The value of New Zealand homes continued declining in August, according to property data company CoreLogic.
The median value of NZ dwellings was $811,583 in August, down 0.5% from July.
August was the sixth consecutive month the national median value has declined. It's now down $31,000 since its summer peak in February, and is 16.8% lower than its all time high set in January 2022.
The biggest decline in median values over the three months to August was in Gisborne at -6.5%.
All main centres showed declines in values over the three months to August, ranging from -0.3% in Christchurch to -3.3% in Auckland.
"No doubt many households will be feeling happier now that the Official Cash Rate is falling and mortgage rates are heading lower too," CoreLogic's chief property economist Kelvin Davidson said.
"This sentiment effect, as well as the direct boost to borrowers' finances, could support housing in the near term."
"Yet the latest, actual fall in values is a timely reminder that the market still faces considerable challenges too," Davidson said.
"For a start, housing affordability is still stretched, while at the same time the labour market downturn is fully underway. Even if people haven't lost their jobs, the increased feelings of insecurity will still tend to flow through to less enthusiasm to trade property or pay top dollar," said Davidson.
"It's also clear that the bargaining power lies with buyers in a market where the stock of available listings is sitting at multi-year highs. But that's still only for the more limited pool who can actually secure finance."
"This all adds up to likely further restraint on property values, although the potential impact of lower mortgage rates can't be ignored."
See the table below for the median value changes in all main urban districts throughout the country.
The comment stream on this story is now closed.
| CoreLogic Home Value Index | ||||
| August 2024 | ||||
| District | Median Value | Monthly change HVI | Quarterly chnage HVI | Annual change HVI |
| All of Aotearoa | $811,583 | -0.5% | -2.2% | 0.7% |
| Far North District | $641,757 | -1.7% | -6.0% | -3.7% |
| Whangarei District | $730,679 | -0.6% | -2.1% | -0.8% |
| Kaipara District | $784,547 | -2.6% | -6.0% | -4.1% |
| Auckland Region | $1,070,494 | -1.0% | -3.3% | -1.4% |
| Auckland - Rodney | $1,212,650 | -0.8% | -4.5% | -2.1% |
| Auckland - North Shore | $1,263,121 | -0.9% | -3.0% | -1.5% |
| Auckland - Waitakere | $930,008 | -0.6% | -3.1% | -2.1% |
| Auckland - City | $1,174,946 | -1.4% | -3.4% | -0.6% |
| Auckland - Manukau | $1,004,429 | -0.7% | -3.0% | -1.9% |
| Auckland - Papakura | $818,024 | -1.7% | -3.7% | -4.1% |
| Auckland - Franklin | $916,953 | -0.5% | -1.9% | -1.4% |
| Thames-Coromandel District | $1,036,108 | 0.0% | -2.1% | 2.8% |
| Hauraki District | $636,998 | -0.6% | -1.6% | 0.5% |
| Waikato District | $934,092 | -0.2% | -2.7% | 4.1% |
| Matamata-Piako District | $698,195 | -0.5% | -1.4% | -0.8% |
| Hamilton City | $734,414 | -0.8% | -1.9% | 2.5% |
| Waipa District | $907,476 | 0.2% | -1.0% | 0.9% |
| Otorohanga District | $613,923 | -1.6% | -3.4% | -1.8% |
| South Waikato District | $438,910 | -0.4% | -1.2% | 2.6% |
