Raine & Horne Kumeu - Hobsonville Blog

Property market report 

The housing market decline deepened in August/ September as values continued to decline, according to the latest figures from QV.

New Zealand's average dwelling value declined by 0.8% over the three months to the end of August, according to the QV House Price Index. It's now 13.4% lower than the January 2022 peak in market values.

The biggest decline in the three months to August was in was in Nelson -3.2%, followed by Wellington City -2.4%, Whangarei -1.8%, Napier -1.8%, Auckland -1.4%, Hamilton -1.2%, Christchurch -1.2%, Dunedin -0.7% and Palmerston North -0.6%.

As we head into spring, the housing market remains subdued, with values continuing to decrease in most parts of the country, with the slump being some good news for first home buyers and investors entering the market.

With values down and interest rates easing, affordability is improving for buyers.

A steady flow of new townhouse and apartment completions are giving buyers greater choice and limiting upward price pressures.

Buyers are taking longer to commit and sellers are increasingly having to meet the market, somehow the gap between buyers and sellers is wider than we would normally experience. Some of the reason for this is the new Rating Values that have confused the market and disrupted the relationship between sales values and their respective rating values. 

The slump is very pronounced in Auckland which is down around 20% from the height of the market  - underscoring the scale of the correction since early 2022

Value still favours the bold and unique properties with buyers being very particular about where they see the pricing. 

Call me, Graham McIntyre AREINZ directly 

0800 900 700, via text at 027 632 0421, or email at 

[email protected]. Country Living Realty Ltd, t/a Raine & Horne Kumeu-Hobsonville Licensed REAA (2008)