The average value of New Zealand homes increased by 1.1% over the three months from September to November, according to the CoreLogic House Price Index.
The average value of all New Zealand dwellings was $915,448 at the end of November, up 1.1% over the three months to November. However, that's down 4.5% compared to November last year.
Average values have risen in most main centres over the three months, led by Dunedin where they were up by 2.9%, followed by Christchurch 2.0%, Auckland and the Wellington region, both up 1.2%, and Hamilton 0.7%.
Tauranga was the only major centre to show a decline at -0.6%.
The biggest increase was in Banks Peninsula where average values rose 8.3%, and the biggest decline was in Wairoa at -9.6%.
Queenstown-Lakes has the highest average dwelling values in the country at $1,731,508 and Buller the lowest at $341,899. The table below shows the average values in all urban districts and their changes over three and 12 months.
CoreLogic NZ Chief Property Economist Kelvin Davidson said there were widespread signs of an emerging upturn in November.
"However the market hasn't exactly soared away just yet," he said.
"While sales volumes have been growing steadily in percentage terms, it's from a low base so that hasn't translated to a surge in the number of deals."
"Plus, with the flow of new listings ticking along, we're seeing a flattening and perhaps even a slight lift in properties on the market in recent weeks," Davidson said.
"That may take a little heat out of prices as buyers benefit from more choice and vendors contend with a subtle rise in competition," he said.
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| CoreLogic NZ House Price Index | ||||
| November 2023 | ||||
| Territorial authority | Average current value | 12 month change % | 3 month change % | |
| Far North | $692,490 | -2.6% | 0.3% | |
| Whangarei | $729,801 | -9.0% | -0.9% | |
| Kaipara | $832,530 | -2.8% | 4.6% | |
| Auckland - Rodney | $1,246,775 | -5.9% | 2.0% | |
| Rodney - Hibiscus Coast | $1,154,159 | -6.9% | 2.0% | |
| Rodney - North | $1,317,395 | -5.8% | 1.8% | |
| Auckland - North Shore | $1,457,620 | -3.2% | 2.2% | |
| North Shore - Coastal | $1,661,373 | -3.7% | 1.8% | |
| North Shore - North Harbour | $1,433,012 | -1.5% | 3.4% | |
| North Shore - Onewa | $1,161,299 | -3.7% | 1.6% | |
| Auckland - Waitakere | $1,000,273 | -7.7% | 1.1% | |
| Auckland - City | $1,455,955 | -7.3% | 1.1% | |
| Auckland City - Central | $1,255,747 | -4.9% | 3.5% | |
| Auckland City - Islands | $1,511,486 | -10.6% | -2.0% | |
| Auckland City - South | $1,310,751 | -7.2% | 1.1% | |
| Auckland_City - East | $1,802,891 | -8.5% | -0.3% | |
| Auckland - Manukau | $1,136,047 | -6.5% | 0.4% | |
| Manukau - Central | $862,837 | -8.3% | -1.0% | |
| Manukau - East | $1,439,868 | -4.2% | 1.9% | |
| Manukau - North West | $984,082 | -7.4% | -0.7% | |
| Auckland - Papakura | $929,107 | -5.7% | 2.8% | |
| Auckland - Franklin | $906,375 | -7.2% | -0.3% | |
| Thames Coromandel | $1,140,050 | -7.5% | 0.6% | |
| Hauraki | $642,562 | -2.4% | 1.2% | |
| Waikato | $722,058 | -6.8% | -1.1% | |
| Matamata Piako | $690,981 | -5.0% | -1.7% | |
| Hamilton | $805,125 | -3.9% | 0.7% | |
| Hamilton - Central & North West | $758,865 | -2.4% | 0.1% | |
| Hamilton - North East | $991,412 | -4.9% | 1.1% | |
| Hamilton - South East | $742,623 | -3.9% | 0.7% | |
| Hamilton - South West | $709,611 | -3.4% | 0.6% | |
