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Otago Daily Times
7 days ago
- Business
- Otago Daily Times
House prices up more than 11% year-on-year
House values in Gore have experienced a significant increase over the past year, as the agriculture sector continues to build in confidence. In Gore, average values increased 8.8% over the past three months to $447,856, which is 11.3% higher than they were in June last year. According to the latest QV House Price Index, that was compared with values across the whole province, which dipped 1% over the past quarter to $530,125, though they were 0.5% higher year-on-year. QV Invercargill registered valuer Andrew Ronald said listings remained tight, helping to support values alongside stable demand. "The strength of the dairy and wider primary sector continues to underpin confidence in the Southland property market, with Gore's strong value rises reflecting this regional resilience." Invercargill values rose 1.6% over the past three months to an average value of $506,567 which is 4.3% higher year-on-year and 5.3% higher than the nationwide peak of late 2021. Mr Ronald said Invercargill's property market remained active, with steady interest from first-home buyers and investors seeking well-priced homes. "Buyer caution is evident at the upper end of the market, with limited activity above $1 million," he said. The index showed values in the Queenstown Lakes District rising again, up 1.9% in the June quarter, bucking the downward trend seen in the May quarter. Values were 1.3% higher year-on-year. The average value was now $1,852,904 which was 16.4% higher than the nationwide peak of late 2021. QV Queenstown registered valuer Greg Simpson said buyer interest in Queenstown remained steady, supported by winter tourism and easing interest rates. "Rising stock levels are giving buyers more choice while helping to keep values in check. "Despite economic uncertainty, the market remains resilient and a positive trend in the market can be seen with values ticking up over the past three months," he said. Central Otago values rose slightly (0.6%) in the June quarter; while Clutha and Waitaki values dropped (1.6%) and (0.7%) respectively. — APL
1News
08-07-2025
- Business
- 1News
Average house values decrease slightly — but some regions see gains
Average house values have dipped slightly in the June quarter, down 0.3% to an average value of $910,479. The June quarter period runs from April 1 to June 30. In the latest QV House Price Index, QV said values in the main centres have softened under high stock levels and cautious buyer sentiment, but some regions have had significant gains. The average home value is -0.6% lower than last year, and -14.5% lower than its peak in late 2021. Average house prices lifted in Queenstown (1.9%), Invercargill (1.6%), Whangarei (0.3%), and Hamilton (0.5%). They remained steady in Tauranga (0.1%), and Christchurch (0.1%), and dropped in Auckland (-1%), Wellington (-2.3%), and Dunedin (-1.5%). ADVERTISEMENT The morning's headlines in 90 seconds, including what the jury saw at the mushroom murder trial, where house prices are climbing, and why YouTube's biggest star has business plans in NZ. (Source: 1News) QV national spokesperson Andrea Rush said buyers were taking advantage of easing interest rates as well as increased choice in the market. First-home buyers and owner-occupiers remained the most active, particularly in the lower to mid-value areas where affordability was in reach, she said. Regions moving in different directions 'Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as the Far North (5.8%), Wairoa (12.6%), Waitomo (5.2%), Buller (6.2%) and Gore (8.8%), while others continue to track lower due to economic uncertainty and a cautious buyer pool,' Rush said. She noted that falling interest rates were easing affordability pressures. The Reserve Bank would be reviewing the OCR this week, with some expecting a 0.25% cut, although many predicted it would hold at 3.25%. ADVERTISEMENT 'Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak,' Rush said. 'However, it's unclear how much of this reflects new purchases versus refinancing. 'Ongoing global conflict, economic uncertainty, and rising living costs are likely to limit any significant upswing in the near term.'
