New Zealand housing market sees average property values fall 1.5%

New Zealand's residential property market is experiencing a slowdown, with average dwelling values falling 1.5% nationally during the three months ending in July. The average home value is now $898,799, reflecting a 1.3% decrease since the beginning of the year.

According to Quotable Value (QV), the decline is widespread across most regions. Significant quarterly decreases were observed in Gisborne (-6.4%), Greymouth (-5.0%), Wellington City (-3.2%), Marlborough (-2.3%), Auckland (-2.2%), and Hastings (-2.3%).

Conversely, some regions maintained slight growth, including Tauranga (+0.7%), Timaru (+0.6%), Christchurch (+0.3%), Queenstown (+0.2%), and Invercargill (+0.1%).

QV spokesperson Simon Petersen noted that winter conditions, coupled with economic uncertainty and the prospect of higher borrowing costs, have made buyers increasingly cautious. Petersen stated, "This isn't another sudden correction. It's an already subdued market losing what little momentum it had built earlier in the year."