Latest Market Report
- Tony Liu
- Apr 10, 2024
- 2 min read
Here is an update on the lates market,
Residential property values continued to fluctuate gently throughout the first quarter of this year, with an abundance of listings and a scarcity of sales across much of the country, as reported by Quotable Value (QV).
According to QV's latest House Price Index figures, the average value of New Zealand homes rose by 2.2% to $924,734 over the three months ending in March. This places the national average dwelling value 1.9% higher than the previous year but still 13.1% below the market peak observed in late 2021.
Among the major urban areas, Queenstown experienced the most significant quarterly value growth at 2.7%, followed by Wellington at 2% and Christchurch at 1.5%. However, all three centers exhibited slower growth in the three months to March compared to the preceding three months, indicating a deceleration in growth rates.
Auckland's average dwelling value is already on a decline, showing a modest drop of -0.2% over the three months to March, following a -0.1% decline in the three months to February. Other areas posting declines in average values during this period include Whangarei (-0.2%), Hamilton (-0.1%), Rotorua (-2.7%), and Hastings (-1.4%), while all other districts recorded increases in average values.
James Wilson, QV Operations Manager, described the housing market's performance so far this year as "flat."
"We're observing only modest movements across the nation, with some areas experiencing increases while others see declines. This reflects a housing market that continues to stabilize amidst significant economic challenges," Wilson noted.
"Although there's a noticeable shift in favor of potential buyers, given the relatively high number of properties available on the market, providing them with ample choices and exerting downward pressure on prices overall, interest rates and credit constraints persist in creating difficulties for all parties involved," he added.
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