Housing values inched higher at the start of 2024, according to the latest quarterly figures from property data company CoreLogic.
The average value of New Zealand homes was $934,806 in the first quarter (Q1) of this year, up 1.1% compared to the fourth quarter last year, and up just 0.1% compared to Q1 last year.
"New Zealand's housing market can probably be described as not too hot, not too cold," CoreLogic Chief Economist Kelvin Davidson said.
"High mortgage rates remain a big challenge at the forefront of all borrowers' minds, whether they are taking out a new loan or repricing an existing mortgage."
"While the new tax year and 80% mortgage interest deductions will help cash flow for property investors, it's unlikely to be enough to trump high interest rates," Davidson said.
"In addition, while the first Official Cash Rate cut in the next cycle is getting closer, it's certainly not here yet. Indeed, if the Reserve Bank's current projections prove to be correct, the cash rate may not start to fall until next year, highlighting that shorter-term fixed mortgage rates may not drop much for at least another six-to-nine months."
A strong supply of new listings had also affected the market, Davidson said.
"We've seen a turnaround for listing activity in the first few months of 2024, with a good flow of fresh properties hitting the market, raising the choice for buyers and taking a bit of heat out of property prices," he said.
"There's no set definition, but the general sense is that the so-called sellers' market of late 2023 has now switched back in favour of credit-approved purchasers," said Davidson.
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| CoreLogic NZ House Price Index | |||
| Three Months Ended March 2024 | |||
| Territorial authority | Average current value | 12 month change % | 3 month change % |
| Far North | $719,493 | 3.5% | 3.7% |
| Whangarei | $746,176 | -1.9% | 0.8% |
| Kaipara | $852,342 | 9.0% | 0.8% |
| Auckland - Rodney | $1,276,563 | -0.4% | 2.3% |
| Rodney - Hibiscus Coast | $1,182,680 | -0.3% | 0.8% |
| Rodney - North | $1,349,603 | -1.0% | 3.1% |
| Auckland - North Shore | $1,496,433 | 1.8% | 1.4% |
| North Shore - Coastal | $1,708,604 | 1.1% | 2.5% |
| North Shore - North Harbour | $1,475,531 | 5.6% | 1.1% |
| North Shore - Onewa | $1,187,975 | 0.1% | -0.3% |
| Auckland - Waitakere | $1,011,400 | -2.4% | 0.2% |
| Auckland - City | $1,487,146 | -4.4% | 1.2% |
| Auckland City - Central | $1,274,550 | -3.8% | 1.5% |
| Auckland City - Islands | $1,562,236 | -5.7% | -1.9% |
| Auckland City - South | $1,338,246 | -6.3% | 1.3% |
| Auckland_City - East | $1,849,073 | -3.4% | 1.2% |
| Auckland - Manukau | $1,170,036 | 1.0% | 0.9% |
| Manukau - Central | $903,266 | 1.3% | 2.5% |
| Manukau - East | $1,470,856 | 2.0% | -0.3% |
| Manukau - North West | $1,017,576 | 0.6% | 2.3% |
| Auckland - Papakura | $928,820 | 0.7% | -0.1% |
| Auckland - Franklin | $915,624 | -1.5% | 1.9% |
| Thames Coromandel | $1,154,130 | -1.2% | -0.4% |
| Hauraki | $639,739 | -3.3% | -0.1% |
| Waikato | $769,335 | 1.7% | 4.6% |
| Matamata Piako | $698,943 | -0.5% | -0.3% |
| Hamilton | $807,251 | -1.2% | 0.1% |
| Hamilton - Central & North West | $752,249 | -2.7% | -0.7% |
| Hamilton - North East | $986,038 | -1.8% | -0.7% |