Scoop
07-07-2025
- Business
- Scoop
New Zealand Housing Market Dips As Opportunities For Buyers Increase
Press Release – QV HPI The latest QV House Price Index shows the average national home value fell 0.3% over the June quarter to $910,479, leaving values 0.6% lower than a year ago and around 14.5% below the markets peak in late 2021. The average New Zealand residential property value has decreased slightly with values in the main centres easing due to high stock levels and cautious buyer sentiment, while some regions saw significant gains. The latest QV House Price Index shows the average national home value fell 0.3% over the June quarter to $910,479, leaving values 0.6% lower than a year ago and around 14.5% below the market's peak in late 2021. Values rose in Queenstown and Invercargill, while creeping up a little in Whangarei, Hamilton, Tauranga and Christchurch, while Auckland, Wellington and Dunedin recorded further declines, highlighting ongoing variability across the main urban areas. QV National Spokesperson Andrea Rush said buyers were taking advantage of increased choice and easing interest rates, with first-home buyers and owner-occupiers remaining the most active, particularly in lower to mid-value areas where affordability is within reach. 'Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as Wairoa (12.6%), Gore (8.8%), Buller (6.2%), the Far North (5.8%) and Waitomo (5.2%), while others continue to track lower due to economic uncertainty and a cautious buyer pool,' Ms Rush said. She noted that falling interest rates are easing affordability pressures. The Reserve Bank reviews the OCR this week, with some expecting a 0.25% cut, though many predict it will hold at 3.25%. 'Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak,' she said. 'However, it's unclear how much of this reflects new purchases versus refinancing.' 'Ongoing global conflict, economic uncertainty, and rising living costs are likely to limit any significant upswing in the near term.' Northland The upswing in the Northland market continues with values rising 2.1% in the three months to June. The average value across the region is $741,628. Values are now just 0.6% lower year on year. In the three months to June, values in the Far North rose a massive 5.83% and the average property value jumped nearly $10,000 from $705,192 in the June quarter to $714,029. In Whangarei, the average value is $736,179 after a slight quarterly rise of 0.3%. While Kaipara's average value is $841,032, after a slight 0.7% lift over the quarter. Auckland The Auckland property market saw values edge down overall in June as high stock levels and cautious buyer sentiment continued to weigh on prices, with some localised pockets of resilience emerging across the Super City. The average home value across the Auckland Region dropped 1.0% in the June quarter and is now $1,232,340, which is 1.4% lower than in June 2024 and 18.8% lower than the market's nationwide peak of late 2021. In the June quarter the only area to see values increase was the local council areas previously known as Auckland City (0.1%). While other areas of the region saw a decline in values over the quarter; Manukau (-1.2%); North Shore (-1.7%), Waitakere (-1.0%), Rodney (-0.04%), Papakura (-0.1%); and Franklin (-0.6%). QV Auckland Registered Valuer, Hugh Robson said the Auckland housing market is much the same as last month, with high levels of stock on the market across most suburbs helping to keep prices fairly stable. 'For now, buyers have the upper hand, with many agents continuing to report low attendance numbers at open homes. Some buyers are making cheeky offers to see what might be accepted in the current market,' Mr Robson said. Despite these conditions, he noted steady activity from first-home buyers, particularly in the city's low to medium value suburbs, where affordability remains within reach. 'New multi-townhouse developments also continue to be built across the city, adding to the options available for buyers and renters alike. Interest rates remain relatively low, providing some comfort for those entering the market, while rental levels are fairly stable at the moment,' he said. Waikato The latest QV House Price Index shows Hamilton's average home is now worth $791,707, with values continuing a slight upward trend from last month, rising 0.5% over the June quarter. Values are now 1.2% higher than this time last year and 13.4% lower than the nationwide peak of late 2021. QV Hamilton Registered Valuer Marshall Wu said the Waikato market was continuing to show a 'generally positive trend' this year, with Hamilton City and several major districts recording modest value growth so far in 2025. 'There's been some renewed confidence among buyers and sellers as the OCR has remained lower for a sustained period, helping to support market activity and making housing a bit more accessible for first-home buyers. However, with inflation on the rise, the market now expects only limited further cuts in the months ahead,' he said. 'A soft economy, lower population growth, and global uncertainty are still constraining housing demand across the region. Real estate agents are telling us there's still plenty of stock on the market, and sellers are having to adjust expectations on price. Buyers, meanwhile, are being cautious in light of a looser labour market and persistently high unemployment. 