Median residential dwelling values declined for the ninth consecutive month in November, according to property data company CoreLogic.
The national median dwelling value was $800,795 in November, -0.4% for the month, -0.8% for the three months to November and -3.5% compared to November last year, according to CoreLogic's Home Value Index for November. (See the table below for the figures for most of the country).
That equates to a decline of $29,100 in the national median dwelling value over the 12 months to November.
"November's results indicate a market that's still in a holding pattern - not falling to any significant extent but not rising emphatically either," CoreLogic Chief Property Economist Kelvin Davidson said.
"As we've seen many times before, the ability of lower interest rates to kickstart housing market sentiment and sales transactions, as well as property values, shouldn't be underestimated," he said.
"But it's also important to note that there are several factors pushing in the other direction at present, such as the overhang of available listings and the weak labour market.
"Although the recent downturn in property values may come to an end soon, it won't necessarily give way to a sharp or sudden upturn," he warned.
| CoreLogic Hedonic Home Value Index | ||||
| Residential Dwellings | ||||
| November 2024 | ||||
| District | Median Dwelling Value | Monthly change | Quarterly change | Annual change |
| All of Aotearoa | $800,795 | -0.4% | -0.8% | -3.5% |
| Far North District | $640,861 | -1.4% | -2.8% | -7.8% |
| Whangarei District | $707,777 | -0.9% | -1.7% | -5.5% |
| Kaipara District | $739,740 | -1.6% | -1.8% | -9.4% |
| Auckland - Rodney | $1,203,130 | -0.6% | -0.6% | -3.7% |
| Auckland - North Shore | $1,275,196 | 0.3% | 0.9% | -4.8% |
| Auckland - Waitakere | $920,073 | -0.2% | -0.4% | -6.5% |
| Auckland - City | $1,137,810 | -0.6% | -1.7% | -7.5% |
| Auckland - Manukau | $1,001,359 | -0.4% | -0.6% | -5.8% |
| Auckland - Papakura | $828,763 | 0.0% | 0.0% | -7.4% |
| Auckland - Franklin | $927,133 | -0.8% | -1.5% | -3.8% |
| Thames-Coromandel District | $988,556 | -0.8% | -2.4% | -2.3% |
| Hauraki District | $646,272 | -0.3% | -0.8% | -0.6% |
| Waikato District | $920,894 | -1.0% | -1.9% | -0.2% |
| Matamata-Piako District | $689,060 | -0.6% | -1.2% | -3.2% |
| Hamilton City | $711,016 | -0.5% | -0.5% | -0.7% |
| Waipa District | $891,751 | -0.2% | -1.9% | -2.4% |
| Otorohanga District | $602,512 | -0.2% | -1.9% | -4.0% |
| South Waikato District | $407,807 | -0.5% | -2.4% | -1.2% |
| Waitomo District | $457,449 | -0.6% | -2.3% | -1.4% |
| Taupo District | $759,317 | -1.8% | -1.6% | 0.2% |
| Western Bay of Plenty District | $1,034,121 | -0.8% | -1.5% | -3.3% |
| Tauranga City | $895,662 | 0.0% | -0.3% | -4.3% |
| Rotorua District | $617,747 | 0.0% | -0.8% | -1.1% |
| Whakatane District | $671,671 | -0.4% | -1.8% | -6.3% |
| Kawerau District | $388,240 | -0.4% | -0.5% | -5.9% |
| Opotiki District | $616,670 | 0.3% | -1.9% | 3.4% |
| Gisborne District | $591,140 | -0.9% | -0.7% | -6.2% |
| Wairoa District | $403,441 | -0.5% | -0.6% | -6.2% |
| Hastings District | $712,634 | 0.2% | 0.5% | -2.8% |
| Napier City | $686,926 | -0.2% | -0.9% | -3.8% |
