Property values continue to fall
CoreLogic’s Home Value Index (HVI) showed that property values across New Zealand fell by 0.5% in August, marking the sixth consecutive monthly decline and a total drop of 3.7% since February.
Housing affordability still stretched
The median value of properties now stands at $811,583, remaining 17% above pre-COVID levels but 17% lower than the January 2022 peak. 
“Housing affordability is still stretched, while at the same time the labour market downturn is fully underway,” said Kelvin Davidson (pictured above), CoreLogic NZ chief property economist.
See LinkedIn post here.
Auckland and Wellington face continued declines
In Auckland, values dropped by 1%, with Auckland City and Papakura seeing the largest falls of 1.4% and 1.7%, respectively. In Wellington, values stabilised slightly, with Wellington City recording a modest 0.2% increase after recent declines.
Buyers hold bargaining power
Davidson noted that the current market favours buyers due to an elevated stock of listings and recent mortgage rate reductions.
“The bargaining power lies with buyers,” he said said, while emphasising that affordability challenges still remain, especially in markets like Auckland and Wellington.
Read the CoreLogic NZ media release here.
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