'Overall, we're still expecting values to post a modest rise in 2025, but it's likely to be at a slower pace.' The Waikato Region demonstrated strengthening market activity in June with a 1-month increase of 0.1% and a 3-month gain of 0.5%. The average home value now stands at $818,230, up from $791,909. The Waitomo District surged 4.9% over 3 months and 5.2% annually, while the Taupo District recorded a -6.6% half yearly drop. Hauraki values also rose 1.1% over the June quarter and are 4.1% higher year on year; while Thames/Coromandel inched up by 0.1% in the June quarter and 1.4% year on year, while the Waikato District was up 2.1% over the past three months and 1.6% year on year. Ōtorohanga and Waipa districts, also recorded quarterly gains of 0.2% and 1.8% respectively. While South Waikato values decreased 2.5% over the quarter. Bay of Plenty Home values in Tauranga are essentially flat, rising just 0.1% over the past three months to an average of $1,024,609. This is 0.3% lower than a year ago and 12.2% below the nationwide peak of late 2021. Across the Bay of Plenty, the average value is also flat, dipping 0.3% this quarter to $887,954 and 0.3% annually. QV North Island Revaluation Manager Sophie Treder said, 'In Tauranga, values have held steady, with only a slight lift over the past quarter, while across the wider region, average values have seen a marginal decline.' She noted owner-occupiers and first-home buyers continue to be the main drivers of activity, with an uptick in investor interest adding to market dynamics. 'Most sellers are setting prices that align with market conditions, although some are entering the market with higher expectations before adjusting to meet buyer sentiment,' she said. Rotorua and Gisborne recorded quarterly declines of 0.5% and 0.9% respectively, while Whakatane fell 1.4%. Opotiki District saw the largest drop in the region, down 6.6% for the quarter. Kawerau District was the only area to record growth, with values up 3.0% in the three months to June. Hawkes Bay Napier City home values were flat, up just 0.1% over the past three months to a new average value of $755,772 which is 0.7% lower year on year and 15.3% lower than the previous peak of January 2022. Hastings values rose 0.7% over the past three months to a new average of $774,602 which is 1.8% lower than the same time last year and 15.8% below the nationwide peak of late 2021. Meanwhile, Wairoa saw values one of the highest increases in the country rising 12.6% in the three months to June and 27.2% year on year to a new average value of $483,244. While Central Hawke's Bay District increased 0.9% over the quarter and values are 3.2% lower year on year with a new average value of $553,179. Taranaki The Taranaki region has seen a recent positive trend with home values up 0.4% over the past three months and 1.7% in the year to June. In New Plymouth, values rose 0.2% in the June quarter and are 1.4% higher year on year with the average home now worth $725,326 which is 2.8% lower than the peak. Values continued to rise in South Taranaki, up 2.6% over the quarter to June, and 3.7% year on year to $448,875; while Stratford dropped 2.4% over the quarter to an average value of $487,455 which is 1.6% higher year on year. QV New Plymouth Registered Valuer Danny Grace said the Taranaki market was maintaining steady momentum, with values holding firm across much of the region. 'In New Plymouth, activity has picked up, and there's more confidence among buyers and sellers, particularly in the lower end of the market where demand remains healthy,' he said. Mr Grace noted that while interest in well-located, modern homes was steady, the higher end of the market was seeing less buyer interest, with longer selling times and fewer active purchasers. 'While the region isn't experiencing rapid growth, the market is holding its ground, supported by a consistent level of demand, particularly from buyers focused on more affordable segments,' he said. Palmerston North Home values in Palmerston North dipped 0.5% over the June quarter and homes there are now worth on average $632,536, which is 0.8% lower than this time last year and 13.5% below the nationwide market peak in late 2021. QV Palmerston North Registered Valuer Olivia Betts said the Palmerston North property market was showing signs of softening, with prices edging down slightly in recent months. 'It's not a dramatic drop, but this easing reflects broader market conditions and seasonal trends,' she said. 'Overall, the market remains relatively stable, but recent data suggests a modest cooling. We expect the usual winter slowdown to keep activity subdued in the short term, with the potential for a rebound as spring approaches,' Ms Betts said. Wairarapa Home values rose in the June quarter across the Wairarapa region with values increasing 1.6% to an average value of $626,716 which is 3.4% lower than this time a year ago. Our latest QV House Price Index shows Masterton's average home value has increased 1.4% this quarter to $570,468. Carterton's average home rose in value by 3.1% to $622,268 and home values in South Wairarapa rose 1.3% to a new average of $755,498. Wellington Residential property values have continued their downward trend across Wellington this quarter. The average value across the Wellington metropolitan area decreased 2.3% over the June quarter to $844,599 which is 5.5% lower year on year and 26.1% below the nationwide peak of late 2021. All the areas saw values decrease again over the June quarter: Wellington City fell 2.9%; Hutt City was down 2.5%; Porirua and Upper Hutt both saw values down slightly by 0.7%. QV Wellington Registered Valuer, Jack Whiteman said, 'Moving past the mid-point of the year the residential property market has continued to decrease marginally in the wider Wellington region. Despite the OCR cut in June to 3.25% and lowering interest rates, there is still a widespread uncertainty for most prospective buyers looking to enter the market.' 'The decreasing interest rates have not yet coincided with positive property market growth. This could be due to owner occupiers not yet rolling off fixed rates, or it is also likely that other regional economic drivers will need to come into play before this is to happen,' he said. 