Latest news with #QuotableValue
RNZ News
3 days ago
- Business
- RNZ News
Average house prices fall - except in the deep south
The latest house price index from Quotable Value showed the national average home value fell 0.5 percent in the three months ended June to $909,671. Photo: Unsplash/ Towfiqu Barbhuiya Property values ticked lower in the July quarter as the winter freeze continues, but the deep south continues to buck the trend. The latest house price index from Quotable Value (QV) showed the national average home value fell 0.5 percent in the three months ended June to $909,671. Values remained almost unchanged versus a year ago, but around 13.0 percent below the peak in late 2021. The biggest rises were in Queenstown-Lakes, up 2.4 percent to $1.86 million, while Tauranga City rose 1.7 percent to $1.03 million. Wellington recorded the biggest fall, down 2.3 percent to $818,274 followed by Nelson City which fell 2.2 percent to $781,443. Auckland values eased 1.2 percent to $1.22 million, Hamilton fell 1.0 percent to $784,642, and Christchurch fell 0.2 percent to $775,030. QV spokesperson Andrea Rush said most activity was occurring at the lower to mid-value end of the market, with first-home buyers and owner-occupiers the busiest in cheaper areas. Rush said market conditions continue to vary by location and property type, with some regional centres experiencing renewed value growth off the back of earlier declines and ongoing demand for affordable housing. "While national value levels have broadly stabilised, the recovery is uneven and fragile. Vendors in many areas are having to meet the market to achieve a sale, while some buyers remain hesitant due to broader economic uncertainty," she said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
3 days ago
- Business
- NZ Herald
Home values in Hawke's Bay down 16% on peak four years ago, some still declining
The value of housing in Napier is estimated to have dropped 16.5% from a peak in 2021. Photo / NZME Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Home values in Hawke's Bay down 16% on peak four years ago, some still declining The value of housing in Napier is estimated to have dropped 16.5% from a peak in 2021. Photo / NZME Home values in Napier and Hastings are running at 16.1% below the peak of four years ago, according to latest calculations from government valuation agency Quotable Value. In its latest quarterly review, Quotable Value (QV) says Napier City home values fell 2% over the past three months to the end of June, to a new average value of $745,151 – on a 'flat' scale compared with last year but 16.5% below the peak of $868,825. In the Hastings District, values rose 0.7% for the quarter to an average of $779,281, 15.3% below the 2021 peak of $878,096. The Wairoa District, where values plummeted in the wake of Cyclone Gabrielle and other weather calamities, posted the strongest growth in the region, with values up 7.2% over the quarter and 1.6% year on year to an average of $444,616. It was one of the areas in the country now above its previous peak, sitting 2.7% higher, while remaining one of the most affordable places to buy a residential property in the country.
RNZ News
12-05-2025
- Business
- RNZ News
Lull in property values present home buyers 'rare opportunity'
Auckland values are down almost 3 percent year-on-year and Wellington down 4 percent. Photo: RNZ / 123rf First-home buyers have a "rare opportunity" to get into the housing market, Quotable Value says. The property data firm said values rose 0.1 percent nationwide in the three months to April, but were still 1.33 percent below a year earlier. Auckland was down 2.89 percent year-on-year and Wellington down 4.11 percent year-on-year. Operations manager James Wilson said the more recent data seemed to show a shift in sentiment and some stabilisation in prices. "Although interest rates are trending down, demand is tempered by cautious buyer sentiment and a large supply of properties," he said. "Still, signs of a turnaround are emerging, especially in the main centres." He said, normally, falling interest rates would relatively quickly result in prices rising. "However, at the moment, the supply of listings is still high and there is still a cautious mindset among many buyers." He said, for first-home buyers, especially in parts of Auckland where houses were selling in the $700,000s in some places, it was a good time to act. Auckland valuer Hugh Robson said first-home buyers often purchased in townhouse developments. In Wellington, senior consultant David Cornford said levels were at elevated levels, which was putting pressure on prices. "There is adequate market activity, however the volume of stock on the market is making conditions challenging for vendors in some cases," he said. "Buyers have plenty of options currently and are not afraid to walk away from a property. Economic and employment uncertainty continues, and we are seeing this reflected in a relatively soft market, where buyers are taking a cautious approach." Christchurch prices were bucking the trend, up 1.35 percent by QV's measure year-on-year and 0.88 percent in the quarter. "The market is currently seeing a balance in supply and demand, with buyers having a good range of options and sellers not expecting immediate price increases," valuer Olivia Brownie said. "Well-presented and located homes are transacting with buyers having the option to leave less appealing stock to the side or negotiating on price. Overall, the market movement is minimal and we are seeing a somewhat steady property market," . Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
