Recent rises in average house values stalled in April, with average values in Auckland dropping more than $7000, according to property data company CoreLogic.
According to CoreLogic's House Price Index, the average value of New Zealand homes was $933,633 at the end of April, down slightly (-$1173) from $934,806 at the end of March.
However in Auckland, the country's largest property market, the average dwelling value dropped from $1,297,595 in March to $1,290,329 in April, down by $7266.
CoreLogic's average values are a rolling three month average based on sales achieved during that period, which means price movements tend to lag the market slightly.
However they provide a reasonable measure of long term market trends. The latest figures suggest average values, and the underlying selling prices they are drawn from, could be at a turning point, or at least have flattened out.
CoreLogic NZ Chief Property Economist Kelvin Davidson said the continuation of soft house price trends in April, reaffirmed the sense of a buyer's market, giving vendors reduced bargaining power.
"House prices are certainly lacking any strong momentum at present," Davidson said.
"Given the rise in total listings available on the market, as new properties come forward for sale but actual transactions remain subdued, it's no surprise price growth has flattened off. Elevated stock levels mean that finance-approved buyers are in the ascendancy."
"In this environment, I'd expect house price movements to remain a bit variable from month to month and across regions too," said Davidson.
"We're also now very close to finding out what a system of capping debt-to-income ratios might look like, and although deposit requirements will probably ease at the same time, debt-to-income limits are also a reason to be cautious about the housing market's outlook into 2025 as well," he added.
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| CoreLogic House Price Index | |||
| April 2024 | |||
| Territorial authority | Average current value | 3 month change % | 12 month change % |
| Far North | $708,341 | 0.3% | 3.3% |
| Whangarei | $751,110 | 1.5% | 0.6% |
| Kaipara | $840,310 | 0.7% | 2.8% |
| Auckland - Rodney | $1,278,765 | 2.1% | 0.9% |
| Rodney - Hibiscus Coast | $1,174,388 | 0.5% | -0.2% |
| Rodney - North | $1,358,125 | 2.8% | 1.1% |
| Auckland - North Shore | $1,476,398 | -0.3% | 1.8% |
| North Shore - Coastal | $1,690,520 | 1.3% | 1.4% |
| North Shore - North Harbour | $1,446,972 | -1.1% | 4.6% |
| North Shore - Onewa | $1,176,430 | -1.5% | 0.5% |
| Auckland - Waitakere | $1,005,857 | -0.3% | -1.5% |
| Auckland - Central | $1,484,584 | 0.7% | -5.0% |
| Auckland Central - Central suburbs | $1,278,820 | 1.5% | -3.0% |
| Auckland Central - Islands | $1,552,015 | -3.1% | -4.1% |
| Auckland Central - South | $1,329,450 | 0.2% | -6.6% |
| Auckland Central - East | $1,849,142 | 0.8% | -4.9% |
| Auckland - Manukau | $1,161,317 | -1.0% | 1.3% |
| Manukau - Central | $886,527 | -2.1% | -0.4% |
| Manukau - East | $1,455,690 | -1.9% | 1.7% |
| Manukau - North West | $1,018,330 | 0.5% | 2.3% |
| Auckland - Papakura | $914,951 | -1.9% | 2.1% |
| Auckland - Franklin | $907,448 | -1.1% | -3.8% |
| Thames Coromandel | $1,164,156 | 1.1% | 0.7% |
| Hauraki | $641,929 | 0.9% | -3.4% |
| Waikato | $771,779 | 2.4% | 3.5% |
| Matamata Piako | $707,029 | 2.6% | 1.8% |
| Hamilton | $810,325 | 0.3% | 0.5% |
