CoreLogic says cuts to mortgage interest rates haven't flowed through to higher house prices, which are continuing to fall.
The property data company's Home Value Index, which tracks the estimated value of all residential dwellings throughout the country, declined by a further 0.5% nationally in September.
That was the seventh consecutive monthly fall in the country's median dwelling value. See the table below for the full district and regional values and their changes over one, three and 12 months.
The national median dwelling value has declined from $844,825 in February this year to $805,426 in September, a decline of $39,999 (-4.7%).
CoreLogic chief property economist Kelvin Davidson said the latest home value figures were patchy and generally sluggish around the country.
"There are signs that lower mortgage rates have started to boost sentiment in the housing market, but this is yet to meaningfully flow through to hard pricing indicators," he said.
"To be fair, the trough for this latest episode of falling property values may not be far away, but I'd be cautious of assuming that the end of a downturn suddenly means the start of the next upturn."
"Reasons for caution include still stretched housing affordability in most parts of the country, an elevated stock of listings on the market and the weaker employment figures that are now showing through," Davidson said.
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| CoreLogic Home Value Index | ||||
| September 2024 | ||||
| Median Dwelling Value | Monthly change | Quarterly Change | Annual Change | |
| All of Aotearoa | $805,426 | -0.5% | -2.4% | -1.2% |
| MAJOR CITIES | ||||
| Hamilton | $748,147 | -1.2% | -2.3% | 0.7% |
| Tauranga | $899,685 | -0.3% | -2.4% | -2.3% |
| Wellington | $808,753 | -0.5% | -3.2% | -1.1% |
| Christchurch | $663,337 | 0.0% | -0.3% | 2.4% |
| Dunedin | $601,300 | 0.1% | -0.8% | 3.5% |
| REGIONS | ||||
| Northland | $709,079 | -0.8% | -4.4% | -4.6% |
| Auckland | $1,059,472 | -0.7% | -3.5% | -3.9% |
| Waikato | $782,998 | -0.6% | -1.5% | 1.2% |
| Bay of Plenty | $821,074 | -0.5% | -1.7% | -1.5% |
| Gisborne | $572,037 | -1.2% | -3.1% | -5.1% |
| Hawke's Bay | $670,163 | -1.0% | -2.7% | -1.5% |
| Taranaki | $617,575 | -0.3% | -2.2% | 7.2% |
| Manawatu-Whanganui | $536,741 | -0.6% | -2.2% | 0.2% |
| Wellington | $792,393 | -0.5% | -3.2% | -0.7% |
| Tasman Nelson Marlborough | $755,650 | 0.1% | -0.5% | 2.1% |
| West Coast | $413,059 | 0.2% | -3.0% | 5.1% |
| Canterbury | $686,636 | -0.1% | -0.5% | 2.4% |
| Otago | $681,493 | 0.0% | -0.1% | 2.9% |
| Southland | $479,851 | 0.4% | 0.4% | 4.7% |
| West Coast | $413,059 | 0.2% | -3.0% | 5.1% |
| DISTRICTS | ||||
| Far North District | $640,577 | -1.1% | -5.5% | -6.3% |
| Whangarei District | $728,558 | -0.6% | -3.4% | -3.1% |
| Kaipara District | $787,833 | -0.6% | -5.8% | -6.1% |
| Auckland - Rodney | $1,207,956 | -0.8% | -4.2% | -4.0% |
| Auckland - North Shore | $1,253,214 | -0.7% | -2.7% | -4.0% |
| Auckland - Waitakere | $922,227 | -0.6% | -2.6% | -4.4% |
| Auckland - City | $1,144,784 | -0.9% | -4.2% | -3.6% |
| Auckland - Manukau | $1,000,480 | -0.6% | -3.0% | -4.1% |
| Auckland - Papakura | $809,028 | -0.4% | -3.0% | -5.3% |
| Auckland - Franklin | $922,635 | 0.0% | -2.2% | -1.8% |
| Thames-Coromandel District | $1,013,959 | -0.5% | -1.4% | 1.3% |
| Hauraki District | $663,823 | 0.2% | 0.4% | 1.6% |
