20 Dec 2022

House prices continue to rise in some suburbs despite downward trend

11:22 am on 20 December 2022
Christchurch based housing

Photo: RNZ / Nate McKinnon

Prices for lifestyle properties and more affordable housing are defying the downward trend in values.

CoreLogic's interactive Mapping the Market tool indicated prices dropped in 776 of the 948 New Zealand suburbs between the September and December quarters.

However, 66 suburbs saw median prices rise more than 1 percent in the past three months.

Many of them were located in the country's rural and more affordable southern districts, with 38 of the 66 suburbs, having a current median value of $700,000 or less.

Kawakawa in the Far North saw the largest median price rise of 6.5 percent to $469,550.

The lifestyle suburbs of Arrowtown and Lower Shotover in the South Island's Queenstown-Lakes District saw prices rises, with increases of 4.9 percent and 4.8 percent, which was the equivalent of $102,750 and $74,500 on average respectively.

Kelvin Davidson

CoreLogic NZ's chief property economist Kelvin Davidson. Photo: SUPPLIED

CoreLogic NZ's chief property economist Kelvin Davidson said Herne Bay remained Auckland's most expensive suburb with a median value of $3,666,350, with a slight pickup in value of 0.5 percent.

"We knew it was coming and it's been interesting to see it play out, with downward momentum widespread, but almost universal in our city centres with few areas able to escape the weakness," he said.

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