The average value of New Zealand homes declined by almost $32,000 last year, with rural centres and smaller towns tending to hold their values better than the main centres.
The average value of New Zealand homes was $924,489 at the end of last year, down by $31,894 (-3.3%) compared to December 2022 according to the CoreLogic House Price Index.
Drops in value were biggest in Auckland, where the average value in the Auckland region declined from $1,354,801 in December 2022 to $1,283,432 in December last year, a decline of $71,369 (-5.3%) for the year.
Within the Auckland region the biggest falls in value occurred in Central Auckland's eastern suburbs, which include affluent beachside suburbs such as St Heliers Bay, with average values down by $144,676 (-7.3%) for the year.
Across the country's main urban areas average values declined by $40,507 (-3.8%).
However many smaller centres, particularly in the South Island, finished last year with higher average values for the year.
Queenstown-Lakes stood out from the crowd, posting an annual increase in average value of $96,424, up 5.8% for the year.
Although 2023 was not kind to property values in most parts of the country, the year finished on a positive note, with the national average value up by 1.0% in December compared to November and most districts posting small gains for the month - see the table below for the monthly and annual value changes in all districts.
CoreLogic said December had the strongest monthly gain in average values since January 2022.
CoreLogic Chief Property Economist Kelvin Davidson said he anticipated a degree of continued patchiness in value growth this year, both in terms of the changes from month-to-month, as well as variability across regional markets.
"I doubt too many people are rushing out and buying property just because the recent downturn has suddenly made it look cheap," Davidson said
"In fact, affordability pressures are still a major issue.
"Even though mortgage rates have dropped a bit for some durations, the most popular shorter fixed terms, such as one year, have been flatter at a higher level.
"This is continuing to strain aspiring homeowners' ability to buy property," he said.
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| CoreLogic House Price Index | |||||||
| December 2023 | |||||||
| Annual and Monthly Changes | |||||||
| District | December 2022 | November 2023 | December 2023 | Annual Change Dec 22 - Dec 23 | Monthly Change Nov 23 - Dec 23 | ||
| Far North | $699,932 | $692,490 | $693,782 | -$6,150 | -0.9% | $1,292 | 0.2% |
| Whangarei | $798,791 | $729,801 | $740,076 | -$58,715 | -7.4% | $10,275 | 1.4% |
| Kaipara | $883,918 | $832,530 | $845,590 | -$38,328 | -4.3% | $13,060 | 1.6% |
| Auckland - Rodney | $1,324,200 | $1,246,775 | $1,247,586 | -$76,614 | -5.8% | $811 | 0.1% |
| Rodney - Hibiscus Coast | $1,236,397 | $1,154,159 | $1,172,801 | -$63,596 | -5.1% | $18,642 | 1.6% |
