This is the press release received from CoreLogic for their December 2024 report.
Property values fell -0.2% in December, marking the ninth drop in the past 10 months, according to CoreLogic's hedonic Home Value Index (HVI).
The national median value now stands at $803,624, which is -3.9% lower than a year ago and equivalent to a drop of around $32,200. New Zealand home values are also still -17.6% below the post-COVID peak, although +16.2% higher than the pre-COVID level from March 2020.
Around the main centres, a slightly more consistent picture is emerging, with Kirikiriroa Hamilton rising by +1.0% in December, Tauranga by +0.4%, Ōtepoti Dunedin +0.3%, and Ōtautahi Christchurch holding steady. But there is still downward pressure in Tāmaki Makaurau Auckland (-0.4%) and Te Whanganui-a-Tara Wellington (-0.8%).
CoreLogic NZ Chief Property Economist, Kelvin Davidson said that December's fall in values at the national level was an apt summary for 2024.
"Since the mini-peak back in February, property values have drifted lower at a modest pace, initially reflecting the high level of mortgage rates, but more recently the weakness of the labour market,” he said.
“December's mild drop was simply a continuation of that pattern and sums up the market's soggy performance in 2024."
He pointed out that there has been a discernible slowdown in the rate of decline in recent months, potentially signaling that the floor for property values could be within reach. “We're still seeing some sluggish results in Auckland and Wellington, but firmer trends seem to be starting to emerge elsewhere."
"That would certainly be consistent with the influence of lower mortgage rates, particularly the falls for the internal serviceability test rates at the banks. The popularity of either floating loans or short-term fixes at present is helping those lower rates pass through fairly quickly too.”
“However, job insecurity will still be playing a restraining role, as is the elevated levels of listings available on the market."
"These 'conflicting forces' may remain a key theme for the property market in 2025 as well, with the effects of lower mortgage rates dampened to some extent by a still-sluggish economy and credit restrictions in the form of debt to income ratios."
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| CoreLogic Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| December 2024 | ||||
| District | Median Dwelling Value | Monthly change | Quarterly change | Annual change |
| All of Aotearoa | $803,624 | -0.17% | -0.33% | -3.85% |
| Far North District | $631,464 | -0.71% | -2.89% | -9.66% |
| Whangarei District | $714,374 | 0.18% | -1.04% | -5.61% |
| Kaipara District | $742,484 | -1.06% | -3.53% | -10.28% |
| Auckland - Rodney | $1,231,718 | -0.48% | -1.57% | -6.11% |
| Auckland - North Shore | $1,305,469 | 0.12% | 1.65% | -3.44% |
| Auckland - Waitakere | $932,493 | -0.16% | 0.45% | -5.12% |
| Auckland - City | $1,141,601 | -0.70% | -1.18% | -7.66% |
| Auckland - Manukau | $1,006,960 | -0.11% | -0.28% | -6.20% |
| Auckland - Papakura | $829,217 | -0.33% | -0.81% | -7.56% |
| Auckland - Franklin | $895,627 | -0.71% | -2.03% | -5.97% |
| Thames-Coromandel District | $975,310 | -1.58% | -3.11% | -5.36% |
| Hauraki District | $628,081 | -0.88% | -1.52% | -3.85% |
| Waikato District | $895,885 | 0.78% | -0.57% | -0.14% |
| Matamata-Piako District | $689,748 | 0.11% | -0.92% | -4.16% |