'With ample property supply In the Wellington region, buyers still have a wide range of choice. The combination of employment uncertainty, especially in the public sector, and a healthy supply of property is the leading driver to this relatively flat property market,' he said. Nelson-Tasman-Marlborough Home values in Nelson dipped 1.2% over the June quarter to an average of $785,022 but increased 1.7% year on year and are now 9.8% lower than the nationwide peak of late 2021. Tasman values also fell 2.3% to $811,897, and were 0.7% lower year on year and 11.3% lower than the previous peak of January 2022. While Marlborough saw a slight 0.6% rise to $699,172 in the June quarter which is $1.7% lower than a year ago and 4.5% lower than the nationwide peak of late 2021. QV Nelson/Marlborough manager Craig Russell said winter has seen a number of properties withdrawn from the market, reducing inventory from last year, though levels remain well above the 2022 peak. 'Price reductions are continuing, especially at the upper end of the market where some properties are still overpriced. Accurate pricing is essential for a successful sale,' he said. Mr Russell noted the market was most active in the $550,000 to $800,000 range, with good open home attendance and strong interest from first-home buyers taking advantage of softer prices and lower interest rates. West Coast Our QV House Price Index for June shows the Westcoast region saw values rise 1.7% over the past three months to a new average value of $439,550 which is an 8.1% increase year on year. Average home values in Buller were up 6.2% over the past three months to $389,642, 8.9% year on year which is 15.1% higher than the nationwide peak of late 2021. Grey rose 0.5% to $453,675, which is 7.0% higher year on year and 27.2% higher than the nationwide peak of late 2021; while values in Westland dipped 0.8% to $479,875 but were 8.8% higher year on year and which is 22.5% higher than the nationwide peak of late 2021. Canterbury Christchurch's average home values lifted marginally by 0.1% in the June quarter to $775,352. This is an annual increase of 1.5% values are now 0.1% lower than the nationwide peak of late 2021. QV Christchurch Registered Valuer, Olivia Brownie said, 'Sales activity appears to still be consistent, with good buyer demand for the region, there is still a large stock of listings giving buyers a bit of the upper hand over the last few months.' 'Keeping the steady interest from having any significant impact of house value growth at the moment. The region is still showing mild year on year growth and resilience amid national slowdowns.' Neighbouring districts are following a similar path with a slight downtrend in values. The Waimakariri District recording 0.1% growth over the past quarter, a minimal change from the 0.2% growth in the previous quarter, the average house value now $720,352. The Selwyn District average house value is $849,915, with a 0.7% three monthly growth recorded, a slight change from the 0.9% seen in the previous quarter. Dunedin The Dunedin market is a mixed bag with some areas seeing double digit drops over past quarter and year on year while others continuing to see values increasing. Overall our QV House Price Index for June 2025 shows the average value across the city as dropped 1.5% over the past quarter and 1.3% year on year. The average home is now worth $635,155 which is 11.5% lower than the nationwide peak of late 2021. Dunedin South values have dropped 2.0% over the June quarter they are 10.0% higher than in June a year ago. In contrast Dunedin Central (-15.1%), Taieri (-20.0%) and Dunedin Peninsula and Coastal (-10.0%) areas have seen some huge drops in value over the past year with Dunedin Taieri values plunging 9.0% over the past three months alone. QV Dunedin Registered Valuer Becs Wilde said, 'There's still a high number of listings which continues to provide opportunities for well-prepared buyers (with finance in place) room for negotiation.' 'Demand for well-presented properties with no defects continues to be strong, with multiple offers being made,' she said. Becs Wilde noted that over the past year, the lower quartile of Dunedin's market has reduced at a greater rate than the upper quartile, down 2.0% compared to a 0.4% decline, indicating demand remains stronger in higher-value areas. 'City-wide, growth has remained positive, albeit minimal, for North Dunedin and South Dunedin, while the Central City, Taieri, and Peninsula and Coast have tracked close to or above negative 10% year-on-year,' she said. Queenstown Our QV House Price Index for June shows values in the Queenstown Lakes District are rising again, up 1.9% in the June quarter, bucking the downward trend seen in the May quarter. Values are 1.3% higher year on year. The average value is now $1,852,904 which is 16.4% higher than the nationwide peak of late 2021. QV Queenstown Registered Valuer Greg Simpson said, 'Buyer interest in Queenstown remains steady, supported by winter tourism and easing interest rates.' 'Rising stock levels are giving buyers more choice while helping to keep values in check. New builds and a flattening in rental prices are adding to buyer options across the district.' 'Despite economic uncertainty, the market remains resilient and a positive trend in the market can be seen with values ticking up over the past three months. Central Otago values rose slightly (0.6%) in the June quarter; while Clutha and Waitaki values dropped (1.6%) and (0.7%) respectively. Southland Invercargill values rose 1.6% over the past three months to an average value of $506,567 which is 4.3% higher year on year and 5.3% higher than the nationwide peak of late 2021. While in Gore, values increased 8.8% over the quarter to $447,856 which is 11.3% higher year on year; while Southland values dipped 1.0% over the past three months to $530,125 and are 0.5% year on year. QV Invercargill Registered Valuer Andrew Ronald said, 'Invercargill's property market remains active, with steady interest from first-home buyers and investors seeking well-priced homes.' 'Buyer caution is evident at the upper end of the market, with limited activity above $1 million.' 'Listings remain tight, helping to support values alongside stable demand. The strength of the dairy and wider primary sector continues to underpin confidence in the Southland property market, with Gore's strong value rises reflecting this regional resilience.'