| Rodney - North | $1,398,574 | $1,317,395 | $1,308,639 | -$89,935 | -6.4% | -$8,756 | -0.7% |
| Auckland - North Shore | $1,508,863 | $1,457,620 | $1,476,448 | -$32,415 | -2.1% | $18,828 | 1.3% |
| North Shore - Coastal | $1,728,881 | $1,661,373 | $1,667,225 | -$61,656 | -3.6% | $5,852 | 0.4% |
| North Shore - North Harbour | $1,454,893 | $1,433,012 | $1,458,941 | $4,048 | 0.3% | $25,929 | 1.8% |
| North Shore - Onewa | $1,214,388 | $1,161,299 | $1,191,185 | -$23,203 | -1.9% | $29,886 | 2.6% |
| Auckland - Waitakere | $1,076,043 | $1,000,273 | $1,009,099 | -$66,944 | -6.2% | $8,826 | 0.9% |
| Auckland - City | $1,567,028 | $1,455,955 | $1,469,442 | -$97,586 | -6.2% | $13,487 | 0.9% |
| Auckland City - Central | $1,319,465 | $1,255,747 | $1,256,135 | -$63,330 | -4.8% | $388 | 0.0% |
| Auckland City - Islands | $1,661,831 | $1,511,486 | $1,592,354 | -$69,477 | -4.2% | $80,868 | 5.4% |
| Auckland City - South | $1,398,253 | $1,310,751 | $1,320,766 | -$77,487 | -5.5% | $10,015 | 0.8% |
| Auckland_City - East | $1,972,190 | $1,802,891 | $1,827,514 | -$144,676 | -7.3% | $24,623 | 1.4% |
| Auckland - Manukau | $1,209,319 | $1,136,047 | $1,160,072 | -$49,247 | -4.1% | $24,025 | 2.1% |
| Manukau - Central | $927,227 | $862,837 | $881,594 | -$45,633 | -4.9% | $18,757 | 2.2% |
| Manukau - East | $1,505,296 | $1,439,868 | $1,474,977 | -$30,319 | -2.0% | $35,109 | 2.4% |
| Manukau - North West | $1,055,975 | $984,082 | $994,375 | -$61,600 | -5.8% | $10,293 | 1.0% |
| Auckland - Papakura | $981,947 | $929,107 | $929,884 | -$52,063 | -5.3% | $777 | 0.1% |
| Auckland - Franklin | $954,158 | $906,375 | $898,267 | -$55,891 | -5.9% | -$8,108 | -0.9% |
| Thames Coromandel | $1,215,544 | $1,140,050 | $1,158,706 | -$56,838 | -4.7% | $18,656 | 1.6% |
| Hauraki | $659,162 | $642,562 | $640,416 | -$18,746 | -2.8% | -$2,146 | -0.3% |
| Waikato | $775,374 | $722,058 | $735,798 | -$39,576 | -5.1% | $13,740 | 1.9% |
| Matamata Piako | $728,073 | $690,981 | $700,782 | -$27,291 | -3.7% | $9,801 | 1.4% |
| Hamilton | $836,018 | $805,125 | $806,226 | -$29,792 | -3.6% | $1,101 | 0.1% |
| Hamilton - Central & North West | $785,011 | $758,865 | $757,225 | -$27,786 | -3.5% | -$1,640 | -0.2% |
| Hamilton - North East | $1,033,313 | $991,412 | $993,035 | -$40,278 | -3.9% | $1,623 | 0.2% |
| Hamilton - South East | $771,456 | $742,623 | $744,030 | -$27,426 | -3.6% | $1,407 | 0.2% |
| Hamilton - South West | $732,640 | $709,611 | $711,523 | -$21,117 | -2.9% | $1,912 | 0.3% |
| Waipa | $858,479 | $880,667 | $878,267 | $19,788 | 2.3% | -$2,400 | -0.3% |
| Otorohanga | $568,158 | $525,698 | $539,492 | -$28,666 | -5.0% | $13,794 | 2.6% |
| South Waikato | $449,237 | $418,093 | $420,216 | -$29,021 | -6.5% | $2,123 | 0.5% |
| Waitomo | $386,511 | $355,011 | $364,520 | -$21,991 | -5.7% | $9,509 | 2.7% |
| Taupo | $870,627 | $821,695 | $830,501 | -$40,126 | -4.6% | $8,806 | 1.1% |
| Western BOP | $1,012,410 | $1,003,296 | $1,000,572 | -$11,838 | -1.2% | -$2,724 | -0.3% |
