The average value of New Zealand homes increased by $17,227 in November and now sits at $987,401, according to the CoreLogic House Price Index.
Over the year to the end of November the average value of New Zealand homes is up $218,388.
In the country's largest market, Auckland, the average value of homes increased by $286,890.
Nationally, the growth in average values has ranged from 17.8% in Rotorua to 53.1% in Tararua.
However in spite of the strong growth in values, CoreLogic says there are signs the rate of price growth is starting to slow.
"November shows a return to the trend of gradually easing property value growth, which has been in play since April this year, but was disrupted by the bounce in values in October," CoreLogic says in its latest report.
"In fact the annual growth rate trimmed back to 28.4% at the end of November, down from 28.8% at the end of October. This is the first time the annual rate of appreciation has dropped since August 2020 when the market stalled following the first Covid-19 forced lockdown in April and May 2020."
CoreLogic NZ Head of Research Nick Goodall thinks the market will likely continue to slow next year.
"This slowdown reflects the natural loss of momentum after an extended period of strong growth, which has led to a deterioration in affordability, further impacted by rising interest rates and tighter credit conditions," he said.
"Looking ahead to 2022, this slowing momentum is likely to continue, especially with further tightening of credit.
"Fewer owner-occupiers are able to secure high loan-to-value ratio loans since November 1, and from December 1 changes to the Credit Contracts and Consumer Finance Act, which brings greater scrutiny of a potential borrower's expenses and ability to repay their loan, will further limit the amount of lending written by banks.
"Add in the continued upward trajectory of mortgage interest rates and some banks already implementing debt-to-income limits and it's clear that demand for residential property will be negatively impacted as we head into summer," he said.
The table below shows the average value of homes in all main urban areas throughout the country and how much they have changed over three and 12 months.
The comment stream on this story is now closed.
- You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
| CoreLogic House Price Index | |||
| November 2021 | |||
| Territorial authority | Average current value | 3 month change % | 12 month change % |
| Far North | $658,170 | 7.4% | 29.2% |
| Whangarei | $778,940 | 6.5% | 27.6% |
| Kaipara | $808,221 | 1.0% | 30.1% |
| Auckland - Rodney | $1,302,307 | 5.7% | 27.9% |
| Rodney - Hibiscus Coast | $1,251,118 | 4.5% | 26.4% |
| Rodney - North | $1,348,699 | 6.7% | 28.9% |
| Auckland - North Shore | $1,559,775 | 4.2% | 22.1% |
| North Shore - Coastal | $1,785,906 | 4.4% | 22.3% |
| North Shore - North Harbour | $1,465,269 | 1.5% | 19.6% |
| North Shore - Onewa | $1,296,470 | 6.3% | 24.5% |
| Auckland - Waitakere | $1,127,462 | 4.3% | 26.3% |
| Auckland - City | $1,641,625 | 3.9% | 25.2% |
| Auckland City - Central | $1,378,084 | 3.3% | 19.9% |
| Auckland City - Islands | $1,608,711 | -0.5% | 36.9% |
| Auckland City - South | $1,499,063 | 4.3% | 27.2% |
| Auckland_City - East | $2,073,507 | 4.8% | 26.2% |
| Auckland - Manukau | $1,247,184 | 6.1% | 27.5% |
| Manukau - Central | $983,547 | 5.4% | 28.9% |
| Manukau - East | $1,588,130 | 5.7% | 27.1% |
| Manukau - North West | $1,070,750 | 5.5% | 25.6% |
| Auckland - Papakura | $991,339 | 7.0% | 30.2% |
| Auckland - Franklin | $947,993 | 6.8% | 30.5% |
