Recent rises in average house values stalled in April, with average values in Auckland dropping more than $7000, according to property data company CoreLogic.
According to CoreLogic's House Price Index, the average value of New Zealand homes was $933,633 at the end of April, down slightly (-$1173) from $934,806 at the end of March.
However in Auckland, the country's largest property market, the average dwelling value dropped from $1,297,595 in March to $1,290,329 in April, down by $7266.
CoreLogic's average values are a rolling three month average based on sales achieved during that period, which means price movements tend to lag the market slightly.
However they provide a reasonable measure of long term market trends. The latest figures suggest average values, and the underlying selling prices they are drawn from, could be at a turning point, or at least have flattened out.
CoreLogic NZ Chief Property Economist Kelvin Davidson said the continuation of soft house price trends in April, reaffirmed the sense of a buyer's market, giving vendors reduced bargaining power.
"House prices are certainly lacking any strong momentum at present," Davidson said.
"Given the rise in total listings available on the market, as new properties come forward for sale but actual transactions remain subdued, it's no surprise price growth has flattened off. Elevated stock levels mean that finance-approved buyers are in the ascendancy."
"In this environment, I'd expect house price movements to remain a bit variable from month to month and across regions too," said Davidson.
"We're also now very close to finding out what a system of capping debt-to-income ratios might look like, and although deposit requirements will probably ease at the same time, debt-to-income limits are also a reason to be cautious about the housing market's outlook into 2025 as well," he added.
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| CoreLogic House Price Index | |||
| April 2024 | |||
| Territorial authority | Average current value | 3 month change % | 12 month change % |
| Far North | $708,341 | 0.3% | 3.3% |
| Whangarei | $751,110 | 1.5% | 0.6% |
| Kaipara | $840,310 | 0.7% | 2.8% |
| Auckland - Rodney | $1,278,765 | 2.1% | 0.9% |
| Rodney - Hibiscus Coast | $1,174,388 | 0.5% | -0.2% |
| Rodney - North | $1,358,125 | 2.8% | 1.1% |
| Auckland - North Shore | $1,476,398 | -0.3% | 1.8% |
| North Shore - Coastal | $1,690,520 | 1.3% | 1.4% |
| North Shore - North Harbour | $1,446,972 | -1.1% | 4.6% |
| North Shore - Onewa | $1,176,430 | -1.5% | 0.5% |
| Auckland - Waitakere | $1,005,857 | -0.3% | -1.5% |
| Auckland - Central | $1,484,584 | 0.7% | -5.0% |
| Auckland Central - Central suburbs | $1,278,820 | 1.5% | -3.0% |
| Auckland Central - Islands | $1,552,015 | -3.1% | -4.1% |
| Auckland Central - South | $1,329,450 | 0.2% | -6.6% |
| Auckland Central - East | $1,849,142 | 0.8% | -4.9% |
| Auckland - Manukau | $1,161,317 | -1.0% | 1.3% |
| Manukau - Central | $886,527 | -2.1% | -0.4% |
| Manukau - East | $1,455,690 | -1.9% | 1.7% |
| Manukau - North West | $1,018,330 | 0.5% | 2.3% |
| Auckland - Papakura | $914,951 | -1.9% | 2.1% |
| Auckland - Franklin | $907,448 | -1.1% | -3.8% |
| Thames Coromandel | $1,164,156 | 1.1% | 0.7% |
| Hauraki | $641,929 | 0.9% | -3.4% |
| Waikato | $771,779 | 2.4% | 3.5% |
| Matamata Piako | $707,029 | 2.6% | 1.8% |