| Waikato District | $928,478 | -0.4% | -1.7% | 3.2% |
| Matamata-Piako District | $717,809 | -0.3% | -1.1% | -0.9% |
| Hamilton City | $748,147 | -1.2% | -2.3% | 0.7% |
| Waipa District | $901,266 | -0.3% | -1.7% | -0.4% |
| Otorohanga District | $609,981 | -1.1% | -3.8% | -3.6% |
| South Waikato District | $423,273 | -1.0% | -3.1% | 0.8% |
| Waitomo District | $455,276 | -0.2% | -2.0% | -0.4% |
| Taupo District | $785,701 | -0.1% | 0.8% | 3.4% |
| Western Bay of Plenty District | $1,046,807 | -1.0% | -1.4% | 0.1% |
| Tauranga City | $899,685 | -0.3% | -2.4% | -2.3% |
| Rotorua District | $602,019 | -0.7% | 0.1% | -0.4% |
| Whakatane District | $687,164 | -0.4% | -2.0% | -4.5% |
| Kawerau District | $396,031 | -0.5% | -1.7% | -4.4% |
| Opotiki District | $557,826 | -1.3% | -1.2% | 4.2% |
| Gisborne District | $572,037 | -1.2% | -3.1% | -5.1% |
| Wairoa District | $420,564 | -0.9% | -2.8% | -0.5% |
| Hastings District | $705,059 | -1.0% | -2.6% | -1.5% |
| Napier City | $676,048 | -1.1% | -3.2% | -1.9% |
| Central Hawke's Bay District | $612,056 | 0.1% | -1.0% | 0.0% |
| New Plymouth District | $669,129 | -0.3% | -2.3% | 9.2% |
| Stratford District | $491,747 | -0.2% | -2.7% | -3.7% |
| South Taranaki District | $444,449 | 0.0% | -1.1% | -0.4% |
| Ruapehu District | $386,162 | -1.1% | -2.7% | -2.7% |
| Whanganui District | $489,570 | -0.7% | -1.1% | 4.6% |
| Rangitikei District | $442,425 | -1.2% | -3.0% | -1.5% |
| Manawatu District | $625,008 | 0.1% | -1.6% | 1.7% |
| Palmerston North City | $600,505 | -0.4% | -2.0% | -0.6% |
| Tararua District | $415,247 | -0.9% | -2.5% | -2.5% |
| Horowhenua District | $514,708 | -0.9% | -3.8% | -1.9% |
| Kapiti Coast District | $800,931 | -0.8% | -3.7% | 3.0% |
| Porirua City | $764,673 | 0.4% | -2.0% | -0.6% |
| Upper Hutt City | $742,832 | 0.1% | -2.5% | 2.2% |
| Lower Hutt City | $696,118 | -1.1% | -3.8% | -0.7% |
| Wellington City | $905,980 | -0.5% | -3.4% | -2.0% |
| Masterton District | $549,621 | 0.1% | -1.1% | 0.9% |
| Carterton District | $673,867 | -1.1% | -4.5% | -3.2% |
| South Wairarapa District | $758,183 | -0.9% | -3.4% | -6.6% |
| Tasman District | $858,878 | 0.1% | -0.7% | 3.7% |
| Nelson City | $719,987 | 0.1% | 1.2% | -0.3% |
| Marlborough District | $683,794 | 0.0% | -1.9% | 2.6% |
| Kaikoura District | $755,841 | 0.5% | 1.2% | 5.1% |
| Buller District | $372,725 | 0.2% | -3.2% | 4.5% |
| Grey District | $411,127 | 0.1% | -3.2% | 6.3% |
| Westland District | $461,050 | 0.3% | -2.5% | 3.8% |
| Hurunui District | $683,800 | 0.3% | 0.4% | 2.2% |
| Waimakariri District | $752,440 | 0.2% | -1.2% | 1.9% |
| Christchurch City | $663,337 | 0.0% | -0.3% | 2.4% |
| Selwyn District | $862,637 | -0.3% | -0.6% | 2.2% |
| Ashburton District | $535,637 | 0.1% | -0.4% | 2.6% |
| Timaru District | $512,687 | -0.4% | -1.7% | 3.2% |
| Mackenzie District | $694,983 | -0.2% | -0.5% | 1.1% |
| Waimate District | $529,231 | 0.2% | 0.0% | 2.9% |
| Waitaki District | $472,002 | -0.2% | 0.1% | 4.7% |
| Central Otago District | $829,439 | -0.2% | -0.6% | 1.9% |
| Queenstown-Lakes District | $1,669,685 | 0.0% | 0.7% | 2.5% |
| Dunedin City | $601,300 | 0.1% | -0.8% | 3.5% |
| Clutha District | $415,708 | 0.3% | -0.5% | 5.2% |
| Southland District | $569,246 | 0.7% | 1.8% | 3.1% |
| Gore District | $429,844 | 0.4% | -0.3% | 3.8% |
| Invercargill City | $464,444 | 0.2% | -0.1% | 5.2% |
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