The average value of New Zealand homes fell another $3643 in July, meaning it has now declined $102,083 in the 12 months to July, according to the CoreLogic House Price Index.
In July last year the average dwelling value was hovering just above $1 million at $1,009,662, and had declined by 2.5% compared to the previous month.
In July this year the average value was just above $900,000 at $907,579, and had declined 2.3% compared to the previous month.
That means the average dwelling value would need to decline by less than 1% to fall below $900,000.
However although overall values are trending down, there are significant regional differences, with some districts showing gains in average values last month.
The table below shows the movement in average values between June and July this year, with the biggest value increase in dollar terms occurring in the Mackenzie Region in the South Island where the average value in July was up by $83,547 compared to June.
The biggest decrease was in Kaikoura where the average value declined by $52,506 in July compared to June.
However Mackenzie and Kaikoura are both likely to have a small number of property transactions occurring each month, which could make their valuation figures volatile.
In the Auckland region the average dwelling value declined by $7137 in July, equivalent to a loss in value of $1647 a week, driven mainly by significant declines in Rodney and the expensive inner Auckland suburbs, with dwelling values on Waiheke Island posting a whopping decline of nearly $60,000 for the month.
However Auckland property values fared batter on the North Shore and South Auckland, with the biggest monthly gain of $34,025 occurring in Papakura.
In other main centres average values posted a modest increase in the Wellington Region and small declines in Christchurch and Dunedin.
Perhaps the most surprising change in dwelling values last month was in Queenstown-Lakes, where the average dwelling value declined by $44,416 compared to June.
"July's drop in prices at the national level may seem surprising, given the recent commentary about an emerging turnaround for the housing market," CoreLogic's Chief Property Economist Kelvin Davidson said.
"But it's important to note that the latest decline is the smallest in six months and also that some regional markets saw values rise, most notably Wellington," he said.
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| CoreLogic House Price Index | |||||
| June - July 2023 | |||||
| Average dwelling value | |||||
| Territorial Authority | Three months ended June 2023 | Three months ended July 2023 | Change $ | Change % | |
| Far North | $697,291 | $702,370 | $5,079 | 0.7% | |
| Whangarei | $743,439 | $737,497 | -$5,942 | -0.8% | |
| Kaipara | $863,882 | $818,262 | -$45,620 | -5.3% | |
| Auckland - Rodney | $1,241,812 | $1,224,544 | -$17,268 | -1.4% | |
| Rodney - Hibiscus Coast | $1,152,354 | $1,136,088 | -$16,266 | -1.4% | |
| Rodney - North | $1,314,527 | $1,295,717 | -$18,810 | -1.4% | |
| Auckland - North Shore | $1,414,748 | $1,419,201 | $4,453 | 0.3% | |
| North Shore - Coastal | $1,621,353 | $1,628,658 | $7,304 | 0.5% | |
| North Shore - North Harbour | $1,367,174 | $1,375,915 | $8,742 | 0.6% | |