| Waitomo District | $454,836 | -0.8% | -1.6% | -0.7% |
| Taupo District | $765,643 | 1.2% | 0.2% | 2.9% |
| Western Bay of Plenty District | $1,047,778 | -0.5% | -1.0% | 3.1% |
| Tauranga City | $910,449 | -0.4% | -2.1% | -0.2% |
| Rotorua District | $596,560 | 0.1% | -1.1% | -0.6% |
| Whakatane District | $683,097 | -1.0% | -2.5% | -3.7% |
| Kawerau District | $390,961 | -0.9% | -2.7% | -3.9% |
| Opotiki District | $553,132 | -0.8% | 3.2% | 10.2% |
| Gisborne District | $582,102 | -0.1% | -6.5% | -9.4% |
| Wairoa District | $397,779 | -0.5% | -1.8% | -1.3% |
| Hastings District | $692,090 | -0.1% | -1.5% | 0.3% |
| Napier City | $706,479 | -0.4% | -2.9% | 0.2% |
| Central Hawke's Bay District | $585,316 | -0.5% | -3.5% | -0.5% |
| New Plymouth District | $676,973 | 0.0% | -1.8% | 8.5% |
| Stratford District | $493,545 | -0.6% | -3.1% | -1.7% |
| South Taranaki District | $433,238 | 0.1% | -0.8% | 0.8% |
| Ruapehu District | $390,180 | 0.0% | -1.1% | -1.9% |
| Whanganui District | $484,349 | 0.7% | 0.9% | 6.3% |
| Rangitikei District | $452,540 | -0.3% | -0.9% | 2.4% |
| Manawatu District | $627,017 | 0.0% | -0.7% | 3.8% |
| Palmerston North City | $604,264 | -0.7% | -2.3% | 0.6% |
| Tararua District | $421,680 | -0.2% | -1.3% | -0.7% |
| Horowhenua District | $525,973 | -0.6% | -2.8% | 0.4% |
| Wellington Region | $826,976 | -0.1% | -2.1% | 2.7% |
| Kapiti Coast District | $813,336 | -0.9% | -3.6% | 4.1% |
| Porirua City | $736,429 | -0.2% | -2.1% | 0.7% |
| Upper Hutt City | $763,940 | 0.0% | -1.6% | 6.1% |
| Lower Hutt City | $699,524 | -0.7% | -3.0% | 1.4% |
| Wellington City | $947,484 | 0.2% | -1.8% | 2.9% |
| Masterton District | $549,976 | 0.1% | -2.1% | 1.8% |
| Carterton District | $679,466 | -0.7% | -3.8% | -1.1% |
| South Wairarapa District | $753,898 | -0.8% | -3.3% | -5.7% |
| Tasman District | $862,039 | -0.1% | -0.1% | 4.6% |
| Nelson City | $718,302 | 0.3% | 0.3% | 0.5% |
| Marlborough District | $688,558 | -0.1% | -0.4% | 4.9% |
| Kaikoura District | $853,389 | 1.8% | 1.8% | 7.9% |
| Buller District | $376,798 | -0.8% | -2.0% | 8.4% |
| Grey District | $408,176 | 1.6% | -0.3% | 12.5% |
| Westland District | $474,284 | -0.6% | -0.6% | 8.7% |
| Hurunui District | $663,983 | 0.8% | -0.3% | 1.2% |
| Waimakariri District | $767,040 | -0.3% | -1.8% | 2.9% |
| Christchurch City | $686,806 | 0.2% | -0.3% | 3.6% |
| Selwyn District | $859,486 | 0.0% | -0.9% | 2.5% |
| Ashburton District | $540,344 | 0.3% | 0.1% | 4.5% |
| Timaru District | $528,300 | -0.1% | -0.8% | 3.8% |
| Mackenzie District | $693,538 | -0.4% | -1.4% | 0.3% |
| Waimate District | $541,391 | 0.6% | 0.4% | 6.0% |
| Waitaki District | $481,425 | -0.8% | -1.1% | 4.5% |
| Central Otago District | $839,586 | 0.5% | 0.3% | 3.3% |
| Queenstown-Lakes District | $1,559,958 | 0.5% | 0.5% | 3.3% |
| Dunedin City | $604,324 | -0.2% | -1.7% | 3.8% |
| Clutha District | $422,288 | -0.4% | 0.1% | 5.9% |
| Southland District | $567,289 | 1.0% | 0.4% | 3.5% |
| Gore District | $423,357 | 0.9% | 1.1% | 6.4% |
| Invercargill City | $471,443 | 0.7% | 1.2% | 6.1% |
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.