Average residential property values in Auckland were almost 1% lower in January than they were in January last year, according to the latest valuation data from Quotable Value.
It was the second month in a row that average values in Auckland have been lower than they were 12 months earlier.
The latest value declines were evident in most parts of Auckland, with average values being lower January than they were 12 months earlier in all districts except Rodney.
The biggest decline was in coastal suburbs of the North Shore where average values in January were down 3.4% compared to January 2018.
Average values in Rodney, central Auckland and Manukau Central and North West went against the trend and posted slightly higher average values than a year earlier, while average values in the Gulf Islands were unchanged.
QV Auckland property consultant James Steele said the Auckland market was quiet although first home buyers were still active.
"Buyers are benefiting from some bargains although these tend to be properties which do not appeal to the owner-occupier market and are often snapped up by those deal hunting investors left with good equity or borrowing capacity," he said.
"On the supply side, we are seeing significant infill construction which is expected to continue based on the number of building consents currently being issued."
In most other centres average values in January remained ahead of where they were a year earlier, although the rate at which values were rising had eased back in many places.
"Main centres such as Dunedin and Wellington are seeing a slight drop in the rate of quarterly value growth compared to previous months," QV said in its report for January.
"Wellington City, in particular, has typically seen higher growth of between 1.9% and 3.9% over the the previous five months, however this figure dropped to 1.0% in January."
The highest rates of average value growth over the 12 months to January tended to be in smaller towns and rural districts, with Wairoa, north of Napier, having the country's highest average annual growth rate of 32.8% followed by Kawerau with 30.7%.
|QV House Price Index - January 2019|
|Territorial authority||Average current value||12 month change%||3 month change %|
|Total New Zealand||684,468||2.9%||0.9%|
|Auckland - Rodney||960,040||1.3%||2.1%|
|Rodney - Hibiscus Coast||933,000||0.5%||1.5%|
|Rodney - North||987,135||1.9%||2.5%|
|Auckland - North Shore||1,202,443||-2.2%||-1.1%|
|North Shore - Coastal||1,362,966||-3.4%||-1.9%|
|North Shore - Onewa||968,251||-0.9%||-0.9%|
|North Shore - North Harbour||1,191,045||-0.7%||0.7%|
|Auckland - Waitakere||819,303||-0.4%||-1.1%|
|Auckland - City||1,234,033||-0.9%||0.2%|
|Auckland City - Central||1,082,344||0.4%||0.3%|
|Auckland_City - East||1,557,718||-1.2%||0.5%|
|Auckland City - South||1,092,400||-1.1%||-0.2%|
|Auckland City - Islands||1,166,754||0.0%||2.5%|
|Auckland - Manukau||903,213||-0.1%||0.1%|
|Manukau - East||1,147,319||-1.2%||-0.8%|
|Manukau - Central||705,752||0.4%||0.4%|
|Manukau - North West||785,644||1.2%||1.1%|
|Auckland - Papakura||696,144||-0.6%||-0.7%|
|Auckland - Franklin||670,613||-0.4%||0.0%|
|Hamilton - North East||723,758||4.6%||-0.6%|
|Hamilton - Central & North West||532,861||7.8%||0.8%|
|Hamilton - South East||531,878||7.6%||2.1%|
|Hamilton - South West||513,504||4.3%||-0.3%|
|Central Hawke's Bay||367,693||19.6%||5.3%|
|Wellington - Central & South||811,004||5.5%||0.1%|
|Wellington - East||875,306||6.6%||0.8%|
|Wellington - North||746,573||9.0%||1.7%|
|Wellington - West||934,271||6.9%||1.4%|
|Christchurch - East||376,524||1.2%||0.6%|
|Christchurch - Hills||675,755||1.2%||1.6%|
|Christchurch - Central & North||584,841||0.1%||1.1%|
|Christchurch - Southwest||473,014||0.3%||0.4%|
|Christchurch - Banks Peninsula||527,724||3.4%||3.0%|
|Dunedin - Central & North||451,519||10.1%||1.7%|
|Dunedin - Peninsular & Coastal||397,158||10.2%||2.5%|
|Dunedin - South||413,458||10.8%||2.1%|
|Dunedin - Taieri||456,216||13.3%||4.2%|
|Main Urban Areas||791,692||1.7%||0.4%|