It's probably just as well the Government decided not to introduce a capital gains tax because the latest data from Quotable Value (QV) shows property values declining in Auckland and value growth slowing in much of the rest of the country.
Which means that by the time a CGT might have been introduced there'd be a good chance there would be no capital gains to tax anyway.
According to QV the average residential property value in Auckland fell for the fifth month in a row to $1,033,583 in April, meaning the average value in the Auckland region is now 1.5% lower than it was in April last year.
And the decline is region wide, with average values down compared to a year ago in almost all major Auckland districts, with the only exceptions being Franklin on Auckland's southern boundary where the average value in April was unchanged compared to a year ago, and Manukau north west, where the average value was up 0.7% compared to as year ago. But even there values appear to have started declining with the average value down 0.3% over the last three months.
The areas with the biggest declines were North Harbour -5.7% and Coastal North Shore -3.3%.
However although the decline in values in Auckland appears to be widespread and sustained, it is a slow but steady decline rather than a hard and fast fall.
Around the rest of the country average property values are continuing to rise in most centres, however the rate at which they are rising is slowing in many places
For example the Whangarei, the average property value was $542,715 in April, which was up 5.0% compared to 12 months ago.
But that annual growth rate was down from 5.5% in March, 6.1% in February and 10.1% in January, suggesting a cooling market even though values are still ahead of where they were a year ago.
Other centres that are still showing growth in average values, but where the the annual growth rate was down in April compared to March, suggesting a slight cooling in the market, include Hastings, Napier, New Plymouth, Wellington region, Nelson, Queenstown Lakes and Dunedin.
In Christchurch the market is almost flat, with average values up 1.3% compared to a year ago, but up just 0.1% compared to three months ago.
And average values in April were down compared three months ago in Selwyn and Ashburton and unchanged in Hurunui and Waimakariri.
"New Zealand's annual rate of value growth dropped from 7.6% in April last year to 2.7% last month, while the key market of Auckland continues to see a reduction in value levels," QV said in its commentary on the figures.
The table below shows the average values for all main districts throughout the country and the changes compared to three months and six months earlier.
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|QV House Price Index April 2019|
|Territorial authority||Average current value
|12 month change
|3 month change
|Total New Zealand||686,975||2.7%||0.4%|
|Auckland - Rodney||943,272||-1.2%||-1.7%|
|Rodney - Hibiscus Coast||916,977||-1.9%||-1.7%|
|Rodney - North||969,121||-0.7%||-1.8%|
|Auckland - North Shore||1,189,915||-3.1%||-1.0%|
|North Shore - Coastal||1,363,626||-3.3%||0.0%|
|North Shore - Onewa||957,639||-0.9%||-1.1%|
|North Shore - North Harbour||1,144,335||-5.7%||-3.9%|
|Auckland - Waitakere||817,065||-0.6%||-0.3%|
|Auckland - City||1,216,153||-1.3%||-1.4%|
|Auckland City - Central||1,070,844||-1.4%||-1.1%|
|Auckland_City - East||1,534,300||-0.9%||-1.5%|
|Auckland City - South||1,075,932||-1.4%||-1.5%|
|Auckland City - Islands||1,127,396||-0.9%||-3.4%|
|Auckland - Manukau||894,560||-0.5%||-1.0%|
|Manukau - East||1,134,082||-1.6%||-1.2%|
|Manukau - Central||696,245||-0.1%||-1.3%|
|Manukau - North West||783,214||0.7%||-0.3%|
|Auckland - Papakura||695,181||-0.9%||-0.1%|
|Auckland - Franklin||671,078||0.0%||0.1%|
|Hamilton - North East||728,384||3.6%||0.6%|
|Hamilton - Central & North West||540,388||4.4%||1.4%|
|Hamilton - South East||543,134||7.3%||2.1%|
|Hamilton - South West||519,968||5.1%||1.3%|
|Central Hawkes Bay||389,529||19.9%||5.9%|
|Wellington - Central & South||828,331||8.1%||2.1%|
|Wellington - East||887,278||6.9%||1.4%|
|Wellington - North||762,309||9.3%||2.1%|
|Wellington - West||937,112||4.2%||0.3%|
|Christchurch - East||376,548||2.4%||0.0%|
|Christchurch - Hills||689,160||4.6%||2.0%|
|Christchurch - Central & North||587,683||1.7%||0.5%|
|Christchurch - Southwest||471,500||-0.8%||-0.3%|
|Christchurch - Banks Peninsula||507,330||0.1%||-3.9%|
|Dunedin - Central & North||473,988||12.5%||5.0%|
|Dunedin - Peninsular & Coastal||411,862||10.6%||3.7%|
|Dunedin - South||444,017||15.4%||7.4%|
|Dunedin - Taieri||471,967||13.0%||3.5%|
|Main Urban Areas||791,931||1.6%||0.0%|