| North Shore - Onewa | $1,141,067 | $1,137,893 | -$3,174 | -0.3% | |
| Auckland - Waitakere | $993,814 | $992,534 | -$1,280 | -0.1% | |
| Auckland - Central | $1,477,131 | $1,454,152 | -$22,979 | -1.6% | |
| Auckland City - Central | $1,258,950 | $1,231,441 | -$27,509 | -2.2% | |
| Auckland City - Islands | $1,602,178 | $1,542,381 | -$59,798 | -3.7% | |
| Auckland City - South | $1,326,103 | $1,316,612 | -$9,491 | -0.7% | |
| Auckland_City - East | $1,836,824 | $1,814,890 | -$21,934 | -1.2% | |
| Auckland - Manukau | $1,119,720 | $1,126,143 | $6,423 | 0.6% | |
| Manukau - Central | $869,326 | $871,438 | $2,112 | 0.2% | |
| Manukau - East | $1,386,318 | $1,398,564 | $12,247 | 0.9% | |
| Manukau - North West | $987,470 | $990,556 | $3,086 | 0.3% | |
| Auckland - Papakura | $876,476 | $910,501 | $34,025 | 3.9% | |
| Auckland - Franklin | $896,678 | $896,483 | -$195 | 0.0% | |
| Thames Coromandel | $1,177,543 | $1,161,872 | -$15,671 | -1.3% | |
| Hauraki | $646,669 | $639,475 | -$7,193 | -1.1% | |
| Waikato | $729,685 | $727,900 | -$1,786 | -0.2% | |
| Matamata Piako | $697,349 | $703,729 | $6,380 | 0.9% | |
| Hamilton | $803,275 | $800,955 | -$2,320 | -0.3% | |
| Hamilton - Central & North West | $743,759 | $751,361 | $7,602 | 1.0% | |
| Hamilton - North East | $996,165 | $985,135 | -$11,030 | -1.1% | |
| Hamilton - South East | $739,390 | $739,575 | $185 | 0.0% | |
| Hamilton - South West | $709,683 | $706,204 | -$3,479 | -0.5% | |
| Waipa | $888,090 | $872,657 | -$15,433 | -1.7% | |
| Otorohanga | $520,036 | $522,946 | $2,909 | 0.6% | |
| South Waikato | $424,935 | $429,427 | $4,492 | 1.1% | |
| Waitomo | $385,115 | $399,781 | $14,666 | 3.8% | |
| Taupo | $834,491 | $831,324 | -$3,167 | -0.4% | |
| Western BOP | $993,646 | $981,365 | -$12,281 | -1.2% | |
| Tauranga | $1,023,618 | $1,020,841 | -$2,777 | -0.3% | |
| Rotorua | $649,950 | $639,777 | -$10,174 | -1.6% | |
| Whakatane | $731,433 | $730,803 | -$630 | -0.1% | |
| Kawerau | $378,178 | $389,719 | $11,542 | 3.1% | |
| Opotiki | $516,464 | $547,388 | $30,924 | 6.0% | |
| Gisborne | $593,784 | $588,894 | -$4,890 | -0.8% | |
| Wairoa | $404,285 | $424,985 | $20,700 | 5.1% | |
| Hastings | $766,840 | $765,061 | -$1,779 | -0.2% | |
| Napier | $747,472 | $741,727 | -$5,745 | -0.8% | |
| Central Hawkes Bay | $593,599 | $591,980 | -$1,619 | -0.3% | |
| New Plymouth | $713,833 | $715,538 | $1,706 | 0.2% | |
| Stratford | $469,975 | $477,063 | $7,087 | 1.5% | |
| South Taranaki | $444,676 | $439,074 | -$5,602 | -1.3% | |
| Ruapehu | $360,723 | $372,830 | $12,107 | 3.4% | |
| Whanganui | $504,331 | $501,370 | -$2,961 | -0.6% | |
| Rangitikei | $406,680 | $422,777 | $16,098 | 4.0% | |
| Manawatu | $607,309 | $609,769 | $2,459 | 0.4% | |
| Palmerston North | $636,926 | $638,036 | $1,110 | 0.2% | |
| Tararua | $413,229 | $407,854 | -$5,375 | -1.3% | |
| Horowhenua | $556,736 | $552,957 | -$3,779 | -0.7% | |
| Kapiti Coast | $806,272 | $806,005 | -$267 | 0.0% | |
| Porirua | $795,534 | $800,078 | $4,543 | 0.6% | |
| Upper Hutt | $723,391 | $724,554 | $1,163 | 0.2% | |
| Hutt | $768,084 | $768,033 | -$51 | 0.0% | |
| Wellington City | $1,014,340 | $1,017,981 | $3,641 | 0.4% | |