| Hamilton - South East | $756,018 | 0.8% | 1.6% |
| Hamilton - South West | $714,609 | -1.5% | 0.4% |
| Waipa | $873,879 | 1.9% | -0.5% |
| Otorohanga | $522,350 | -2.3% | -3.2% |
| South Waikato | $429,579 | -6.7% | 2.2% |
| Waitomo | $354,609 | -9.4% | -2.7% |
| Taupo | $847,250 | 0.6% | 2.0% |
| Western BOP | $1,008,812 | 0.4% | 0.8% |
| Tauranga | $1,037,583 | -2.1% | 0.5% |
| Rotorua | $646,275 | -0.1% | -2.8% |
| Whakatane | $726,838 | -2.6% | -1.4% |
| Kawerau | $379,227 | -4.5% | 4.5% |
| Opotiki | $551,460 | 0.4% | 9.7% |
| Gisborne | $601,545 | -1.9% | 1.6% |
| Wairoa | $410,427 | 1.3% | 1.2% |
| Hastings | $798,812 | 2.9% | -0.4% |
| Napier | $765,665 | 1.2% | 2.7% |
| Central Hawkes Bay | $605,499 | 3.6% | 4.6% |
| New Plymouth | $725,957 | 1.6% | 2.1% |
| Stratford | $504,236 | 3.9% | 1.9% |
| South Taranaki | $453,698 | 2.7% | 5.4% |
| Ruapehu | $356,511 | -6.8% | -1.4% |
| Whanganui | $508,965 | 1.0% | 0.4% |
| Rangitikei | $429,212 | 1.7% | 0.6% |
| Manawatu | $612,213 | 2.0% | 0.4% |
| Palmerston North | $651,828 | -0.6% | 1.2% |
| Tararua | $414,590 | 1.2% | 2.2% |
| Horowhenua | $566,373 | -2.7% | -0.9% |
| Kapiti Coast | $829,159 | -0.5% | 3.2% |
| Porirua | $826,884 | 1.9% | -2.2% |
| Upper Hutt | $769,420 | 4.6% | 3.5% |
| Lower Hutt | $795,390 | 1.7% | 0.8% |
| Wellington City | $1,047,275 | 2.2% | 2.5% |
| Wellington - Central & South | $1,002,197 | 4.0% | 2.5% |
| Wellington - East | $1,148,207 | -0.7% | 1.3% |
| Wellington - North | $996,629 | 1.9% | 3.1% |
| Wellington - West | $1,171,959 | 5.1% | 1.1% |
| Masterton | $563,537 | -3.3% | 0.1% |
| Carterton | $638,227 | 0.8% | 2.5% |
| South Wairarapa | $760,765 | -8.1% | 3.7% |
| Tasman | $798,992 | -1.6% | 2.8% |
| Nelson | $787,234 | -2.7% | 0.9% |
| Marlborough | $700,307 | 0.1% | 0.2% |
| Kaikoura | $720,116 | 19.0% | 11.8% |
| Buller | $358,307 | 5.4% | 6.9% |
| Grey | $412,105 | 17.3% | 10.3% |
| Westland | $424,943 | 2.9% | 5.5% |
| Hurunui | $628,740 | 1.0% | -0.5% |
| Waimakariri | $710,608 | 1.7% | 0.9% |
| Christchurch | $762,456 | 3.6% | 1.0% |
| Christchurch - Banks Peninsula | $821,514 | 2.1% | -4.3% |
| Christchurch - Central & North | $872,375 | 4.3% | 1.9% |
| Christchurch - East | $592,442 | 1.9% | 0.4% |
| Christchurch - Hills | $1,066,521 | 4.3% | 0.0% |
| Christchurch - Southwest | $725,364 | 4.4% | 1.2% |
| Selwyn | $836,921 | 2.5% | 0.9% |
| Ashburton | $535,133 | 0.8% | 0.4% |
| Timaru | $523,213 | 1.0% | 0.0% |
| MacKenzie | $747,429 | 2.4% | -1.1% |
| Waimate | $437,838 | 0.8% | 3.2% |
| Waitaki | $482,864 | -1.7% | 2.3% |
| Central Otago | $827,015 | 4.9% | 3.7% |
| Queenstown Lakes | $1,775,896 | 4.5% | 0.4% |
| Dunedin | $640,388 | 3.1% | 1.6% |
| Dunedin - Central & North | $653,314 | 3.0% | 3.2% |
| Dunedin - Peninsular & Coastal | $602,306 | 2.5% | -1.2% |
| Dunedin - South | $604,557 | 3.0% | 2.1% |
| Dunedin - Taieri | $673,928 | 3.5% | 0.2% |
| Clutha | $395,138 | -2.9% | 1.0% |
| Southland | $507,123 | 6.2% | 2.5% |
| Gore | $410,330 | 5.9% | -1.3% |
| Invercargill | $472,253 | 4.4% | 2.6% |
| Auckland Region | $1,297,595 | -1.8% | 1.1% |
| Wellington Region | $923,033 | 2.2% | 1.6% |
| Main Urban Areas | $1,032,712 | -0.3% | 1.1% |
| All of Aotearoa | $934,806 | 0.1% | 1.1% |
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