Scoop
07-07-2025
- Business
- Scoop
New Zealand Housing Market Dips As Opportunities For Buyers Increase
The average New Zealand residential property value has decreased slightly with values in the main centres easing due to high stock levels and cautious buyer sentiment, while some regions saw significant gains. The latest QV House Price Index shows the average national home value fell 0.3% over the June quarter to $910,479, leaving values 0.6% lower than a year ago and around 14.5% below the market's peak in late 2021. Values rose in Queenstown and Invercargill, while creeping up a little in Whangarei, Hamilton, Tauranga and Christchurch, while Auckland, Wellington and Dunedin recorded further declines, highlighting ongoing variability across the main urban areas. QV National Spokesperson Andrea Rush said buyers were taking advantage of increased choice and easing interest rates, with first-home buyers and owner-occupiers remaining the most active, particularly in lower to mid-value areas where affordability is within reach. 'Regional divergence is becoming more evident, with more affordable markets recording notable quarterly gains such as Wairoa (12.6%), Gore (8.8%), Buller (6.2%), the Far North (5.8%) and Waitomo (5.2%), while others continue to track lower due to economic uncertainty and a cautious buyer pool,' Ms Rush said. She noted that falling interest rates are easing affordability pressures. The Reserve Bank reviews the OCR this week, with some expecting a 0.25% cut, though many predict it will hold at 3.25%. 'Some buyers may be anticipating lower rates, with bank activity back to mid-2022 levels after the market peak,' she said. 'However, it's unclear how much of this reflects new purchases versus refinancing.' 'Ongoing global conflict, economic uncertainty, and rising living costs are likely to limit any significant upswing in the near term.' Northland The upswing in the Northland market continues with values rising 2.1% in the three months to June. The average value across the region is $741,628. Values are now just 0.6% lower year on year. In the three months to June, values in the Far North rose a massive 5.83% and the average property value jumped nearly $10,000 from $705,192 in the June quarter to $714,029. In Whangarei, the average value is $736,179 after a slight quarterly rise of 0.3%. While Kaipara's average value is $841,032, after a slight 0.7% lift over the quarter. Auckland The Auckland property market saw values edge down overall in June as high stock levels and cautious buyer sentiment continued to weigh on prices, with some localised pockets of resilience emerging across the Super City. The average home value across the Auckland Region dropped 1.0% in the June quarter and is now $1,232,340, which is 1.4% lower than in June 2024 and 18.8% lower than the market's nationwide peak of late 2021. In the June quarter the only area to see values increase was the local council areas previously known as Auckland City (0.1%). While other areas of the region saw a decline in values over the quarter; Manukau (-1.2%); North Shore (-1.7%), Waitakere (-1.0%), Rodney (-0.04%), Papakura (-0.1%); and Franklin (-0.6%). QV Auckland Registered Valuer, Hugh Robson said the Auckland housing market is much the same as last month, with high levels of stock on the market across most suburbs helping to keep prices fairly stable. 'For now, buyers have the upper hand, with many agents continuing to report low attendance numbers at open homes. Some buyers are making cheeky offers to see what might be accepted in the current market,' Mr Robson said. Despite these conditions, he noted steady activity from first-home buyers, particularly in the city's low to medium value suburbs, where affordability remains within reach. 'New multi-townhouse developments also continue to be built across the city, adding to the options available for buyers and renters alike. Interest rates remain relatively low, providing some comfort for those entering the market, while rental levels are fairly stable at the moment,' he said. Waikato The latest QV House Price Index shows Hamilton's average home is now worth $791,707, with values continuing a slight upward trend from last month, rising 0.5% over the June quarter. Values are now 1.2% higher than this time last year and 13.4% lower than the nationwide peak of late 2021. QV Hamilton Registered Valuer Marshall Wu said the Waikato market was continuing to show a 'generally positive trend' this year, with Hamilton City and several major districts recording modest value growth so far in 2025. 'There's been some renewed confidence among buyers and sellers as the OCR has remained lower for a sustained period, helping to support market activity and making housing a bit more accessible for first-home buyers. However, with inflation on the rise, the market now expects only limited further cuts in the months ahead,' he said. 'A soft economy, lower population growth, and global uncertainty are still constraining housing demand across the region. Real estate agents are telling us there's still plenty of stock on the market, and sellers are having to adjust expectations on price. Buyers, meanwhile, are being cautious in light of a looser labour market and persistently high unemployment. 