| Hamilton | $810,325 | 0.3% | 0.5% |
| Hamilton - Central & North West | $756,703 | 0.1% | 0.1% |
| Hamilton - North East | $991,916 | -0.4% | -0.7% |
| Hamilton - South East | $753,723 | 0.6% | 1.9% |
| Hamilton - South West | $717,443 | 1.0% | 0.9% |
| Waipa | $877,198 | 0.9% | 2.0% |
| Otorohanga | $494,048 | -8.2% | -8.1% |
| South Waikato | $425,075 | 1.4% | -3.8% |
| Waitomo | $361,740 | 0.5% | -7.0% |
| Taupo | $841,336 | 0.5% | -0.2% |
| Western BOP | $1,006,800 | 0.3% | 2.2% |
| Tauranga | $1,036,784 | -0.2% | -1.0% |
| Rotorua | $654,663 | 1.9% | 0.9% |
| Whakatane | $723,726 | -2.2% | -1.8% |
| Kawerau | $387,394 | 10.7% | 0.7% |
| Opotiki | $532,622 | 6.6% | 1.4% |
| Gisborne | $603,041 | -1.2% | -0.8% |
| Wairoa | $402,838 | 0.4% | 8.2% |
| Hastings | $800,116 | 0.0% | 2.3% |
| Napier | $762,324 | 0.8% | -0.1% |
| Central Hawkes Bay | $592,950 | 0.7% | 2.9% |
| New Plymouth | $724,458 | 1.1% | 2.6% |
| Stratford | $491,558 | -1.7% | 3.6% |
| South Taranaki | $452,018 | 4.8% | 3.2% |
| Ruapehu | $358,245 | -2.2% | -8.1% |
| Whanganui | $510,514 | 0.6% | 0.3% |
| Rangitikei | $435,297 | 2.5% | 9.5% |
| Manawatu | $611,872 | -0.1% | 1.6% |
| Palmerston North | $653,223 | 0.8% | 2.5% |
| Tararua | $417,258 | 2.8% | 1.3% |
| Horowhenua | $568,732 | 0.3% | 0.4% |
| Kapiti Coast | $829,796 | 2.6% | 1.3% |
| Porirua | $839,397 | 0.3% | 4.7% |
| Upper Hutt | $780,121 | 4.5% | 5.9% |
| Lower Hutt | $796,066 | 0.4% | 2.1% |
| Wellington City | $1,047,948 | 2.3% | 2.1% |
| Wellington - Central & South | $1,000,380 | 2.5% | 2.9% |
| Wellington - East | $1,156,326 | 2.2% | 0.9% |
| Wellington - North | $993,711 | 2.1% | 1.7% |
| Wellington - West | $1,184,304 | 2.7% | 3.7% |
| Masterton | $573,050 | 0.6% | -1.1% |
| Carterton | $627,681 | -0.7% | 0.6% |
| South Wairarapa | $750,357 | 0.8% | -6.4% |
| Tasman | $816,308 | 4.4% | 2.4% |
| Nelson | $791,893 | 1.2% | -1.3% |
| Marlborough | $699,754 | -0.5% | 1.3% |
| Kaikoura | $726,844 | 6.5% | 20.2% |
| Buller | $366,849 | 7.9% | 6.7% |
| Grey | $423,238 | 12.3% | 19.4% |
| Westland | $432,856 | 3.7% | 10.6% |
| Hurunui | $640,496 | 0.8% | 3.0% |
| Waimakariri | $712,048 | 0.7% | 2.3% |
| Christchurch | $761,873 | 0.5% | 3.8% |
| Christchurch - Banks Peninsula | $829,125 | -0.2% | 4.1% |
| Christchurch - Central & North | $868,418 | 1.4% | 3.9% |
| Christchurch - East | $590,618 | -0.7% | 2.2% |
| Christchurch - Hills | $1,073,234 | 1.0% | 3.2% |
| Christchurch - Southwest | $727,135 | 0.5% | 5.3% |
| Selwyn | $837,422 | 0.9% | 2.9% |
| Ashburton | $537,163 | -0.1% | 0.8% |
| Timaru | $526,729 | 0.7% | 2.0% |
| MacKenzie | $745,994 | -1.4% | 6.0% |
| Waimate | $436,261 | 0.7% | -0.3% |
| Waitaki | $487,737 | 3.4% | -0.9% |
| Central Otago | $831,759 | 3.3% | 6.1% |
| Queenstown Lakes | $1,779,124 | -0.1% | 3.9% |
| Dunedin | $645,121 | 1.6% | 4.0% |
| Dunedin - Central & North | $653,508 | 1.8% | 3.8% |
| Dunedin - Peninsular & Coastal | $612,176 | 1.4% | 2.9% |
| Dunedin - South | $610,121 | 2.8% | 4.2% |
| Dunedin - Taieri | $681,911 | 0.6% | 4.6% |
| Clutha | $395,340 | 0.7% | -4.2% |
| Southland | $501,030 | -1.9% | 4.2% |
| Gore | $409,319 | -2.3% | 4.6% |
| Invercargill | $474,581 | 2.3% | 5.3% |
| Auckland Region | $1,290,329 | 0.0% | -1.8% |
| Wellington Region | $926,262 | 1.8% | 2.7% |
| Main Urban Areas | $1,029,960 | 0.4% | -0.1% |
