House prices fall to November 2021 levels as New Zealand passes 'value peak' of market cycle & More News Here

Auckland

Home values have dropped throughout Auckland for the third month in a row, QV stated, with the area posting a mean 3.1 % loss for the three months ending April 2022. 

Home values dipped throughout the Auckland area by a mean of 3.3 % this quarter, with only one district managing to buck that development.

The largest dips have been in Auckland’s central suburbs (-4.5 %), Papakura (-4.1 %), and Manukau (-3.7 %), with North Shore (-2.7 %), Waitakere (-1.7 %), and Franklin (-1 %) additionally displaying vital residence worth reductions as financial headwinds proceed to intensify.

At 2.8 % constructive residence worth progress for the three months ending May 31, 2022, Rodney was the lone exception to an in any other case region-wide downward development that native QV registered valuer Hugh Robson stated was possible to escalate as we transfer into winter. 

“The Auckland residential market continues to slow down, with sale prices falling moderately over the past four to six weeks,” he stated.

“It appears vendors are now realising the market isn’t what it was from June to November last year, and so they are now adjusting their price expectations in order to secure a sale agreement. Many auctions are ending without a result, with negotiations taking place later, behind closed doors.”

The common residence worth throughout the broader Auckland area is now $1,469,625, 9.9 % increased than it was 12 months in the past.

Wellington

The Wellington area has continued to see a drop in residence worth levels over May. 

The common residence worth dropped by 3.1 % final month in Porirua ($961,996), 2.1 % in Upper Hutt ($881,499), 2.7 % in Hutt City ($938,235), and a pair of.7 % in Wellington metropolis ($1,194,787). The neighbouring Kāpiti Coast District ($976,071) additionally recorded a decline of 0.6 %.

In the final six months, Hutt City (-9.9 %) recorded the biggest drop in common residence worth, adopted by Upper Hutt (-7.4 %) and Porirua (-6 %). Only Wellington metropolis’s central suburbs (2.8 %) posted a web acquire over this era. Everywhere else noticed a decline in common residence worth because the market peaked late final 12 months.

“Due to the recent hike in the Official Cash Rate to what is now 2.00 percent, it is anticipated that interest rates will continue to climb, making servicing a mortgage, coupled with the current high cost of living, that much more difficult. As a result, agents have reported a number of deals falling through and a surplus of listings struggling to sell,” stated native QV senior guide Blake Ngarimu.

“The fear of missing out has definitely gone and the fear of overpaying has well and truly set in.”

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