| Thames Coromandel | $1,111,700 | 0.9% | 31.8% |
| Hauraki | $617,599 | -1.9% | 24.4% |
| Waikato | $722,619 | 6.7% | 33.2% |
| Matamata Piako | $701,167 | 9.2% | 33.1% |
| Hamilton | $861,119 | 10.0% | 30.5% |
| Hamilton - Central & North West | $811,774 | 11.0% | 33.7% |
| Hamilton - North East | $1,084,392 | 12.5% | 33.4% |
| Hamilton - South East | $776,461 | 7.4% | 26.9% |
| Hamilton - South West | $741,539 | 5.2% | 23.8% |
| Waipa | $846,250 | 3.7% | 27.0% |
| South Waikato | $447,320 | 10.7% | 43.1% |
| Waitomo | $386,334 | 22.7% | 34.1% |
| Taupo | $821,430 | 4.5% | 36.6% |
| Western BOP | $965,726 | 6.7% | 30.3% |
| Tauranga | $1,114,481 | 9.2% | 35.8% |
| Rotorua | $672,536 | 4.4% | 17.8% |
| Whakatane | $722,196 | 7.4% | 36.4% |
| Kawerau | $401,117 | -2.3% | 26.7% |
| Opotiki | $505,856 | 3.4% | 30.1% |
| Gisborne | $633,155 | 5.7% | 27.4% |
| Hastings | $862,843 | 5.9% | 37.5% |
| Napier | $875,188 | 5.8% | 37.6% |
| Central Hawkes Bay | $598,794 | 9.7% | 33.4% |
| New Plymouth | $691,104 | 5.4% | 27.1% |
| Stratford | $466,732 | 3.4% | 32.4% |
| South Taranaki | $402,152 | 1.9% | 30.4% |
| Ruapehu | $391,626 | 5.6% | 36.7% |
| Whanganui | $548,463 | 5.0% | 39.8% |
| Rangitikei | $481,066 | 6.6% | 41.8% |
| Manawatu | $665,403 | 5.9% | 31.9% |
| Palmerston North | $741,896 | 2.3% | 31.8% |
| Tararua | $457,301 | 1.7% | 53.1% |
| Horowhenua | $646,748 | 5.1% | 38.2% |
| Kapiti Coast | $973,551 | 5.9% | 36.6% |
| Porirua | $984,219 | 3.2% | 30.6% |
| Upper Hutt | $931,533 | 4.4% | 34.7% |
| Hutt | $996,697 | 6.0% | 37.9% |
| Wellington City | $1,247,720 | 4.5% | 32.2% |
| Wellington - Central & South | $1,178,217 | 4.6% | 28.5% |
| Wellington - East | $1,355,676 | 3.8% | 30.5% |
| Wellington - North | $1,184,847 | 4.5% | 35.8% |
| Wellington - West | $1,410,835 | 2.8% | 29.3% |
| Masterton | $661,514 | 4.8% | 36.0% |
| Carterton | $736,497 | 8.1% | 42.4% |
| South Wairarapa | $893,982 | 8.9% | 34.3% |
| Tasman | $829,374 | 4.5% | 24.0% |
| Nelson | $846,680 | 5.2% | 24.2% |
| Marlborough | $703,224 | 3.7% | 24.3% |
| Kaikoura | $574,243 | -4.8% | 18.9% |
| Buller | $288,348 | 4.4% | 32.1% |
| Grey | $324,760 | -1.9% | 38.1% |
| Westland | $343,983 | -0.6% | 21.7% |
| Hurunui | $541,161 | 8.8% | 25.7% |
| Waimakariri | $644,573 | 7.0% | 32.6% |
| Christchurch | $719,493 | 10.0% | 35.5% |
| Christchurch - Banks Peninsula | $758,746 | 8.2% | 35.1% |
| Christchurch - Central & North | $829,089 | 9.2% | 33.9% |
| Christchurch - East | $548,131 | 8.7% | 35.9% |
| Christchurch - Hills | $970,833 | 7.0% | 32.5% |
| Christchurch - Southwest | $697,865 | 12.9% | 38.3% |
| Selwyn | $811,961 | 12.9% | 39.7% |
| Ashburton | $482,359 | 7.0% | 23.6% |
| Timaru | $473,786 | 4.2% | 18.5% |
| MacKenzie | $632,108 | 0.5% | 12.6% |
| Waimate | $369,708 | 0.9% | 28.6% |
| Waitaki | $461,904 | 4.9% | 21.6% |
| Central Otago | $697,987 | 0.4% | 19.0% |
| Queenstown Lakes | $1,587,469 | 14.1% | 33.3% |
| Dunedin | $696,009 | 3.6% | 21.8% |
| Dunedin - Central & North | $707,461 | 2.4% | 20.9% |
| Dunedin - Peninsular & Coastal | $661,515 | 5.5% | 27.0% |
| Dunedin - South | $666,756 | 3.8% | 20.9% |
| Dunedin - Taieri | $726,749 | 4.3% | 22.4% |
| Clutha | $388,257 | 3.8% | 24.0% |
| Southland | $444,935 | 3.8% | 23.8% |
| Gore | $370,405 | 0.4% | 28.5% |
| Invercargill | $461,111 | 4.4% | 24.6% |
| Auckland Region | $1,402,845 | 4.9% | 25.7% |
| Main Urban Areas | $1,121,955 | 5.3% | 27.9% |
| Wellington Region | $1,114,979 | 4.7% | 33.5% |
| Total NZ | $987,401 | 5.4% | 28.4% |
58 Comments
Cool, now we just have to wait for the 30% pay rises...right?
