - South West | $709,683 | -2.1% | -9.4% | -11.2% |
| Waipa | $888,090 | 3.5% | -2.8% | -3.1% |
| Otorohanga | $520,036 | -2.7% | 0.8% | -12.9% |
| South Waikato | $424,935 | -7.7% | -10.6% | -11.3% |
| Waitomo | $385,115 | -1.6% | -1.6% | -6.3% |
| Taupo | $834,491 | -0.9% | -7.5% | -7.5% |
| Western BOP | $993,646 | -1.2% | -7.1% | -8.0% |
| Tauranga | $1,023,618 | -3.4% | -12.1% | -13.7% |
| Rotorua | $649,950 | 0.5% | -10.1% | -12.3% |
| Whakatane | $731,433 | -2.0% | -6.2% | -7.7% |
| Kawerau | $378,178 | -4.8% | -11.9% | -13.4% |
| Opotiki | $516,464 | -6.0% | -8.4% | -12.1% |
| Gisborne | $593,784 | -3.2% | -9.5% | -12.4% |
| Wairoa | $404,285 | -0.2% | -2.0% | -9.2% |
| Hastings | $766,840 | -1.3% | -12.7% | -15.4% |
| Napier | $747,472 | -1.2% | -13.2% | -16.5% |
| Central Hawkes Bay | $593,599 | 1.6% | -9.7% | -10.5% |
| New Plymouth | $713,833 | -0.1% | -4.7% | -4.9% |
| Stratford | $469,975 | -3.1% | -10.0% | -11.0% |
| South Taranaki | $444,676 | 0.6% | -3.7% | -3.7% |
| Ruapehu | $360,723 | -5.7% | -11.1% | -14.7% |
| Whanganui | $504,331 | 0.1% | -10.2% | -12.0% |
| Rangitikei | $406,680 | -3.6% | -18.0% | -20.5% |
| Manawatu | $607,309 | 1.2% | -10.3% | -12.5% |
| Palmerston North | $636,926 | -2.9% | -12.9% | -15.6% |
| Tararua | $413,229 | 0.9% | -13.0% | -15.0% |
| Horowhenua | $556,736 | -4.3% | -14.2% | -17.2% |
| Kapiti Coast | $806,272 | -3.2% | -16.1% | -18.9% |
| Porirua | $795,534 | -1.9% | -17.3% | -21.4% |
| Upper Hutt | $723,391 | -1.7% | -16.6% | -24.6% |
| Hutt | $768,084 | -1.8% | -16.9% | -23.4% |
| Wellington City | $1,014,340 | -1.0% | -17.4% | -21.3% |
| Wellington - Central & South | $968,311 | 0.5% | -17.1% | -19.3% |
| Wellington - East | $1,114,269 | -3.7% | -18.3% | -21.9% |
| Wellington - North | $959,692 | -1.9% | -17.4% | -22.4% |
| Wellington - West | $1,166,300 | 4.6% | -15.9% | -21.8% |
| Masterton | $553,434 | -5.1% | -19.8% | -19.9% |
| Carterton | $630,469 | -0.5% | -13.8% | -15.8% |
| South Wairarapa | $796,463 | -3.7% | -12.0% | -15.0% |
| Tasman | $780,442 | -3.9% | -10.9% | -10.9% |
| Nelson | $786,320 | -2.8% | -8.8% | -9.9% |
| Marlborough | $690,901 | -1.2% | -7.2% | -7.6% |
| Kaikoura | $643,796 | 6.4% | -0.4% | -4.1% |
| Buller | $342,683 | 0.8% | 9.0% | 0.8% |
| Grey | $367,610 | 4.7% | 3.8% | 0.8% |
| Westland | $392,372 | -5.0% | 2.4% | -5.0% |
| Hurunui | $630,045 | 1.2% | 9.7% | 0.3% |
| Waimakariri | $699,039 | 0.1% | -4.4% | -4.9% |
| Christchurch | $731,964 | -0.5% | -6.5% | -6.5% |
| Christchurch - Banks Peninsula | $790,087 | -1.8% | -8.4% | -5.2% |
| Christchurch - Central & North | $830,911 | -0.6% | -7.6% | -4.0% |
| Christchurch - East | $575,164 | -1.1% | -5.2% | -7.6% |
| Christchurch - Hills | $1,042,057 | 1.9% | -4.0% | -7.2% |
| Christchurch - Southwest | $691,224 | -0.6% | -7.2% | -8.4% |
| Selwyn | $806,066 | -1.3% | -7.3% | -8.1% |
| Ashburton | $536,124 | 1.0% | 1.4% | 0.8% |
| Timaru | $509,643 | -1.6% | -0.1% | -2.6% |
| MacKenzie | $659,357 | -9.7% | -7.1% | -13.0% |
| Waimate | $440,672 | 1.4% | 6.1% | 1.4% |
| Waitaki | $471,274 | -4.0% | -4.9% | -5.2% |
| Central Otago | $779,030 | -1.2% | -0.1% | -1.2% |
| Queenstown Lakes | $1,716,650 | 1.0% | 1.9% | 0.4% |
| Dunedin | $618,271 | -0.4% | -9.4% | -13.5% |
| Dunedin - Central & North | $619,099 | -2.4% | -11.1% | -15.7% |
| Dunedin - Peninsular & Coastal | $602,719 | 2.6% | -8.5% | -12.7% |
| Dunedin - South | $592,041 | 0.8% | -8.8% | -14.5% |
| Dunedin - Taieri | $647,860 | -0.5% | -8.4% | -13.2% |
| Clutha | $400,088 | -1.7% | 2.8% | -4.7% |
| Southland | $497,657 | 4.2% | 1.1% | 0.3% |
| Gore | $418,752 | 8.0% | 7.1% | -1.3% |
| Invercargill | $455,955 | 0.8% | -3.5% | -5.4% |
| Auckland Region | $1,265,438 | -4.3% | -12.5% | -16.8% |
| Wellington Region | $890,451 | -1.4% | -17.2% | -21.8% |
| Main Urban Areas | $1,004,344 | -3.1% | -12.0% | -15.2% |
| All of Aotearoa | $911,222 | -2.4% | -10.6% | -12.7% |
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.