| Central Hawke's Bay District | $589,963 | -0.3% | 0.1% | -1.8% |
| New Plymouth District | $683,868 | -0.2% | 0.4% | 5.3% |
| Stratford District | $498,793 | -0.2% | -0.3% | -2.2% |
| South Taranaki District | $404,292 | 0.3% | -1.4% | -3.9% |
| Ruapehu District | $383,086 | -0.1% | -2.1% | -1.5% |
| Whanganui District | $481,991 | -0.3% | -0.6% | 3.6% |
| Rangitikei District | $454,677 | -0.2% | -1.9% | -3.5% |
| Manawatu District | $593,785 | -0.8% | -2.8% | -1.3% |
| Palmerston North City | $600,225 | 0.0% | -0.4% | -2.8% |
| Tararua District | $410,377 | -0.2% | -0.6% | -5.1% |
| Horowhenua District | $511,160 | -0.4% | -0.5% | -3.4% |
| Kapiti Coast District | $778,536 | -0.2% | -2.2% | -3.4% |
| Porirua City | $720,310 | -0.6% | -1.3% | -4.8% |
| Upper Hutt City | $731,955 | -0.9% | -1.8% | -3.8% |
| Lower Hutt City | $695,747 | -0.6% | -1.3% | -5.0% |
| Wellington City | $886,467 | -1.2% | -2.5% | -6.7% |
| Masterton District | $532,865 | -0.4% | 0.2% | -2.3% |
| Carterton District | $651,862 | -0.8% | -3.8% | -9.0% |
| South Wairarapa District | $761,281 | 0.0% | -1.6% | -8.9% |
| Tasman District | $840,493 | 0.0% | -1.0% | 1.2% |
| Nelson City | $728,558 | 0.3% | 0.8% | 0.6% |
| Marlborough District | $666,180 | 0.3% | 1.1% | 0.7% |
| Kaikoura District | $779,709 | 1.1% | 0.7% | 5.0% |
| Buller District | $357,172 | -0.8% | -4.3% | -1.4% |
| Grey District | $387,586 | -2.1% | -5.0% | 0.5% |
| Westland District | $457,773 | -0.8% | -3.1% | 1.0% |
| Hurunui District | $698,536 | -0.1% | -0.3% | 1.0% |
| Waimakariri District | $762,814 | -0.3% | -0.2% | -0.6% |
| Christchurch City | $671,344 | 0.1% | 0.5% | 1.5% |
| Selwyn District | $878,670 | 0.6% | 0.1% | 1.1% |
| Ashburton District | $556,075 | 0.1% | 1.6% | 3.2% |
| Timaru District | $525,909 | -0.3% | -0.2% | 2.2% |
| Mackenzie District | $692,327 | 0.7% | 0.5% | 0.7% |
| Waimate District | $510,774 | 0.3% | -0.1% | -0.7% |
| Waitaki District | $472,614 | 0.7% | -0.6% | 2.1% |
| Central Otago District | $843,806 | 0.7% | 1.3% | 2.9% |
| Queenstown-Lakes District | $1,499,130 | -0.8% | -1.1% | 2.0% |
| Dunedin City | $615,545 | 0.4% | 0.6% | 1.5% |
| Clutha District | $409,688 | 0.1% | 0.9% | 3.3% |
| Southland District | $543,973 | 0.8% | 1.1% | 5.7% |
| Gore District | $416,472 | -0.2% | -0.1% | 2.7% |
| Invercargill City | $465,300 | -0.5% | -0.4% | 4.6% |
57 Comments
“May come to end soon”
Yes, well that would be a lovely RE industry fairytale wouldn’t it.
Seems that cocaine stimulus just doesn’t hit the way it used to….
It’s 6am and everybody is booking their Ubers while the greasy haired RE guy with pupils the size of saucers in the corner continues on his own, not realising the house is a mess and there’s nobody left at the party..
Looks like even Tony the comb has left the party in an Uber:
More drops to come definitely, then I imagine it will plateau, then after that it’ll rise…almost as if it’s cyclical 🤔🤦🏻♂️😂
Good to see prices correct, with the state of the economy I still think they’ll use housing & construction to try & pull it back from the trouble we’re in so in a year it’ll be the other sides time to party. Hopefully I’m wrong & the govt chip in with some fiscal stimulus but I’m doubtful, they’ve f*^ked it pretty good.
