QV says Auckland housing values have posted some significant declines with the biggest falls in the city's central and southern districts

Residential dwelling values declined by 0.8% over the three months to the end of October, according to the QV House Price Index.

New Zealand's average dwelling value was $902,020 at the end of October, unchanged from a year earlier. That was, however, down 13.9% compared to the market peak in January 2022.

The biggest decline in value over the three months to the end of October was -2.2% in the Auckland Region, followed by Tauranga and Whangarei both -1.2%.

Within the Auckland region, value declines were greatest in Papakura -3.5%, Manukau -3.4%, central Auckland -2.8%, Waitakere -2.5%, Franklin -1.8%, Rodney -0.1% and unchanged on the North Shore.  

However, several centres around the country went against the trend and posted value gains over the quarter, led by Invercargill, up 2.7%, followed by Whanganui and Queenstown, both up 1.2%. (See the chart below for the full regional figures).

QV spokesperson Andrea Rush said the housing market remained broadly flat, with small declines in most main centres offset by modest gains in parts of the South Island and regional Aotearoa.

"Listings and buyer activity have lifted this spring, but it hasn't yet translated into sustained value growth," Rush said.

"The market is still finding its footing after a long period of economic uncertainty, with confidence slowly returning as interest rates ease," she said.