| Waipa | $880,667 | 1.5% | 1.7% | |
| Otorohanga | $525,698 | -11.4% | -2.1% | |
| South Waikato | $418,093 | -7.8% | -1.8% | |
| Waitomo | $355,011 | -11.8% | -9.5% | |
| Taupo | $821,695 | -5.9% | -1.2% | |
| Western BOP | $1,003,296 | 1.6% | 1.5% | |
| Tauranga | $1,012,788 | -5.7% | -0.6% | |
| Rotorua | $648,987 | -4.7% | 1.5% | |
| Whakatane | $733,827 | 2.2% | 0.1% | |
| Kawerau | $373,627 | -8.6% | -7.2% | |
| Opotiki | $511,631 | -10.7% | -6.1% | |
| Gisborne | $607,420 | -3.3% | 4.8% | |
| Wairoa | $365,844 | -8.9% | -9.6% | |
| Hastings | $793,163 | -2.2% | 2.5% | |
| Napier | $749,699 | -4.5% | 1.6% | |
| Central Hawkes Bay | $585,700 | -3.8% | 1.3% | |
| New Plymouth | $700,329 | -4.6% | -1.4% | |
| Stratford | $487,950 | 2.3% | 1.8% | |
| South Taranaki | $433,725 | -2.4% | 0.8% | |
| Ruapehu | $359,561 | -7.1% | -3.1% | |
| Whanganui | $496,922 | -3.6% | 0.7% | |
| Rangitikei | $433,491 | -4.2% | -0.7% | |
| Manawatu | $601,324 | -5.7% | -0.6% | |
| Palmerston North | $639,900 | -4.3% | 0.5% | |
| Tararua | $396,535 | -10.9% | -1.5% | |
| Horowhenua | $571,987 | -2.2% | 3.1% | |
| Kapiti Coast | $794,673 | -9.3% | -1.9% | |
| Porirua | $836,485 | 1.2% | 4.9% | |
| Upper Hutt | $731,228 | -4.7% | 0.5% | |
| Hutt | $769,121 | -4.3% | 1.4% | |
| Wellington City | $1,023,847 | -4.6% | 0.5% | |
| Wellington - Central & South | $985,130 | -1.6% | 1.1% | |
| Wellington - East | $1,130,585 | -6.1% | 1.7% | |
| Wellington - North | $967,719 | -4.9% | 0.4% | |
| Wellington - West | $1,154,376 | -6.8% | -1.8% | |
| Masterton | $562,068 | -6.8% | 1.5% | |
| Carterton | $617,259 | -6.7% | -3.2% | |
| South Wairarapa | $742,142 | -9.8% | -1.9% | |
| Tasman | $774,768 | -5.3% | 0.2% | |
| Nelson | $772,671 | -4.9% | -0.6% | |
| Marlborough | $696,263 | -3.1% | 1.0% | |
| Kaikoura | $666,701 | 7.1% | 5.8% | |
| Buller | $341,899 | 9.8% | 3.2% | |
| Grey | $374,249 | 4.5% | 1.6% | |
| Westland | $377,882 | -2.4% | -4.5% | |
| Hurunui | $619,671 | -1.0% | 0.5% | |
| Waimakariri | $699,825 | -2.2% | 0.9% | |
| Christchurch | $746,506 | -1.1% | 2.0% | |
| Christchurch - Banks Peninsula | $849,529 | 6.6% | 8.3% | |
| Christchurch - Central & North | $847,300 | -2.6% | 1.7% | |
| Christchurch - East | $581,374 | -0.5% | 1.0% | |
| Christchurch - Hills | $1,060,988 | 0.6% | 3.9% | |
| Christchurch - Southwest | $708,703 | -0.6% | 2.3% | |
| Selwyn | $826,666 | -1.0% | 3.0% | |
| Ashburton | $529,810 | 0.1% | -0.3% | |
| Timaru | $519,948 | 2.3% | 3.3% | |
| MacKenzie | $743,933 | 1.5% | -2.8% | |
| Waimate | $424,983 | -0.3% | -3.0% | |
| Waitaki | $459,296 | -7.0% | -1.4% | |
| Central Otago | $797,654 | 2.3% | 1.2% | |
| Queenstown Lakes | $1,731,508 | 2.6% | 3.4% | |
| Dunedin | $627,329 | -3.1% | 2.9% | |
| Dunedin - Central & North | $630,334 | -5.0% | 2.5% | |
| Dunedin - Peninsular & Coastal | $596,182 | -3.4% | 1.8% | |
| Dunedin - South | $598,633 | -2.1% | 2.8% | |
| Dunedin - Taieri | $662,461 | -1.8% | 3.5% | |
| Clutha | $388,205 | -0.4% | -0.8% | |
| Southland | $495,957 | -0.1% | -0.6% | |
| Gore | $407,340 | 3.3% | 5.8% | |
| Invercargill | $458,151 | 0.4% | -0.1% | |
| Auckland Region | $1,270,138 | -6.5% | 1.2% | |
| Wellington Region | $901,387 | -3.9% | 1.2% | |
| Main Urban Areas | $1,011,083 | -5.0% | 1.2% | |
| All of Aotearoa | $915,448 | -4.5% | 1.1% | |
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