'Overall, we're still expecting values to post a modest rise in 2025, but it's likely to be at a slower pace.' The Waikato Region demonstrated strengthening market activity in June with a 1-month increase of 0.1% and a 3-month gain of 0.5%. The average home value now stands at $818,230, up from $791,909. The Waitomo District surged 4.9% over 3 months and 5.2% annually, while the Taupo District recorded a -6.6% half yearly drop. Hauraki values also rose 1.1% over the June quarter and are 4.1% higher year on year; while Thames/Coromandel inched up by 0.1% in the June quarter and 1.4% year on year, while the Waikato District was up 2.1% over the past three months and 1.6% year on year. Ōtorohanga and Waipa districts, also recorded quarterly gains of 0.2% and 1.8% respectively. While South Waikato values decreased 2.5% over the quarter. Bay of Plenty Home values in Tauranga are essentially flat, rising just 0.1% over the past three months to an average of $1,024,609. This is 0.3% lower than a year ago and 12.2% below the nationwide peak of late 2021. Across the Bay of Plenty, the average value is also flat, dipping 0.3% this quarter to $887,954 and 0.3% annually. QV North Island Revaluation Manager Sophie Treder said, "In Tauranga, values have held steady, with only a slight lift over the past quarter, while across the wider region, average values have seen a marginal decline." She noted owner-occupiers and first-home buyers continue to be the main drivers of activity, with an uptick in investor interest adding to market dynamics. 'Most sellers are setting prices that align with market conditions, although some are entering the market with higher expectations before adjusting to meet buyer sentiment,' she said. Rotorua and Gisborne recorded quarterly declines of 0.5% and 0.9% respectively, while Whakatane fell 1.4%. Opotiki District saw the largest drop in the region, down 6.6% for the quarter. Kawerau District was the only area to record growth, with values up 3.0% in the three months to June. Hawkes Bay Napier City home values were flat, up just 0.1% over the past three months to a new average value of $755,772 which is 0.7% lower year on year and 15.3% lower than the previous peak of January 2022. Hastings values rose 0.7% over the past three months to a new average of $774,602 which is 1.8% lower than the same time last year and 15.8% below the nationwide peak of late 2021. Meanwhile, Wairoa saw values one of the highest increases in the country rising 12.6% in the three months to June and 27.2% year on year to a new average value of $483,244. While Central Hawke's Bay District increased 0.9% over the quarter and values are 3.2% lower year on year with a new average value of $553,179. Taranaki The Taranaki region has seen a recent positive trend with home values up 0.4% over the past three months and 1.7% in the year to June. In New Plymouth, values rose 0.2% in the June quarter and are 1.4% higher year on year with the average home now worth $725,326 which is 2.8% lower than the peak. Values continued to rise in South Taranaki, up 2.6% over the quarter to June, and 3.7% year on year to $448,875; while Stratford dropped 2.4% over the quarter to an average value of $487,455 which is 1.6% higher year on year. QV New Plymouth Registered Valuer Danny Grace said the Taranaki market was maintaining steady momentum, with values holding firm across much of the region. 'In New Plymouth, activity has picked up, and there's more confidence among buyers and sellers, particularly in the lower end of the market where demand remains healthy,' he said. Mr Grace noted that while interest in well-located, modern homes was steady, the higher end of the market was seeing less buyer interest, with longer selling times and fewer active purchasers. 'While the region isn't experiencing rapid growth, the market is holding its ground, supported by a consistent level of demand, particularly from buyers focused on more affordable segments,' he said. Palmerston North Home values in Palmerston North dipped 0.5% over the June quarter and homes there are now worth on average $632,536, which is 0.8% lower than this time last year and 13.5% below the nationwide market peak in late 2021. QV Palmerston North Registered Valuer Olivia Betts said the Palmerston North property market was showing signs of softening, with prices edging down slightly in recent months. 'It's not a dramatic drop, but this easing reflects broader market conditions and seasonal trends,' she said. 'Overall, the market remains relatively stable, but recent data suggests a modest cooling. We expect the usual winter slowdown to keep activity subdued in the short term, with the potential for a rebound as spring approaches,' Ms Betts said. Wairarapa Home values rose in the June quarter across the Wairarapa region with values increasing 1.6% to an average value of $626,716 which is 3.4% lower than this time a year ago. Our latest QV House Price Index shows Masterton's average home value has increased 1.4% this quarter to $570,468. Carterton's average home rose in value by 3.1% to $622,268 and home values in South Wairarapa rose 1.3% to a new average of $755,498. Wellington Residential property values have continued their downward trend across Wellington this quarter. The average value across the Wellington metropolitan area decreased 2.3% over the June quarter to $844,599 which is 5.5% lower year on year and 26.1% below the nationwide peak of late 2021. All the areas saw values decrease again over the June quarter: Wellington City fell 2.9%; Hutt City was down 2.5%; Porirua and Upper Hutt both saw values down slightly by 0.7%. QV Wellington Registered Valuer, Jack Whiteman said, 'Moving past the mid-point of the year the residential property market has continued to decrease marginally in the wider Wellington region. Despite the OCR cut in June to 3.25% and lowering interest rates, there is still a widespread uncertainty for most prospective buyers looking to enter the market.' 