National house prices have continued their steady upwards path, with New Zealand recording its fourth consecutive monthly property value rise of +0.3% in April.

 The April increase lifted the Cotality (formerly CoreLogic) national home value Index to $819,096, the highest since June last year ($822,175), but was still down by about -16% from the January 2022 peak of $974,045.

Main cities all recorded property value increases in the month, with Hamilton up by +0.8%, Christchurch by +0.5%, and Auckland rising +0.3%. Dunedin, Wellington, and Tauranga all saw a mild lift of +0.1% in April.

 The nascent but steady upturn in property values was evident across key provincial markets. Whangarei, Rotorua, and Napier all rose by at least +0.5% in April, with Whanganui and Invercargill both increasing by +0.4%. However, Nelson dropped by -0.5%, Hastings fell by -0.6%, and Queenstown was down -1.0%.

 James Shepherd, Supervision and Compliance Manager, Raine & Horne said falling interest rates were clearly underpinning the rise in national property values and it was to be expected that values in different centres and regions were moving at different speeds given a variance in listing levels and stages in economic recovery across the country.

 While some might be disappointed that national value increases were gradual at this stage, this was a positive for people like first home buyers trying to get into the market. Slowly rising prices also provided certainty for those looking to sell and buy back in within a short time frame.

 “Now is a great time to buy. While we do not expect the market to boom in coming months given high stock levels, it is on track to increase by around another 4% over the rest of this year nationally, which is a tidy initial return for those who are thinking medium and long term,” James said.

 Cotality research also highlighted divergences in regional property values since the highs reached in the January 2022 post-COVID peak.

 Three areas set new record highs for property values in April – New Plymouth at $711,699, Westland at $493,500, and Kaikoura at $775,443, Cotality data showed.

 Of the 17 areas that Cotality found were back within 5% of their peak in April, eight were in Canterbury, including Christchurch, Waimakariri, Ashburton, and Timaru.

 Whether you want to buy, sell or rent a property, don’t hesitate to contact your local Raine & Horne office.