Housing values moved modestly on either side of zero over the three months to the end of May, according to QV's House Price Index.
The national average dwelling value was $912,190 at the end of May, up 0.3% over the previous three months. However, that was down 0.2% year-on-year, and down 14.2% from the market peak in early 2022.
Around the country, average values increased in 11 urban areas, declined in six and were unchanged in two.
The biggest increase in value was in Invercargill, up 1.7% for the quarter, while the biggest decrease was in Whanganui, down 3.1%.
Values were flat in Auckland, the country's largest property market.
QV spokesperson Simon Petersen said the latest figures pointed to a market that remained broadly stable but increasingly patchy around the edges.
"There's a steady supply of houses for sale and enough buyers to meet the market, but not nearly enough competition to drive prices upward in any major way," he said.
The chart below shows the average values in all main urban districts and their quarterly change.
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3 Comments
Go the South Island!
Indeed. The SI is holding the numbers up from sinking.
Yes, the figures don't lie. Make the South Island self governing and independent from the North. Country to be called "True Zealand" with laser kiwi eye flag. Christchurch as capital. Cut the power cable across the Cook Strait until the North pays more than enough. The ferry becomes a cross border route with gang members, current politicians, councils(and all staff) and any reserve bank or treasury employees force marched onto ferry with free one way tickets. Ferry crossing for goods and passengers to be northbound only and can return empty as nothing we need from North - just South Island born sports pros and their immediate families. North gets to keep kiwifruit & all of its wonderful cities, all current national debt and that superb airline called Air NZ - no flights permitted between the two islands. Thank you.
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