| Tauranga | $1,074,336 | $1,012,788 | $1,032,090 | -$42,246 | -3.9% | $19,302 | 1.9% |
| Rotorua | $684,276 | $648,987 | $664,533 | -$19,743 | -2.9% | $15,546 | 2.4% |
| Whakatane | $709,744 | $733,827 | $737,357 | $27,613 | 3.9% | $3,530 | 0.5% |
| Kawerau | $415,087 | $373,627 | $362,845 | -$52,242 | -12.6% | -$10,782 | -2.9% |
| Opotiki | $541,877 | $511,631 | $502,760 | -$39,117 | -7.2% | -$8,871 | -1.7% |
| Gisborne | $642,500 | $607,420 | $592,160 | -$50,340 | -7.8% | -$15,260 | -2.5% |
| Wairoa | $411,074 | $365,844 | $405,771 | -$5,303 | -1.3% | $39,927 | 10.9% |
| Hastings | $806,033 | $793,163 | $802,195 | -$3,838 | -0.5% | $9,032 | 1.1% |
| Napier | $798,075 | $749,699 | $745,834 | -$52,241 | -6.5% | -$3,865 | -0.5% |
| Central Hawkes Bay | $592,903 | $585,700 | $579,031 | -$13,872 | -2.3% | -$6,669 | -1.1% |
| New Plymouth | $722,953 | $700,329 | $710,795 | -$12,158 | -1.7% | $10,466 | 1.5% |
| Stratford | $492,977 | $487,950 | $495,079 | $2,102 | 0.4% | $7,129 | 1.5% |
| South Taranaki | $437,532 | $433,725 | $430,650 | -$6,882 | -1.6% | -$3,075 | -0.7% |
| Ruapehu | $394,483 | $359,561 | $361,595 | -$32,888 | -8.3% | $2,034 | 0.6% |
| Whanganui | $521,708 | $496,922 | $506,792 | -$14,916 | -2.9% | $9,870 | 2.0% |
| Rangitikei | $441,968 | $433,491 | $426,732 | -$15,236 | -3.4% | -$6,759 | -1.6% |
| Manawatu | $632,199 | $601,324 | $609,662 | -$22,537 | -3.6% | $8,338 | 1.4% |
| Palmerston North | $659,450 | $639,900 | $644,228 | -$15,222 | -2.3% | $4,328 | 0.7% |
| Tararua | $440,755 | $396,535 | $405,657 | -$35,098 | -8.0% | $9,122 | 2.3% |
| Horowhenua | $604,666 | $571,987 | $571,336 | -$33,330 | -5.5% | -$651 | -0.1% |
| Kapiti Coast | $865,338 | $794,673 | $803,509 | -$61,829 | -7.1% | $8,836 | 1.1% |
| Porirua | $835,957 | $836,485 | $845,021 | $9,064 | 1.1% | $8,536 | 1.0% |
| Upper Hutt | $757,214 | $731,228 | $743,255 | -$13,959 | -1.8% | $12,027 | 1.6% |
| Hutt | $812,964 | $769,121 | $789,203 | -$23,761 | -2.9% | $20,082 | 2.6% |
| Wellington City | $1,062,247 | $1,023,847 | $1,022,234 | -$40,013 | -3.8% | -$1,613 | -0.2% |
| Wellington - Central & South | $1,000,018 | $985,130 | $978,045 | -$21,973 | -2.2% | -$7,085 | -0.7% |
| Wellington - East | $1,192,738 | $1,130,585 | $1,133,505 | -$59,233 | -5.0% | $2,920 | 0.3% |
| Wellington - North | $1,010,465 | $967,719 | $966,725 | -$43,740 | -4.3% | -$994 | -0.1% |
| Wellington - West | $1,201,718 | $1,154,376 | $1,159,570 | -$42,148 | -3.5% | $5,194 | 0.4% |
| Masterton | $607,325 | $562,068 | $562,998 | -$44,327 | -7.3% | $930 | 0.2% |
| Carterton | $655,031 | $617,259 | $622,397 | -$32,634 | -5.0% | $5,138 | 0.8% |
| South Wairarapa | $832,854 | $742,142 | $733,598 | -$99,256 | -11.9% | -$8,544 | -1.2% |
| Tasman | $821,466 | $774,768 | $777,363 | -$44,103 | -5.4% | $2,595 | 0.3% |
| Nelson | $812,828 | $772,671 | $780,528 | -$32,300 | -4.0% | $7,857 | 1.0% |