| Wellington - Central & South | $968,311 | $969,560 | $1,249 | 0.1% | |
| Wellington - East | $1,114,269 | $1,116,347 | $2,078 | 0.2% | |
| Wellington - North | $959,692 | $959,741 | $49 | 0.0% | |
| Wellington - West | $1,166,300 | $1,189,255 | $22,956 | 2.0% | |
| Masterton | $553,434 | $559,568 | $6,134 | 1.1% | |
| Carterton | $630,469 | $634,882 | $4,413 | 0.7% | |
| South Wairarapa | $796,463 | $777,887 | -$18,576 | -2.3% | |
| Tasman | $780,442 | $771,817 | -$8,626 | -1.1% | |
| Nelson | $786,320 | $785,395 | -$924 | -0.1% | |
| Marlborough | $690,901 | $683,559 | -$7,341 | -1.1% | |
| Kaikoura | $643,796 | $591,200 | -$52,596 | -8.2% | |
| Buller | $342,683 | $336,951 | -$5,732 | -1.7% | |
| Grey | $367,610 | $365,807 | -$1,803 | -0.5% | |
| Westland | $392,372 | $398,351 | $5,980 | 1.5% | |
| Hurunui | $630,045 | $625,997 | -$4,048 | -0.6% | |
| Waimakariri | $699,039 | $697,567 | -$1,472 | -0.2% | |
| Christchurch | $731,964 | $730,473 | -$1,490 | -0.2% | |
| Christchurch - Banks Peninsula | $790,087 | $795,569 | $5,482 | 0.7% | |
| Christchurch - Central & North | $830,911 | $824,724 | -$6,186 | -0.7% | |
| Christchurch - East | $575,164 | $576,357 | $1,193 | 0.2% | |
| Christchurch - Hills | $1,042,057 | $1,032,173 | -$9,884 | -0.9% | |
| Christchurch - Southwest | $691,224 | $692,753 | $1,529 | 0.2% | |
| Selwyn | $806,066 | $800,814 | -$5,252 | -0.7% | |
| Ashburton | $536,124 | $532,413 | -$3,712 | -0.7% | |
| Timaru | $509,643 | $501,312 | -$8,331 | -1.6% | |
| Mackenzie | $659,357 | $742,904 | $83,547 | 12.7% | |
| Waimate | $440,672 | $442,382 | $1,710 | 0.4% | |
| Waitaki | $471,274 | $467,052 | -$4,222 | -0.9% | |
| Central Otago | $779,030 | $787,310 | $8,281 | 1.1% | |
| Queenstown Lakes | $1,716,650 | $1,672,233 | -$44,416 | -2.6% | |
| Dunedin | $618,271 | $616,448 | -$1,823 | -0.3% | |
| Dunedin - Central & North | $619,099 | $622,168 | $3,069 | 0.5% | |
| Dunedin - Peninsular & Coastal | $602,719 | $584,548 | -$18,171 | -3.0% | |
| Dunedin - South | $592,041 | $591,110 | -$931 | -0.2% | |
| Dunedin - Taieri | $647,860 | $647,444 | -$416 | -0.1% | |
| Clutha | $400,088 | $392,454 | -$7,634 | -1.9% | |
| Southland | $497,657 | $489,707 | -$7,950 | -1.6% | |
| Gore | $418,752 | $399,508 | -$19,244 | -4.6% | |
| Invercargill | $455,955 | $455,820 | -$136 | 0.0% | |
| Auckland Area | $1,265,438 | $1,258,301 | -$7,137 | -0.6% | |
| Wellington Area | $890,451 | $892,906 | $2,454 | 0.3% | |
| Main Urban Areas | $1,004,344 | $1,001,739 | -$2,605 | -0.3% | |
| All of Aotearoa | $911,222 | $907,579 | -$3,643 | -0.4% | |
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72 Comments
Ignore small places showing big changes (up and down) as this is statistical error due to small sample size…although spriukers on other sites are busy selectively seizing on increases in places like MacKenzie…
national average is down 0.4% in a MONTH while mortgage interest rates are still climbing. On same day as UK media are aghast at 3% ANNUAL fall…
I think we’re no more than half way through these falls - labour market weakening is still to come
When its down, we are up. Renters United!!!
The Party has Hardly Started.
Still opening my bag of Popcorn. The rest of this year is going to be a Doozy.