| Hamilton City | $743,667 | 1.03% | 1.62% | -1.39% |
| Waipa District | $900,523 | 0.35% | -0.60% | -0.69% |
| Otorohanga District | $616,545 | 0.21% | 0.30% | -3.98% |
| South Waikato District | $434,165 | 1.35% | 3.10% | -0.21% |
| Waitomo District | $458,353 | 1.58% | 1.24% | -1.65% |
| Taupo District | $761,690 | 2.01% | 0.44% | 1.27% |
| Western Bay of Plenty District | $1,045,169 | 1.49% | 0.63% | -3.02% |
| Tauranga City | $907,318 | 0.44% | 0.70% | -3.77% |
| Rotorua District | $619,602 | -0.10% | 0.37% | 0.16% |
| Whakatane District | $741,947 | 0.46% | 1.32% | -3.70% |
| Kawerau District | $385,200 | -0.08% | -0.45% | -7.25% |
| Opotiki District | $606,791 | -0.64% | -1.61% | 2.19% |
| Gisborne District | $561,168 | -0.47% | -2.70% | -8.94% |
| Wairoa District | $367,898 | -0.81% | -0.64% | -9.79% |
| Hastings District | $722,870 | -0.53% | 0.28% | -4.92% |
| Napier City | $689,140 | 0.21% | 0.94% | -2.77% |
| Central Hawke's Bay District | $594,258 | 0.08% | 0.96% | -1.94% |
| New Plymouth District | $698,364 | -0.29% | 0.52% | 1.96% |
| Stratford District | $502,121 | -0.94% | -1.90% | -2.94% |
| South Taranaki District | $412,344 | -1.51% | -1.85% | -5.95% |
| Ruapehu District | $388,020 | 0.20% | -0.22% | -2.31% |
| Whanganui District | $487,570 | -0.33% | -0.05% | 2.50% |
| Rangitikei District | $432,818 | 0.46% | -0.14% | -4.53% |
| Manawatu District | $596,213 | -0.55% | -3.26% | -2.54% |
| Palmerston North City | $603,002 | 0.15% | -0.21% | -2.64% |
| Tararua District | $390,918 | -0.19% | -0.50% | -5.23% |
| Horowhenua District | $511,796 | -0.77% | -0.76% | -5.29% |
| Kapiti Coast District | $803,279 | -0.12% | 0.65% | -2.64% |
| Porirua City | $750,960 | -0.30% | 0.30% | -3.60% |
| Upper Hutt City | $715,225 | -0.28% | -1.91% | -4.66% |
| Lower Hutt City | $670,573 | -1.16% | -1.69% | -6.82% |
| Wellington City | $893,048 | -0.89% | -2.33% | -7.26% |
| Masterton District | $541,778 | -1.16% | -1.25% | -3.27% |
| Carterton District | $668,742 | -1.05% | -0.47% | -8.97% |
| South Wairarapa District | $768,687 | -0.40% | 0.01% | -7.71% |
| Tasman District | $847,033 | 0.17% | -0.70% | 0.56% |
| Nelson City | $727,505 | 0.11% | 0.62% | 1.04% |
| Marlborough District | $673,853 | 0.31% | 0.39% | 0.25% |
| Kaikoura District | $778,067 | -0.01% | 1.31% | 4.74% |
| Buller District | $373,052 | 0.49% | -0.42% | -0.24% |
| Grey District | $411,981 | -0.90% | -2.38% | 0.41% |
| Westland District | $462,702 | 0.45% | -1.83% | 1.07% |
| Hurunui District | $686,855 | 0.13% | -0.26% | -0.39% |
| Waimakariri District | $754,684 | -0.45% | -0.56% | -0.85% |
| Christchurch City | $664,830 | 0.01% | 0.29% | 0.32% |
| Selwyn District | $859,547 | -0.02% | -0.27% | -0.08% |
| Ashburton District | $506,655 | -0.59% | -0.62% | 1.71% |
| Timaru District | $503,263 | 0.11% | -0.59% | 2.09% |
| Mackenzie District | $695,488 | 0.44% | 1.77% | -1.92% |
| Waimate District | $475,070 | 0.08% | -0.36% | -0.83% |
| Waitaki District | $490,817 | -0.16% | 0.00% | 1.29% |
| Central Otago District | $910,746 | 0.48% | 2.87% | 3.63% |
| Queenstown-Lakes District | $1,433,921 | -0.07% | 0.21% | 1.90% |
| Dunedin City | $607,327 | 0.31% | 0.48% | 0.99% |
| Clutha District | $403,515 | 0.02% | -0.81% | 1.41% |
| Southland District | $529,770 | -2.47% | -2.67% | -0.61% |
| Gore District | $434,950 | -0.10% | 1.17% | 4.56% |
| Invercargill City | $469,154 | -0.18% | 1.05% | 4.33% |
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