Genuine question. What will building houses produce for the country other than debt? ie how will it pull the economy out of the slump we're in by taking on debt to build non-productive buildings? I get that the stimulus might help bring back confidence in the market to get money circulating again but surely it's got to have some productive foundation so that we don't end up in a high housing debt environment that we're currently in where we continue to bleed money as a country.
Read comments now and again, thanks for your concern. Smarter to avoid conversations with people who consider themselves smart like retired poppy who have term deposits as investments. Yea - that’s not my crowd.
i wonder how many of you have been to open homes recently. The falls are literally in the 0.3 % range and you muppets are still celebrating. The end is nigh for you pessimists. Falls have just about abated.
Ah yes, says the people that have never bought anything because it “may go down tomorrow bro” In the interim, let’s just jump up and down at every headline on here daily like little girls, because that’s what anyone who’s “ made it” does right?
Tell me you are a not financially successful without telling me you’re not.
Wingman was very confident of his wife's canny ability to pick great investment opportunities. Now, checking in on reality: Riverhead prices have continued falling since June
I'd have to disagree with some of this statement
"November's results indicate a market that's still in a holding pattern - not falling to any significant extent but not rising emphatically either," CoreLogic Chief Property Economist Kelvin Davidson said.
Holding pattern? more like sustained price decreases
not falling to any significant extent? - if you say so
not rising emphatically either - you got that right
When it's this bad, Big Housing, just have to spin a dream-based case, to keep the spruikers hooked.
Then, when it gets worse- The powerful, all seeing, Eye Of Sauren REA Industrial Complex, has to simply lie in the face of the bad and increasingly negative stats.
“The Man” reads the figures where he is, and can only see prices rising?
There have been some good buying opportunities and have taken them.
As I have said before many times, despite the media the housing market is more than Auckland thst we all know was over valued due to immigration mainly.
I feel like The Man may need to get his glaucoma checked. The amount of new listings coming onto the beloved Christchurch market is accelerating vs sales. I don’t have the business acumen of the man however I believe that implies prices aren’t going anywhere - leaving ROI,which is already 💩, looking even even worse as time goes by.
I've been looking at Christchurch for a while. Properties were sitting on the market for months prior to August (while going from auction to deadline to offers above to fixed price). Since the interest rates started dropping there's firmer prices for good residential properties in good areas. As you say now a noticeably increasing volume on the market.
So will this become like the 70s? I.e. a 10+ year flatline with prices going backwards in inflation adjusted terms?
The situation is very similar. I.e. massive zoning and intensification changes together with a supply boom.
By golly. I think it will be. (As I've saying for a very long time now.)
So forget those un-taxed capital gains unless you bought 15+ years ago. And let's not forget a CGT is inevitable.
So in a nutshell ... FHBs and OOs are in for a good time. 'Investors' would be muggles to buy anything that isn't cashflow positive with a decent NET yield from the very first day of taking ownership.
Yep the real estate prices and economy picks up in the deep south first and works its way up the country - sorry Auckland, you'll have to wait a while
If you've been around the country for a while you'll know thats how it works as we are more dependent on the primary sector than many would like to believe
Red Meat
Farm profit is forecast to decrease 7.4% — to an average $45,200 per farm. While we expect a small increase in revenue, this is offset by higher increases in expenditure.
new-season-outlook-2024-25.pdf
Dairy
The operating profit of $3017 per hectare in 2022-2023 was down 27% on the previous season, a consequence of lower gross farm revenue, down 8%, and higher operating expenses, up 3%, DairyNZ said
Dairy farm owners take a hit in operating profit as economic crunch bites: new survey - NZ Herald
It took a pandemic and the highest negative real interest rates since the OCR was introduced in 1999 for asset prices to inflate significantly. We are in a different regime now. We rarely have seen positive real interest rates like this since the GFC. Keep an eye on unemployment and liquidations. Mute the noise. Resistance is futile
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.