You haven't got yours yet?
Tell me about it.
That’s what happens when cash is practically free to borrow. The question is what happens when it’s not?
That's someone else's problem. I'll for sure get out before then. Surely. Wait, what?
Ponzi
[ pon-zee ]
noun
a swindle in which a quick return, made up of money from new investors, on an initial investment lures the victim into much bigger risks.
Where's the end game to this? Not sure how anyone could look at these average prices and think it makes sense...
The moon. To the moon!
No word from Govt and puppy media
Not true. They just offered 100,000 free raffle tickets to encorage us to leave our houses this summer... Free free free!!
1.2 million is the new 400k.
Whoever buys a house today is going to make a lot of money.
Haha.
"Median weekly income from all sources collected increased by $105 (15.9 percent) to $770. This follows a decrease of $43 (6.1 percent) to $665 in the year to the June 2020 quarter, the first time since the series began in 1998 that there had been a decrease in this measure."
https://www.stats.govt.nz/information-releases/labour-market-statistics…
This could be the last of the rises I’ve been monitoring the Wellington housing market for awhile - specifically listing prices - in the last week about 15% have cut their prices - one by 160k they originally listed at tender in mid October then listed at 1.06m as of yesterday was down to 900k - a 16% drop
I should add average drop in price has been 50k but it’s also not unusual for desperate sellers ( I’m assuming those who have bought elsewhere) to drop by 75-100k
Especially if theres a change of gov on the horizon and associated pruning of the public service.
Are all 7 of Luxon’s houses in Auckland or does he have a diversified portfolio?
He owns one in Wellington that he rents from himself with the MP scheme. Thanks, tax payer!
Susie on RNZ fronted him on the 7 houses this morning and the guy was completely lost for words
If he was really a smart guy and had intentions of running for PM he would have sold all of his houses by now. The media can go you for having 7 houses but not millions of dollars in the bank instead. Had plenty of time to sell up, over a year in fact into a hot market could have sold the lot and avoided the public scrutiny.
Agree - if he seriously wanted to become PM he should (in my view) sell all assets and put them in a blind trust.
He is the leader of National, most of NZ media will attack him relentlessly.
By the 'most' do you mean the dominating NewstalkZB network?
If you base your decisions on the media I've got some bad news for you...
He may not be like this but I think that most people who have bought multiple houses only know about housing. They are addicted to it. They do not have any thoughts about what might be a better or safer place to put their money. So for example if they sold a house for a profit, what would they do with that money? : invest in another house somewhere.
You just sound really jealous.
Luxon is a smart guy Carlos, he has 7 properties
RNZ holding the leader of the opposition to a high moral standard while ignoring the huge failings of the current government who could do something about them with an absolute majority?
I'm shocked.
Laggy. The front line looked quite different in November than these figures would suggest.
It’s not just house prices that are on a forward trajectory, this article was written 9 hours in the future…we live in crazy times.
Russian Prime Minister Medvedev comes to President Putin and nervously tells him to abolish time zones.
"Why"? Putin asks
"I fly to another city, call home and everyone is asleep. I woke you up at 4AM but I thought it was only evening.
I call Angela Merkel to congratulate her on her birthday and she tells me she had it yesterday.
I wish the Chinese President a happy New Year, and he says it will be tomorrow" says Medvedev.
Indeed" Putin replies "but that's only minor stuff, remember when that Polish plane crashed with the president? I called them to express my condolences, but the plane hadn't taken off yet!"
As an investor I feel safe. With Prime Minister Ardern and Guv' Orr at the helm property is on track to be our future economy.
Now reopen the border, stamp some immigration/visa applications and let's double down next year.
I expect there to be an exodus of young people and we're going to have less immigrants for a while. We are very likely to have a falling population next year. All at a time with record building and higher interest rates and various regulations. I wouldn't feel so safe if I were you.
As an investor I'm hedged either way. But this crazy shite needs to end. It needs to come down 30%
Wannabe investor? LOL
Maybe in 18 months we have the same growth figures but with a negative sign in front of them. Oh but Jacinda says its not nice for people to have their house prices go down.
Yes when she came out with that narrative she lost her principles/integrity in my view. In many respects, just as much of a hypocrite as John Key when it comes to the housing issue.
I think she risks being remembered as the government voice for COVID during a period of rising inequality and hardship for many of NZ poor - see the articles about the significant rise in food bank demand from families who can’t feed their children.
She appears to be more popular outside the country than by the people that live within it…not the type of legacy I would want.
