The median value of New Zealand dwellings dropped another half a per cent in October and is now 2.89% lower than it was in October last year, according to the latest valuation data from CoreLogic.
According to CoreLogic's Home Value Index, the median value of New Zealand dwellings was $805,984 in October.
CoreLogic says the country's median dwelling value has now declined for eight consecutive months, making it 5.1% lower than it was in February this year.
However the rate of decline has slowed over the last couple of months, suggesting values may be close to bottoming out if the trend continues.
"The latest fall in national home values suggests that even though mortgage rates have already dropped quite sharply, the influence of job losses and the wider feelings of reduced job security are playing the more important roles at present," CoreLogic NZ Chief Property Economist Kelvin Davidson said.
Across the country, Queenstown-Lakes District has the country's most expensive residential property values by far, with a median value of $1,500,090, followed by Auckland's North Shore's $1,266,751, and its neighbouring district Rodney at $1,217,057.
At the other end of the price scale the country's cheapest housing is in the South Island district of Buller, where the median value was $370,347.
There were only three other districts with median values below $400,000 - Kawerau $389,148, Wairoa $374,813 and Ruapehu District $386,062.
The table below shows the median values for all urban areas around the country and their monthly, quarterly and annual changes.
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| CoreLogic Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| October 2024 | ||||
| Median Dwelling Value | Monthly Change (%) | Quarterly Change (%) | Annual Change (%) | |
| All of Aotearoa | $805,984 | -0.49% | -1.74% | -2.89% |
| Northland | $705,563 | -0.94% | -2.44% | -5.48% |
| Far North District | $652,719 | -1.08% | -1.80% | -5.91% |
| Whangarei District | $725,235 | -0.76% | -2.53% | -4.21% |
| Kaipara District | $758,319 | -1.34% | -3.41% | -8.46% |
| Auckland Region | $1,058,756 | -0.67% | -2.32% | -5.77% |
| Auckland - Rodney | $1,217,057 | -0.40% | -1.14% | -4.55% |
| Auckland - North Shore | $1,266,751 | -0.57% | -1.39% | -5.49% |
| Auckland - Waitakere | $920,361 | -0.63% | -2.18% | -6.12% |
| Auckland - Central suburbs | $1,141,716 | -0.76% | -3.42% | -6.32% |
| Auckland - Manukau | $994,664 | -0.90% | -2.01% | -5.67% |
| Auckland - Papakura | $823,957 | -0.12% | -0.82% | -6.25% |
| Auckland - Franklin | $913,129 | -0.13% | -2.15% | -3.66% |
| Waikato Region | $785,382 | -0.33% | -1.14% | 0.19% |
| Hamilton | $742,928 | -0.74% | -1.96% | -1.08% |
| Hauraki District | $638,025 | 0.25% | 0.61% | 1.02% |
| Waikato District | $912,026 | -0.41% | -0.20% | 3.61% |
| Matamata-Piako District | $706,085 | 0.62% | -1.44% | -2.11% |
| Waipa District | $915,382 | 0.19% | -0.59% | 0.44% |
| Otorohanga District | $599,347 | -1.13% | -3.75% | -6.02% |
| South Waikato District | $416,911 | -0.74% | -3.33% | -1.55% |
| Bay of Plenty | $841,218 | -0.11% | -1.07% | -2.30% |
| Tauranga | $900,931 | -0.05% | -1.11% | -3.00% |
| Western Bay of Plenty District | $1,036,269 | -0.36% | -1.83% | -1.74% |
| Rotorua District | $639,059 | 0.10% | 0.49% | 0.70% |
| Whakatane District | $699,092 | -0.09% | -1.28% | -6.21% |
| Kawerau District | $389,148 | -0.50% | -3.34% | -5.55% |
