The average value of New Zealand homes fell another $3643 in July, meaning it has now declined $102,083 in the 12 months to July, according to the CoreLogic House Price Index.
In July last year the average dwelling value was hovering just above $1 million at $1,009,662, and had declined by 2.5% compared to the previous month.
In July this year the average value was just above $900,000 at $907,579, and had declined 2.3% compared to the previous month.
That means the average dwelling value would need to decline by less than 1% to fall below $900,000.
However although overall values are trending down, there are significant regional differences, with some districts showing gains in average values last month.
The table below shows the movement in average values between June and July this year, with the biggest value increase in dollar terms occurring in the Mackenzie Region in the South Island where the average value in July was up by $83,547 compared to June.
The biggest decrease was in Kaikoura where the average value declined by $52,506 in July compared to June.
However Mackenzie and Kaikoura are both likely to have a small number of property transactions occurring each month, which could make their valuation figures volatile.
In the Auckland region the average dwelling value declined by $7137 in July, equivalent to a loss in value of $1647 a week, driven mainly by significant declines in Rodney and the expensive inner Auckland suburbs, with dwelling values on Waiheke Island posting a whopping decline of nearly $60,000 for the month.
However Auckland property values fared batter on the North Shore and South Auckland, with the biggest monthly gain of $34,025 occurring in Papakura.
In other main centres average values posted a modest increase in the Wellington Region and small declines in Christchurch and Dunedin.
Perhaps the most surprising change in dwelling values last month was in Queenstown-Lakes, where the average dwelling value declined by $44,416 compared to June.
"July's drop in prices at the national level may seem surprising, given the recent commentary about an emerging turnaround for the housing market," CoreLogic's Chief Property Economist Kelvin Davidson said.
"But it's important to note that the latest decline is the smallest in six months and also that some regional markets saw values rise, most notably Wellington," he said.
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| CoreLogic House Price Index | |||||
| June - July 2023 | |||||
| Average dwelling value | |||||
| Territorial Authority | Three months ended June 2023 | Three months ended July 2023 | Change $ | Change % | |
| Far North | $697,291 | $702,370 | $5,079 | 0.7% | |
| Whangarei | $743,439 | $737,497 | -$5,942 | -0.8% | |
| Kaipara | $863,882 | $818,262 | -$45,620 | -5.3% | |
| Auckland - Rodney | $1,241,812 | $1,224,544 | -$17,268 | -1.4% | |
| Rodney - Hibiscus Coast | $1,152,354 | $1,136,088 | -$16,266 | -1.4% | |
| Rodney - North | $1,314,527 | $1,295,717 | -$18,810 | -1.4% | |
| Auckland - North Shore | $1,414,748 | $1,419,201 | $4,453 | 0.3% | |
| North Shore - Coastal | $1,621,353 | $1,628,658 | $7,304 | 0.5% | |
| North Shore - North Harbour | $1,367,174 | $1,375,915 | $8,742 | 0.6% | |
| North Shore - Onewa | $1,141,067 | $1,137,893 | -$3,174 | -0.3% | |
| Auckland - Waitakere | $993,814 | $992,534 | -$1,280 | -0.1% | |
| Auckland - Central | $1,477,131 | $1,454,152 | -$22,979 | -1.6% | |
| Auckland City - Central | $1,258,950 | $1,231,441 | -$27,509 | -2.2% | |
| Auckland City - Islands | $1,602,178 | $1,542,381 | -$59,798 | -3.7% | |
| Auckland City - South | $1,326,103 | $1,316,612 | -$9,491 | -0.7% | |
| Auckland_City - East | $1,836,824 | $1,814,890 | -$21,934 | -1.2% | |
| Auckland - Manukau | $1,119,720 | $1,126,143 | $6,423 | 0.6% | |
| Manukau - Central | $869,326 | $871,438 | $2,112 | 0.2% | |
| Manukau - East | $1,386,318 | $1,398,564 | $12,247 | 0.9% | |
| Manukau - North West | $987,470 | $990,556 | $3,086 | 0.3% | |
| Auckland - Papakura | $876,476 | $910,501 | $34,025 | 3.9% | |
| Auckland - Franklin | $896,678 | $896,483 | -$195 | 0.0% | |
| Thames Coromandel | $1,177,543 | $1,161,872 | -$15,671 | -1.3% | |
| Hauraki | $646,669 | $639,475 | -$7,193 | -1.1% | |
| Waikato | $729,685 | $727,900 | -$1,786 | -0.2% | |
| Matamata Piako | $697,349 | $703,729 | $6,380 | 0.9% | |
| Hamilton | $803,275 | $800,955 | -$2,320 | -0.3% | |
| Hamilton - Central & North West | $743,759 | $751,361 | $7,602 | 1.0% | |
