16 Sep 2022

Majority of suburbs in main centres experience slide in property values

5:24 am on 16 September 2022
Houses around Lyttelton area in Christchurch

In Christchurch 92 percent of the city was impacted, CoreLogic says. Photo: RNZ / Nate McKinnon

The downturn in the housing market is being felt in most parts of the country with more than four out of five suburbs in each centre seeing values drop.

CoreLogic NZ's interactive Mapping the Market tool indicates 803 of the 955 suburbs recorded a fall in median values between June and September.

"We've seen signs of weakness gathering pace this year as the lagged impact of rate rises, inflation and other economic influences catches up with the market," CoreLogic chief property economist Kelvin Davidson said.

"The winter momentum was most certainly downwards across the country, with the main centres hit hardest."

Davidson said some regions were more affected than others.

Tauranga and Dunedin saw falls across the board while 97 percent of Auckland suburbs and the wider Wellington region, including the city, Porirua, Upper Hutt and Lower Hutt saw values drop.

"In Christchurch, 92 percent of the city was impacted, and 85 percent in Hamilton," Davidson said.

A number of suburbs (81) saw median values fall by 5 percent or more, most notably in Auckland (14), Wellington (23), and Dunedin (17).

However, 152 suburbs recorded an increase in value, including 27 which appreciated by 2 percent or more in value.

Davidson said those with increasing values were generally located in small or rural areas such as Blaketown near Greymouth, Halfmoon Bay in Southland, Patea in South Taranaki and Ngatea in Hauraki.

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