| Marlborough | $726,754 | $696,263 | $698,781 | -$27,973 | -3.8% | $2,518 | 0.4% |
| Kaikoura | $639,981 | $666,701 | $644,155 | $4,174 | 0.7% | -$22,546 | -3.4% |
| Buller | $298,314 | $341,899 | $335,293 | $36,979 | 12.4% | -$6,606 | -1.9% |
| Grey | $358,447 | $374,249 | $373,539 | $15,092 | 4.2% | -$710 | -0.2% |
| Westland | $393,776 | $377,882 | $402,816 | $9,040 | 2.3% | $24,934 | 6.6% |
| Hurunui | $614,405 | $619,671 | $631,793 | $17,388 | 2.8% | $12,122 | 2.0% |
| Waimakariri | $714,667 | $699,825 | $704,265 | -$10,402 | -1.5% | $4,440 | 0.6% |
| Christchurch | $751,901 | $746,506 | $754,858 | $2,957 | 0.4% | $8,352 | 1.1% |
| Christchurch - Banks Peninsula | $824,138 | $849,529 | $858,699 | $34,561 | 4.2% | $9,170 | 1.1% |
| Christchurch - Central & North | $860,066 | $847,300 | $856,439 | -$3,627 | -0.4% | $9,139 | 1.1% |
| Christchurch - East | $582,496 | $581,374 | $590,083 | $7,587 | 1.3% | $8,709 | 1.5% |
| Christchurch - Hills | $1,053,446 | $1,060,988 | $1,066,501 | $13,055 | 1.2% | $5,513 | 0.5% |
| Christchurch - Southwest | $712,947 | $708,703 | $716,532 | $3,585 | 0.5% | $7,829 | 1.1% |
| Selwyn | $830,941 | $826,666 | $829,524 | -$1,417 | -0.2% | $2,858 | 0.3% |
| Ashburton | $527,746 | $529,810 | $533,223 | $5,477 | 1.0% | $3,413 | 0.6% |
| Timaru | $516,258 | $519,948 | $523,163 | $6,905 | 1.3% | $3,215 | 0.6% |
| MacKenzie | $717,370 | $743,933 | $755,481 | $38,111 | 5.3% | $11,548 | 1.6% |
| Waimate | $423,464 | $424,983 | $424,160 | $696 | 0.2% | -$823 | -0.2% |
| Waitaki | $490,538 | $459,296 | $472,250 | -$18,288 | -3.7% | $12,954 | 2.8% |
| Central Otago | $765,931 | $797,654 | $797,422 | $31,491 | 4.1% | -$232 | 0.0% |
| Queenstown Lakes | $1,672,013 | $1,731,508 | $1,768,437 | $96,424 | 5.8% | $36,929 | 2.1% |
| Dunedin | $646,156 | $627,329 | $630,582 | -$15,574 | -2.4% | $3,253 | 0.5% |
| Dunedin - Central & North | $659,955 | $630,334 | $632,804 | -$27,151 | -4.1% | $2,470 | 0.4% |
| Dunedin - Peninsular & Coastal | $603,100 | $596,182 | $609,391 | $6,291 | 1.0% | $13,209 | 2.2% |
| Dunedin - South | $607,952 | $598,633 | $592,202 | -$15,750 | -2.6% | -$6,431 | -1.1% |
| Dunedin - Taieri | $683,419 | $662,461 | $672,431 | -$10,988 | -1.6% | $9,970 | 1.5% |
| Clutha | $396,786 | $388,205 | $391,330 | -$5,456 | -1.4% | $3,125 | 0.8% |
| Southland | $492,472 | $495,957 | $494,985 | $2,513 | 0.5% | -$972 | -0.2% |
| Gore | $407,759 | $407,340 | $415,511 | $7,752 | 1.9% | $8,171 | 2.0% |
| Invercargill | $461,444 | $458,151 | $460,431 | -$1,013 | -0.2% | $2,280 | 0.5% |
| Auckland Region | $1,354,801 | $1,270,138 | $1,283,432 | -$71,369 | -5.3% | $13,294 | 1.0% |
| Wellington Region | $935,215 | $901,387 | $908,228 | -$26,987 | -2.9% | $6,841 | 0.8% |
| Main Urban Areas | $1,062,395 | $1,011,083 | $1,021,888 | -$40,507 | -3.8% | $10,805 | 1.1% |
| All of Aotearoa | $956,383 | $915,448 | $924,489 | -$31,894 | -3.3% | $9,041 | 1.0% |
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