| Hamilton - North East | $996,165 | $985,135 | -$11,030 | -1.1% | |
| Hamilton - South East | $739,390 | $739,575 | $185 | 0.0% | |
| Hamilton - South West | $709,683 | $706,204 | -$3,479 | -0.5% | |
| Waipa | $888,090 | $872,657 | -$15,433 | -1.7% | |
| Otorohanga | $520,036 | $522,946 | $2,909 | 0.6% | |
| South Waikato | $424,935 | $429,427 | $4,492 | 1.1% | |
| Waitomo | $385,115 | $399,781 | $14,666 | 3.8% | |
| Taupo | $834,491 | $831,324 | -$3,167 | -0.4% | |
| Western BOP | $993,646 | $981,365 | -$12,281 | -1.2% | |
| Tauranga | $1,023,618 | $1,020,841 | -$2,777 | -0.3% | |
| Rotorua | $649,950 | $639,777 | -$10,174 | -1.6% | |
| Whakatane | $731,433 | $730,803 | -$630 | -0.1% | |
| Kawerau | $378,178 | $389,719 | $11,542 | 3.1% | |
| Opotiki | $516,464 | $547,388 | $30,924 | 6.0% | |
| Gisborne | $593,784 | $588,894 | -$4,890 | -0.8% | |
| Wairoa | $404,285 | $424,985 | $20,700 | 5.1% | |
| Hastings | $766,840 | $765,061 | -$1,779 | -0.2% | |
| Napier | $747,472 | $741,727 | -$5,745 | -0.8% | |
| Central Hawkes Bay | $593,599 | $591,980 | -$1,619 | -0.3% | |
| New Plymouth | $713,833 | $715,538 | $1,706 | 0.2% | |
| Stratford | $469,975 | $477,063 | $7,087 | 1.5% | |
| South Taranaki | $444,676 | $439,074 | -$5,602 | -1.3% | |
| Ruapehu | $360,723 | $372,830 | $12,107 | 3.4% | |
| Whanganui | $504,331 | $501,370 | -$2,961 | -0.6% | |
| Rangitikei | $406,680 | $422,777 | $16,098 | 4.0% | |
| Manawatu | $607,309 | $609,769 | $2,459 | 0.4% | |
| Palmerston North | $636,926 | $638,036 | $1,110 | 0.2% | |
| Tararua | $413,229 | $407,854 | -$5,375 | -1.3% | |
| Horowhenua | $556,736 | $552,957 | -$3,779 | -0.7% | |
| Kapiti Coast | $806,272 | $806,005 | -$267 | 0.0% | |
| Porirua | $795,534 | $800,078 | $4,543 | 0.6% | |
| Upper Hutt | $723,391 | $724,554 | $1,163 | 0.2% | |
| Hutt | $768,084 | $768,033 | -$51 | 0.0% | |
| Wellington City | $1,014,340 | $1,017,981 | $3,641 | 0.4% | |
| Wellington - Central & South | $968,311 | $969,560 | $1,249 | 0.1% | |
| Wellington - East | $1,114,269 | $1,116,347 | $2,078 | 0.2% | |
| Wellington - North | $959,692 | $959,741 | $49 | 0.0% | |
| Wellington - West | $1,166,300 | $1,189,255 | $22,956 | 2.0% | |
| Masterton | $553,434 | $559,568 | $6,134 | 1.1% | |
| Carterton | $630,469 | $634,882 | $4,413 | 0.7% | |
| South Wairarapa | $796,463 | $777,887 | -$18,576 | -2.3% | |
| Tasman | $780,442 | $771,817 | -$8,626 | -1.1% | |
| Nelson | $786,320 | $785,395 | -$924 | -0.1% | |
| Marlborough | $690,901 | $683,559 | -$7,341 | -1.1% | |
| Kaikoura | $643,796 | $591,200 | -$52,596 | -8.2% | |
| Buller | $342,683 | $336,951 | -$5,732 | -1.7% | |
| Grey | $367,610 | $365,807 | -$1,803 | -0.5% | |
| Westland | $392,372 | $398,351 | $5,980 | 1.5% | |
| Hurunui | $630,045 | $625,997 | -$4,048 | -0.6% | |
| Waimakariri | $699,039 | $697,567 | -$1,472 | -0.2% | |
| Christchurch | $731,964 | $730,473 | -$1,490 | -0.2% | |
| Christchurch - Banks Peninsula | $790,087 | $795,569 | $5,482 | 0.7% | |
| Christchurch - Central & North | $830,911 | $824,724 | -$6,186 | -0.7% | |
| Christchurch - East | $575,164 | $576,357 | $1,193 | 0.2% | |
| Christchurch - Hills | $1,042,057 | $1,032,173 | -$9,884 | -0.9% | |
| Christchurch - Southwest | $691,224 | $692,753 | $1,529 | 0.2% | |
| Selwyn | $806,066 | $800,814 | -$5,252 | -0.7% | |
| Ashburton | $536,124 | $532,413 | -$3,712 | -0.7% | |
| Timaru | $509,643 | $501,312 | -$8,331 | -1.6% | |
| Mackenzie | $659,357 | $742,904 | $83,547 | 12.7% | |
| Waimate | $440,672 | $442,382 | $1,710 | 0.4% | |
| Waitaki | $471,274 | $467,052 | -$4,222 | -0.9% | |
| Central Otago | $779,030 | $787,310 | $8,281 | 1.1% | |
| Queenstown Lakes | $1,716,650 | $1,672,233 | -$44,416 | -2.6% | |
| Dunedin | $618,271 | $616,448 | -$1,823 | -0.3% | |
| Dunedin - Central & North | $619,099 | $622,168 | $3,069 | 0.5% | |
| Dunedin - Peninsular & Coastal | $602,719 | $584,548 | -$18,171 | -3.0% | |
| Dunedin - South | $592,041 | $591,110 | -$931 | -0.2% | |
| Dunedin - Taieri | $647,860 | $647,444 | -$416 | -0.1% | |
| Clutha | $400,088 | $392,454 | -$7,634 | -1.9% | |
| Southland | $497,657 | $489,707 | -$7,950 | -1.6% | |
| Gore | $418,752 | $399,508 | -$19,244 | -4.6% | |
| Invercargill | $455,955 | $455,820 | -$136 | 0.0% | |
| Auckland Area | $1,265,438 | $1,258,301 | -$7,137 | -0.6% | |
| Wellington Area | $890,451 | $892,906 | $2,454 | 0.3% | |
| Main Urban Areas | $1,004,344 | $1,001,739 | -$2,605 | -0.3% | |
| All of Aotearoa | $911,222 | $907,579 | -$3,643 | -0.4% | |
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