'The decreasing interest rates have not yet coincided with positive property market growth. This could be due to owner occupiers not yet rolling off fixed rates, or it is also likely that other regional economic drivers will need to come into play before this is to happen,' he said. 'With ample property supply In the Wellington region, buyers still have a wide range of choice. The combination of employment uncertainty, especially in the public sector, and a healthy supply of property is the leading driver to this relatively flat property market,' he said. Nelson-Tasman-Marlborough Home values in Nelson dipped 1.2% over the June quarter to an average of $785,022 but increased 1.7% year on year and are now 9.8% lower than the nationwide peak of late 2021. Tasman values also fell 2.3% to $811,897, and were 0.7% lower year on year and 11.3% lower than the previous peak of January 2022. While Marlborough saw a slight 0.6% rise to $699,172 in the June quarter which is $1.7% lower than a year ago and 4.5% lower than the nationwide peak of late 2021. QV Nelson/Marlborough manager Craig Russell said winter has seen a number of properties withdrawn from the market, reducing inventory from last year, though levels remain well above the 2022 peak. 'Price reductions are continuing, especially at the upper end of the market where some properties are still overpriced. Accurate pricing is essential for a successful sale,' he said. Mr Russell noted the market was most active in the $550,000 to $800,000 range, with good open home attendance and strong interest from first-home buyers taking advantage of softer prices and lower interest rates. West Coast Our QV House Price Index for June shows the Westcoast region saw values rise 1.7% over the past three months to a new average value of $439,550 which is an 8.1% increase year on year. Average home values in Buller were up 6.2% over the past three months to $389,642, 8.9% year on year which is 15.1% higher than the nationwide peak of late 2021. Grey rose 0.5% to $453,675, which is 7.0% higher year on year and 27.2% higher than the nationwide peak of late 2021; while values in Westland dipped 0.8% to $479,875 but were 8.8% higher year on year and which is 22.5% higher than the nationwide peak of late 2021. Canterbury Christchurch's average home values lifted marginally by 0.1% in the June quarter to $775,352. This is an annual increase of 1.5% values are now 0.1% lower than the nationwide peak of late 2021. QV Christchurch Registered Valuer, Olivia Brownie said, 'Sales activity appears to still be consistent, with good buyer demand for the region, there is still a large stock of listings giving buyers a bit of the upper hand over the last few months.' 'Keeping the steady interest from having any significant impact of house value growth at the moment. The region is still showing mild year on year growth and resilience amid national slowdowns.' Neighbouring districts are following a similar path with a slight downtrend in values. The Waimakariri District recording 0.1% growth over the past quarter, a minimal change from the 0.2% growth in the previous quarter, the average house value now $720,352. The Selwyn District average house value is $849,915, with a 0.7% three monthly growth recorded, a slight change from the 0.9% seen in the previous quarter. Dunedin The Dunedin market is a mixed bag with some areas seeing double digit drops over past quarter and year on year while others continuing to see values increasing. Overall our QV House Price Index for June 2025 shows the average value across the city as dropped 1.5% over the past quarter and 1.3% year on year. The average home is now worth $635,155 which is 11.5% lower than the nationwide peak of late 2021. Dunedin South values have dropped 2.0% over the June quarter they are 10.0% higher than in June a year ago. In contrast Dunedin Central (-15.1%), Taieri (-20.0%) and Dunedin Peninsula and Coastal (-10.0%) areas have seen some huge drops in value over the past year with Dunedin Taieri values plunging 9.0% over the past three months alone. QV Dunedin Registered Valuer Becs Wilde said, 'There's still a high number of listings which continues to provide opportunities for well-prepared buyers (with finance in place) room for negotiation.' 'Demand for well-presented properties with no defects continues to be strong, with multiple offers being made,' she said. Becs Wilde noted that over the past year, the lower quartile of Dunedin's market has reduced at a greater rate than the upper quartile, down 2.0% compared to a 0.4% decline, indicating demand remains stronger in higher-value areas. 