| Hamilton - Central & North West | $756,703 | 0.1% | 0.1% |
| Hamilton - North East | $991,916 | -0.4% | -0.7% |
| Hamilton - South East | $753,723 | 0.6% | 1.9% |
| Hamilton - South West | $717,443 | 1.0% | 0.9% |
| Waipa | $877,198 | 0.9% | 2.0% |
| Otorohanga | $494,048 | -8.2% | -8.1% |
| South Waikato | $425,075 | 1.4% | -3.8% |
| Waitomo | $361,740 | 0.5% | -7.0% |
| Taupo | $841,336 | 0.5% | -0.2% |
| Western BOP | $1,006,800 | 0.3% | 2.2% |
| Tauranga | $1,036,784 | -0.2% | -1.0% |
| Rotorua | $654,663 | 1.9% | 0.9% |
| Whakatane | $723,726 | -2.2% | -1.8% |
| Kawerau | $387,394 | 10.7% | 0.7% |
| Opotiki | $532,622 | 6.6% | 1.4% |
| Gisborne | $603,041 | -1.2% | -0.8% |
| Wairoa | $402,838 | 0.4% | 8.2% |
| Hastings | $800,116 | 0.0% | 2.3% |
| Napier | $762,324 | 0.8% | -0.1% |
| Central Hawkes Bay | $592,950 | 0.7% | 2.9% |
| New Plymouth | $724,458 | 1.1% | 2.6% |
| Stratford | $491,558 | -1.7% | 3.6% |
| South Taranaki | $452,018 | 4.8% | 3.2% |
| Ruapehu | $358,245 | -2.2% | -8.1% |
| Whanganui | $510,514 | 0.6% | 0.3% |
| Rangitikei | $435,297 | 2.5% | 9.5% |
| Manawatu | $611,872 | -0.1% | 1.6% |
| Palmerston North | $653,223 | 0.8% | 2.5% |
| Tararua | $417,258 | 2.8% | 1.3% |
| Horowhenua | $568,732 | 0.3% | 0.4% |
| Kapiti Coast | $829,796 | 2.6% | 1.3% |
| Porirua | $839,397 | 0.3% | 4.7% |
| Upper Hutt | $780,121 | 4.5% | 5.9% |
| Lower Hutt | $796,066 | 0.4% | 2.1% |
| Wellington City | $1,047,948 | 2.3% | 2.1% |
| Wellington - Central & South | $1,000,380 | 2.5% | 2.9% |
| Wellington - East | $1,156,326 | 2.2% | 0.9% |
| Wellington - North | $993,711 | 2.1% | 1.7% |
| Wellington - West | $1,184,304 | 2.7% | 3.7% |
| Masterton | $573,050 | 0.6% | -1.1% |
| Carterton | $627,681 | -0.7% | 0.6% |
| South Wairarapa | $750,357 | 0.8% | -6.4% |
| Tasman | $816,308 | 4.4% | 2.4% |
| Nelson | $791,893 | 1.2% | -1.3% |
| Marlborough | $699,754 | -0.5% | 1.3% |
| Kaikoura | $726,844 | 6.5% | 20.2% |
| Buller | $366,849 | 7.9% | 6.7% |
| Grey | $423,238 | 12.3% | 19.4% |
| Westland | $432,856 | 3.7% | 10.6% |
| Hurunui | $640,496 | 0.8% | 3.0% |
| Waimakariri | $712,048 | 0.7% | 2.3% |
| Christchurch | $761,873 | 0.5% | 3.8% |
| Christchurch - Banks Peninsula | $829,125 | -0.2% | 4.1% |
| Christchurch - Central & North | $868,418 | 1.4% | 3.9% |
| Christchurch - East | $590,618 | -0.7% | 2.2% |
| Christchurch - Hills | $1,073,234 | 1.0% | 3.2% |
| Christchurch - Southwest | $727,135 | 0.5% | 5.3% |
| Selwyn | $837,422 | 0.9% | 2.9% |
| Ashburton | $537,163 | -0.1% | 0.8% |
| Timaru | $526,729 | 0.7% | 2.0% |
| MacKenzie | $745,994 | -1.4% | 6.0% |
| Waimate | $436,261 | 0.7% | -0.3% |
| Waitaki | $487,737 | 3.4% | -0.9% |
| Central Otago | $831,759 | 3.3% | 6.1% |
| Queenstown Lakes | $1,779,124 | -0.1% | 3.9% |
| Dunedin | $645,121 | 1.6% | 4.0% |
| Dunedin - Central & North | $653,508 | 1.8% | 3.8% |
| Dunedin - Peninsular & Coastal | $612,176 | 1.4% | 2.9% |
| Dunedin - South | $610,121 | 2.8% | 4.2% |
| Dunedin - Taieri | $681,911 | 0.6% | 4.6% |
| Clutha | $395,340 | 0.7% | -4.2% |
| Southland | $501,030 | -1.9% | 4.2% |
| Gore | $409,319 | -2.3% | 4.6% |
| Invercargill | $474,581 | 2.3% | 5.3% |
| Auckland Region | $1,290,329 | 0.0% | -1.8% |
| Wellington Region | $926,262 | 1.8% | 2.7% |
| Main Urban Areas | $1,029,960 | 0.4% | -0.1% |
| All of Aotearoa | $933,633 | 0.6% | 0.5% |
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