| All of Aotearoa | $933,633 | 0.6% | 0.5% |
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28 Comments
Up 0.5% in 3 months, that's better than zero!
Housing market continues to bounce around. Much as expected.
TTP
That's some heavy cope looking at 3 month old stats after the much more relevant hpi figures murdered you spruikers a couple of weeks ago.
by Harvey W | 1st May 24, 6:37am - "Up 0.5% in 3 months, that's better than zero!"
It's a long way from your forecast 10% increase by years end too! Anyway, back to the real world where credible measurements such as the much respected REINZ HPI are used to measure what's REALLY happening. Much like March, April will likely show another on-trend decline once it's reported in May.
We have well and truly moved on from the "Dead Cat Bounce" or otherwise known as "Bull Trap" or even "Suckers Market" phase and are entering the "the true cost of debt on a declining asset" phase. Add in the post 01-July Brightline jumpers, increased unemployment and other recessionary impacts and from this point, declines could easily accelerate and there is an increasing risk this could easily feed of itself in a reinforced spiral.
Yeah, might be predicting a year too soon huh
"Someone called me pretty yesterday, so I'm quite chuffed. OK, the full term was 'pretty annoying', but I only focus on the good stuff."
You miss read the bottom line. Its up 0.6% in three months actually. Or 2.4% annualised.
There are more houses for sale but how many sold over the month
The results will show a declining number
Link please
When houses are overpriced, they are bound to fall and that process is underway..
Farewell house price recovery, we barely knew thee...
Dead Cat Bounce of Spring well and truly confirmed.
Still alive and well on the shore HM...
Really? -0.3% overall on the Shore, during peak property season
eh.....crickets are unseasonably noisy at the moment😆
Thats normal behaviour for a sideways market... a little to the left and a little to the right... lets do the time warp again
Old news - REINZ and QV have already reported this in previous months.
Got to feed the DGMs, they love it...
wellington prices are having a second dip I believe.
Maybe, but not according to the data above.
Luxon doesn't have the Ardern touch when it comes to house prices.
Neither are relevant when compared to the awesome power in Orr's hands.
Lots more red to come yet over next 2 years.
Not that way in Australia but they have gone to the same dump place that we went to on house values and the consequences of this is huge social issues seen this this all before in NZ.
Australia ripe for a huge haircut don't waste your time and money going to Aussie you will be know better off than in NZ and social issues 100 time worse.
Climate change will be the real problem over there.
I have always believed that rolling averages can tell you about market turnarounds, we would have to see this index print positive for 6 months to confirm that a bottom is in, I think last month actual data and winter is going to cause negative prints....
Summer is going to be very interesting given little will sell over winter.
There is a lot of regional patchiness, but the data ends with saying that there has be an average 0.6% increase in house values across NZ in the last 3 months.
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