NZ's average dwelling value increased by just 0.1% in the three months to the end of April, Auckland values continue to decline

Housing values remained flat overall in the three months to April, according to the latest figures from Quotable Value (QV).

According to the QV House Price Index, the average value of New Zealand homes increased by just 0.1% over the three months to April, to $914,504. This was down 1.33% compared to April last year.

That is particularly significant because the latest period includes figures for February and March, the busiest months of the year for the residential property market.

Six major urban districts recorded declines in values over the three months to April: Auckland Region -0.1%, Tauranga -0.2%, Palmerston North -0.7%, Wellington Region -0.5%, Queenstown-Lakes -0.4% and Dunedin -0.7%.

All other major urban districts recorded increases in average values. See the chart below for the full regional values and their quarterly changes.

QV said average home values were continuing to soften in Auckland, the country's largest housing market by far, where they were down 2.89%, year-on-year, compared to April last year.

"Lower home values and easing interest rates are creating a rare opportunity for first home buyers to enter the New Zealand housing market, particularly in hard to access main centres like Auckland and Wellington," QV said in its April Report.

"After five years of significant volatility, the market appears to have stabilised," QV Operations Manager James Wilson said.

"We're not seeing big swings anymore, home values are holding steady as we head into winter.

"Although interest rates are heading down, demand is tempered by cautious buyer sentiment and a large supply of properties," Wilson said.

"For first home buyers, particularly in parts of Auckland where stand alone homes are now selling in the $700,000s in some areas, something we didn't see a year ago, now is the time to act," he said.

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