'City-wide, growth has remained positive, albeit minimal, for North Dunedin and South Dunedin, while the Central City, Taieri, and Peninsula and Coast have tracked close to or above negative 10% year-on-year,' she said. Queenstown Our QV House Price Index for June shows values in the Queenstown Lakes District are rising again, up 1.9% in the June quarter, bucking the downward trend seen in the May quarter. Values are 1.3% higher year on year. The average value is now $1,852,904 which is 16.4% higher than the nationwide peak of late 2021. QV Queenstown Registered Valuer Greg Simpson said, 'Buyer interest in Queenstown remains steady, supported by winter tourism and easing interest rates.' 'Rising stock levels are giving buyers more choice while helping to keep values in check. New builds and a flattening in rental prices are adding to buyer options across the district.' 'Despite economic uncertainty, the market remains resilient and a positive trend in the market can be seen with values ticking up over the past three months. Central Otago values rose slightly (0.6%) in the June quarter; while Clutha and Waitaki values dropped (1.6%) and (0.7%) respectively. Southland Invercargill values rose 1.6% over the past three months to an average value of $506,567 which is 4.3% higher year on year and 5.3% higher than the nationwide peak of late 2021. While in Gore, values increased 8.8% over the quarter to $447,856 which is 11.3% higher year on year; while Southland values dipped 1.0% over the past three months to $530,125 and are 0.5% year on year. QV Invercargill Registered Valuer Andrew Ronald said, 'Invercargill's property market remains active, with steady interest from first-home buyers and investors seeking well-priced homes." 'Buyer caution is evident at the upper end of the market, with limited activity above $1 million.' 'Listings remain tight, helping to support values alongside stable demand. The strength of the dairy and wider primary sector continues to underpin confidence in the Southland property market, with Gore's strong value rises reflecting this regional resilience.'
Otago Daily Times
07-07-2025
- Business
- Otago Daily Times
House values drop: No cause for concern, realtors say
Despite "huge drops" in house values around Dunedin, realtors say there is no cause for concern. According to the latest QV House Price Index, over the past year Dunedin central values dropped 15.1%, the Otago Peninsula and coastal areas fell 10% and Taieri plummeted 20%. Taieri values plunged 9% in the past three months alone. The three Dunedin areas had "seen some huge drops in value over the past year", a statement from QV said. To contrast, South Dunedin values decreased 2% over the June quarter and were 10% higher than a year ago. Overall, the average home value across Dunedin dropped 1.5% over the past quarter and 1.3% over the past year — the average home in the city is now worth $635,155 — 11.5% lower than the nationwide peak in late 2021, the statement said. Values rose in Queenstown and Invercargill, remained relatively steady in Christchurch, while Auckland, Wellington and Dunedin all recorded further declines. Bayleys Dunedin managing director Chris Maclean said the housing market had "markets within the market" — and the "top end" for Dunedin had been a touch slower. "There's nothing untoward about those areas that's just suddenly popped up and made them undesirable. "I just think it's literally just a case of that market being a little bit slower and those areas having more of that market." While a 20% drop in the Taieri was a "big number", Dunedin was quite a relatively small market. "When you're talking lower numbers, it doesn't take too many sales to skew stats." Areas such as North and South Dunedin were experiencing more activity with a lot more properties in the first-home buyer and investor markets, which were both more active than that at the higher end, Mr Maclean said. "It's just one of those phases we're going through ... I wouldn't read too much in it. I don't think it's anything to be alarmed by." NZ Property Solutions director Lyndon Fairbairn said he had "zero concern" about the figures. "Going forward with the way the interest rates are, we're moving ahead into the next upward swing of the property cycle. "So, zero concern. "No need to look at the past." Some sales in the Taieri and Otago Peninsula could be for quite big-ticket items, which could get skewed by a decrease in sales during a certain period, Mr Fairbairn said. Volumes of apartments in central Dunedin could have also dropped, as well as the conversion of commercial buildings into apartment blocks. "The ones that we're selling, they're taking a lower price because there's not too much demand for inner-city apartments. "It's probably investor stock, mainly, and probably the investors being out of the market is probably a contributing factor to that." He recommended inner-city apartment owners consider holding off on selling until the upward swing took full effect. QV Dunedin registered valuer Becs Wilde said over the past year, the lower quartile of Dunedin's market had dropped at a greater rate than the upper quartile — down 2% compared with a 0.39% decline. This indicated demand remained stronger in higher-value areas. City-wide growth remained positive, albeit minimal, for North and South Dunedin, she said. The QV statement said the average national home value rose 0.7% over the June quarter to $910,479 — 0.6% lower than a year ago and about 14.5% below the market's peak in late 2021. Home values in Invercargill and Queenstown rose 1.6% and 1.9%, respectively, over the past three months, as well as 4.3% and 1.3% over the past year. Gore saw a quarterly gain of 8.8% and Southland values dipped 1%.