You're gonna need a bigger bag
Yeah one big enough to go over his head and then zip tie it around the neck.
Too far Zwifter.
Nervous?
You DGM's need to crowd fund your own platform, NoRoof? I do agree though, I really detest the spruiking that goes on. Completely partisan and biased and conflicts should be required to be disclosed and financial advice taken.
Lest not forget that this is the result of all the spruiking that interest rates were going to fall.. since then bank's have been pushing rates up, so next months results will/ should show further declines
-Makes statement about another group making predictions
-Uses "will/should"
There's only one way to resolve this, you're going to have to have a shirtless fight to the death with a spruiker.
Smoke and Mirrors never fight back.
.
You assume spruikers are capable of self-reflection. The only mirror they look in is the rear-view mirror.
I got rid of my rear-view mirror. Never looked back :)
Yes, going by Yvil's comment above he looks rather stumped.
Yvil's succeeded in making his point🤣
You call it average? I call it a rip off.
The price of houses is very unaffordable in this country due to the Real Estate agency scams which they can run with impunity from the law and greed of a few who want to hoard more and more.
God save NZ.
Jokes on you, there is no Sky Wizard.
Why the sky though? Who's the joker?
Most religious buildings everywhere point to the sky on the assumption that's where heaven and the big fella are.
I believe Steve Miller is the joker.
Steve Miller is a lot of things - picker, grinner, lover, sinner. joker, smoker and midnight toker. Some even call him a space cowboy, gangster of love and Maurice
Jokes on you, there is no Sky Wizard.
Seems like just y'day that many believed Adrian Orr had the powers of a Sky Wizard that means that he could make your beloved property bubble dance like a puppet on a string. Perhaps it's dawning on people that his magic tricks are little more than an illusion. Lose the belief of the sheeple, and it's all over Rover.
Luxon says there is and like trump, hes a genius.
"God save NZ"
As the prophet of the scrolls reportedly said regarding greed and wrongdoing of people:
'Blessed are the poor in spirit for theirs is the kingdom of heaven. Blessed are those who mourn, for they shall be comforted. Blessed are the meek, for they shall inherit the earth' (Matthew 5:3)
'Watch out! Be on your guard against all kinds of greed. Life does not consist in an abundance of possessions'. (Luke 12:15)
and even earlier before Jesus:
"Keep your lives free from the love of money and be content with what you have, because God has said 'Never will I leave you; never will I forsake you" (Hebrews 13:5) - the property investor type never seem to own enough properties - do they have a mental health condition they need to have treated?
"Whoever is greedy for unjust gain troubles his own household" (Proverbs 15:27).
And yet you look across NZ the last 10 years there has been extreme greed. Peoples 'need' for more and more possessions (i.e. houses even if they don't require them for their own lodgings) caused people to lose their rational minds - no longer do they see the misery they create for their fellow brothers and sisters in the nation - and the financial and social instability issues that result from a property bubble.
The property speculators may have gained financially, but again as Jesus said:
'For what profit is it to a man if he gains the whole world, and loses his own soul?' (Mark 8:3)
Love this ❤️ For what profit is it to a man if he gains the whole world, and loses his own soul?' ❤️
Not many have a soul left these days.
The dude who rents a home to me is not gaining the whole world or I hope not. I would not know if he is losing his own soul. He may even be doing god's work.
Im grateful to have a good abode, which I pay the dude for and it works well, so to speak.
Example of a landlord losing his soul, or desperately trying to recover costs lol. Otahuhu, 2 bedrooms $700pw https://www.trademe.co.nz/property/residential-property-to-rent/auction…
Roughly 60sqm house (looks to be converted from an outbuilding), 45m from the end of a motorway on ramp, across the road from an industrial area, sharing a driveway with the house being built about 6m behind you...yeah pass.
You really have to feel for those who have low paid jobs and are forced to hand over that sort of money just to live there - and enjoy the associated pleasure of a dysfunctional city. No wonder we have social problems.