I-Owe I_OWE its off to work I go....Sorry for the waste of Capital....Folks....dash it.....Us millionaires have to add Capital to our daily Working Life.
Looking to the Future....WEE is all millionaires.....in dept to our Glorious Banks...and our Favourite Leaders........And Mr Orr........Off Course...naturally.
I Bet you a Dollar...NZ off course.......we will be inundated......Quids In........when the chips are down....Fly Buys for Christmas.......Here THEY come....
OH! whatever happened to the STock Markets......https://finviz.com/futures.ashx
Santa is in the Red again...I sleighy myself.........Maybe we are all in the Red,......in the Lead Up to Christmas.......That is a Lead Balloon.......pop.
The Physical wealth of the nation ,resides in the housing stock,mostly, then the farmlands, the fisheries and lastly the Equities ,right?
Sure ,short term tourists coming to view and consume such,and education to residency adds a chunk, but it's the housing value mainly.
Which Government,ever ,will beat down the collective wealth of the nation ,as an electioneering policy,or when in office? None ,not now not in the future. Tinkering around with changes at the margins only?
Yup. As the years go on only hospitals and shops selling brown slacks will do well.
If a average wage earner put 50% of net wage away say 25k a year it would take 48 years to have enough to buy a modest house in manukau, of course by then it would not even be enough for deposit. How is this sustainable
Obviously its currently still sustainable or prices wouldn't still be rising. Those with a house can still afford to sell and upgrade or downgrade its the people that are not already on the ladder that are stuffed. There is now a massive social divide that is getting bigger by the month and the powers that be are just sitting on their hands watching it happen.
It's not hard to see why it is still "affordable" for those in the housing game.
Sell your current place for $1.9m in Auckland, move to a new area a bit further away from town for $1.5m Plenty of cash left.
finding someone to pay that $1.9m may become a little more challenging ...
That's a BS solution. Al it does is spread house inflation across the country.
You are correct about the division but with inflation and interest rate raises it will come to a point when the people who have property will be extended to far and if no one is buying at bottom end the whole thing will take a tumble.
"Slow down" LOL
Even at 1% a month it's worth 12% a year and at Auckland prices you are looking at ~150k a year and that's not even taking into account the compounding effect.
Good old Welly. Thanks, Labour!
Great to see my hard earned saving is now worthless
Awesome, where is my money? Oh wait, unrealized capital gains mean nothing except rampant housing inflation and profit for investors.
House Price still rising more than $4000 per week and in last one year house price growth by $288000 but to remember that between start of pandemic March to October house prices had gone up by by 10% to 20% and this $288000 Is on top of that rise.
So can conclude that house price since March has gone up by 40% to......100% in many area and Orr and Robertson still pursuing policy of Wait And Watch.
DTI will be blessing in disguise to FHB, which Mr Orr is reluctant to impliment, as a result trying all tactics blatantly to avoid and if cannot avoid to delay as much as.
Whenever it comes to making policy or announcing any measure media being played by RE lobbyist start declaring, how housing market is cooling and once that even ...in this case 24th Nov goes and........
Mike Kirk et al- where is your god now?
The price may be up - though I wouldn't say they're any more valuable
New virus is welcome as give another reason and excuse to government and RBNZ to pump up the bubble.
Not one to exploit the crisis.
https://sports.yahoo.com/fed-chair-admits-us-inflation-172828483.html
Happy realization that everyone already knew BUT still no admission that they have goofed up in a Big way and now what......repeat same mistake, print and distribute free money and kick the can further into deeper shit in future OR act now and face the consequence which too may not be good as politician are interested in band aid short term solution and lack visionary leader who can look beyond.
Only excuse fed and likes have is supply........is supply the only reason for the mess or is it FOMO leading to fight over toilet paper.
This system is beyond broken.
Admittedly reached the end of my tether last year, took my savings out of my bank account in frustration and bought a new build rental last year out of continued disappointment at this government's erosion of honest hard work and merit along with their disdain toward savers. 1 year on, I learn that Core Logic is suggesting it's value has gone up 60% in value.
How can the value of a simple home in an average neighbourhood go up 4 times faster than I can earn as a software dev and then keep going up like this? Is Core Logic giving hugely inflated estimates?
I don't know what to think except to say that I'm strongly convinced this "system" has well and truly derailed and am even more surprised that there isn't already strong grass roots civil action surrounding this ridiculous state of affairs. What can be done about this, people?
If people didn't hold back due to all that scare in October from DTI to OCR to DGM diatribes, that $17,227 could had been theirs to gain.
It pays to be optimistic in life.
There's still room for upward valuation.
Be quick.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.