| Opotiki District | $710,191 | -1.40% | -3.60% | 3.14% |
| Gisborne District | $582,112 | 0.14% | -2.27% | -4.58% |
| Wairoa District | $374,813 | -0.69% | -2.74% | -0.55% |
| Hawke's Bay Region | $662,681 | -0.56% | -1.77% | -2.46% |
| Hastings District | $704,418 | -0.12% | -0.87% | -1.83% |
| Napier City | $664,145 | -1.12% | -2.70% | -3.61% |
| Central Hawke's Bay District | $592,577 | -0.31% | -2.15% | -1.93% |
| Waitomo District | $450,398 | -0.66% | -3.03% | -1.37% |
| Ruapehu District | $386,062 | -0.45% | -2.26% | -2.51% |
| Taupo District | $795,607 | 0.13% | 1.24% | 3.29% |
| Taranaki | $631,416 | -0.18% | -0.75% | 1.13% |
| New Plymouth District | $689,049 | -0.11% | -0.41% | 2.42% |
| Stratford District | $501,815 | -0.18% | -0.73% | -2.67% |
| South Taranaki District | $414,575 | -0.80% | -3.17% | -5.21% |
| Manawatu/Whanganui Region | $531,097 | -0.44% | -1.47% | -1.39% |
| Whanganui District | $478,421 | 0.20% | -1.16% | 4.15% |
| Rangitikei District | $439,179 | -0.77% | -3.09% | -3.14% |
| Manawatu District | $618,775 | -1.09% | -1.39% | 0.37% |
| Palmerston North City | $597,788 | -0.44% | -1.12% | -2.71% |
| Tararua District | $385,826 | -0.29% | -2.21% | -4.79% |
| Horowhenua District | $524,141 | -0.46% | -1.82% | -3.56% |
| Wellington Region | $772,116 | -1.15% | -3.08% | -3.89% |
| Kapiti Coast District | $791,787 | -1.23% | -3.61% | -0.73% |
| Porirua City | $721,249 | -0.54% | -1.05% | -3.31% |
| Upper Hutt City | $719,203 | -0.84% | -2.75% | -1.17% |
| Lower Hutt City | $693,810 | -0.74% | -3.04% | -3.92% |
| Wellington City | $867,454 | -1.55% | -3.46% | -5.28% |
| Masterton District | $561,721 | -0.21% | -0.83% | -0.20% |
| Carterton District | $654,011 | -1.47% | -5.55% | -6.09% |
| South Wairarapa District | $753,450 | -1.47% | -3.78% | -8.31% |
| Tasman Nelson Marlborough | $756,529 | 0.22% | -0.57% | 1.47% |
| Tasman District | $858,658 | -0.16% | -0.73% | 2.87% |
| Nelson City | $714,062 | 0.50% | -0.18% | -0.38% |
| Marlborough District | $687,812 | 0.46% | -0.75% | 1.46% |
| Kaikoura District | $744,936 | -0.25% | 0.63% | 1.09% |
| West Coast Region | $415,398 | -1.46% | -2.60% | 3.64% |
| Buller District | $370,347 | -1.81% | -2.93% | 0.99% |
| Grey District | $423,689 | -0.98% | -2.59% | 6.17% |
| Westland District | $466,106 | -1.84% | -2.33% | 2.81% |
| Canterbury | $700,438 | 0.02% | -0.27% | 1.46% |
| Christchurch | $685,438 | 0.17% | -0.02% | 1.84% |
| Hurunui District | $737,011 | -0.53% | -0.84% | 0.11% |
| Waimakariri District | $764,155 | -0.20% | -0.87% | 0.69% |
| Selwyn District | $854,540 | -0.49% | -0.83% | 0.13% |
| Ashburton District | $552,193 | 0.48% | 0.39% | 2.50% |
| Timaru District | $516,762 | -0.16% | -0.79% | 2.64% |
| Mackenzie District | $694,054 | 0.47% | -1.17% | 0.56% |
| Waimate District | $493,316 | -0.46% | 0.12% | 0.87% |
| Waitaki District | $470,158 | -0.68% | -1.72% | 3.32% |
| Otago | $671,138 | -0.14% | -0.65% | 1.79% |
| Central Otago District | $835,664 | 0.15% | -1.20% | 0.98% |
| Queenstown-Lakes District | $1,500,090 | -0.01% | -0.63% | 1.70% |
| Dunedin City | $604,595 | -0.38% | -0.35% | 1.80% |
| Clutha District | $427,944 | 1.16% | -0.29% | 3.61% |
| Southland Region | $481,140 | -0.34% | -0.80% | 3.50% |
| Southland District | $545,388 | 0.22% | 0.89% | 4.90% |
| Gore District | $417,785 | -0.04% | -1.31% | 1.59% |
| Invercargill City | $474,212 | -0.67% | -1.47% | 3.07% |
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