They'll be warm and comfortable. The rental market worked better (more affordable) before 2017
no longer do they see the misery they create for their fellow brothers and sisters in the nation
The human mind struggles to empathise with over around 120 individuals, and it's never changed. It's just that the level of polarisation, and with it winners and losers, has amplified.
That's how everyone, me and you included, gets to go about this life of extreme abundance, even with the knowledge that there's suffering involved in producing most things you hold in your hand.
Kelvin Davidson is either very bad at maths, has limited awareness of the broader environment or is just dishonest.
I hadn’t noticed it as much before but he keeps banging the same old drum and putting a spin on anything negative.
South Auckland (Papakura) prices up $34k, really? I think you have and issue with your Excel formulas somewhere or your methods are just rubbish.
I wonder how many houses sold? Maybe 3 or 4, who knows
One of the worst. But adored by MSM. I wonder why.
Come on, who are Corelogics clients & how does he stay employed... you should know how this works.
Just look who pays his salary, to talk up the market, you’ll find the answer.
"It is difficult to get a man to understand something when his salary depends upon his not understanding it."
"July's drop in prices at the national level may seem surprising, given the recent commentary about an emerging turnaround for the housing market,"
Surprising to those who listen to the spruiker commentary. Anyone with a balanced and impartial take on what is unfolding will not be surprised in the least.
Taking my $49 of green shoots in Wellington North straight to the dealer for a 50 bag so I can smoke them, as per Greg's instructions yesterday xD
Taking my $23K of increase in Wellington West and immediately using it as a deposit on a new ute, then ticking up the rest. Nothing can go wrong!
I wonder if Orr and Robertson are proud of themselves ?
Sadly I don't think Robertson will be given credit for bringing house prices down. He would get more votes if he did.
I would take this as a sign of illiquidity in the market.
No one is buying bar the few people who must buy, stock levels are rising while settled transactions sink.
Just keep waiting, the prices will fall more once the election is over. Hope springs eternal from dreams of interest deductions.
Listings are constantly being withdrawn after languishing for 6+ months on the market. Would love to see that stat, but the vested interests won't release that data.
Spring is going to be epic - record listing numbers incoming - as all the folks who tried to wait it out since Jan 2022, and the wet summer and the cyclones, will finally give up and capitulate.
Don't forget the 6 month lag between OCR rises and the corresponding housing value drop. A further OCR rate hike will be the final nail in the coffin for the spring/summer market.
Wasn’t it just yesterday an article said you must be high to see green shoots? Seems somewhat positive this article - clearly the market has turned as all the Agents on the front line are telling us.
Its due to the unemployment
Article published at 1 am, Greg could be overseas?
In Bali by the pool even
I see the DGM's have started to throw their toys already. My advice is check the numbers for the location that you intend buying in because its clearly the bottom where I live live.
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"because its clearly the bottom where I live live"
I take it you predicted the peak perfectly as well Zwifter given your ability to see into the future? Oddly which is impossible (to see perfectly into the future, with 100% certainty), which opens you up to the possiblity of not speaking truthfully. Can we trust what you say, if you say things which are impossible to say for sure?
It's time to buy when everyone's pessimistic. I've just bought land in Riverhead and I'm going to make a killing. The govt valuation is $315k more than I paid for it.
by wingman | 2nd Aug 23, 10:29am 1690928995
It's time to buy when everyone's pessimistic. I've just bought land in Riverhead and I'm going to make a killing. The govt valuation is $315k more than I paid for it.
Can you not see the paradox in the statement above? You say buy when everyone is pessimistic, and then show a prime example that everyone isn't pessimistic via your own extreme optimism of the market.
You are right, the time to buy will be when everyone is pessimistic - but by 'everyone', that must include you! And you are far from pessimistic yet, clearly.
The time to buy will be when people like yourself are saying that the market is completely dead. But you are not saying that, you are convinced you are going to make a killing!
I've owned lots of properties, by the time the property market picks up all you guys will be looking in the rear-vision mirror wondering how you got it so badly wrong. Downturns in the property market don't last more than 2 or 3 years.
Riverhead is gonna boom, just on the outskirts of Auckland, there's lots of activity planned there.
Good stuff, hope it works out for you.
I went to the pub once out there.
The end.
Rolling around the floor in laughter here. Yes the Riverhead Pub is very nice and work functions can have you catch the ferry there from the city but otherwise it has zero going for it out there if you want the burbs with decent access to shops and restaurants and you are miles from anywhere. Probably good for a retirement village and when you are gone they can pop you in a hole over the fence and nobody will notice.
By the sounds of it "living in the past" Wingman has already banked his projected "killing" and is going bank to bank trying to borrow against it.
Leverage alert ⚠️
Riverhead is right next to the most expensive suburb in NZ. No one rings a bell when the market hits rock bottom, and you guys will be wandering how you missed it. I've owned lots of properties and if I get it wrong, this'll be the first time. The last property I sold 20 months ago I sold for $2m more than I paid for it. Further out than Riverhead.
If you drive through and around the farmland near Riverhead, either side you'll find a number of properties are quite run down...they've either been bought by developers or owners aren't spending the money on them because they know gentrification's on the way.
Leverage alert? I pay cash!
Coatesville is not really one of the most expensive suburbs in new Zealand, its highly skewed by a handful or ridiculously priced mansions dragging the average price up because overall there is very few places out there. Being next door is irrelevant, plenty of expensive suburbs in NZ with state housing just up the road. And by the way never being wrong is not great, statistically speaking you are due to screw up, nobody is right all the time.
The average house property value in Coatesville is $3,812,000, that's pretty hard to beat, even in Remuera or Herne Bay. A similar example of properties being run down as the owners wait to become multi-millionaires is near Silverdale. That's classic. Go and have a look, I drive past it every week. Thousands of acres and lots of decrepit houses.
Have been out that way its falling to bits and just horrible in a wet winter. With Climate change I'm happy to be back on wooden decks, concrete driveway and a small patch of artificial grass. Life can be too short to wait.
Climate change?
The global warming scam. Good luck with that one. About as real as acid rain, the new ice age, oil running out, the ozone layer disappearing, the ice caps melting and all the other 'global emergencies'.
You've told us before. It's next to the massive development that got knocked back and close to the floodplain area.
Seems strange that you would give up such a sure fire get rich quick scheme to randoms on the internet.
I've heard a similar story from Nigerian princes but never been brave enough to take them up on their amazing deal. I guess I'm just a sucker.
Priceless Pyramid 🤣
There will always be those who remain oblivious they're now the entertainment....
I bought 4 sections in a new development many years ago. When I was building my first house there a guy told me "nothing will ever happen out here".
That area is now West Harbour/Hobsonville.
I made a fortune. You know what they say - you can lead a horse to water, but you can't make it drink.
It isn't "a sure fire get rich scheme", but it will be a winner. I know I'm not communicating with risk takers here, more socialists who think people like me should be gouged for my audacity. I enjoy debating with goldbugs, they've been telling me for decades they're going to be rich and I'm going to be poor, but it's worked in reverse.
I went for a drive through Riverhead yesterday. The signs advertising the blocks of land where I bought were down, and since the developer was on site I asked why. All sold out.
When I see you talk about Riverhead, it reminds me of this video.
https://www.tiktok.com/@twentyfour_13/video/7233166816703565057
Easy to spot the river!
You can see tell who has skin in the real estate game by the news headlines;
"House prices still falling but at slower pace, latest data shows" - Newshub
"House prices begin to rise in key markets - CoreLogic report" - RNZ
"Rate of house price falls slows, but recovery will be “patchy”" - Stuff
"Average dwelling values both up and down around the country" - Interest
Declined $102,083 in the last 12 months...?
While mine is still estimated at $160k over what I paid for it in January 2021, it is down $50k from the August 2022 RV.
I hope everyone was smart like me, and didn't take out a top-up loan or a reverse mortgage in the last year? ;-)
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