Home 24-7 Property prices rise in more than one in 10 suburbs

Property prices rise in more than one in 10 suburbs

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Source: MakeLemonade.nz

Ōtautahi – Despite soft market conditions persisting across most of Aotearoa New Zealand, dozens of suburbs have defied the downturn, increasing in value in the past three months and providing evidence the bottom of the market is approaching.

CoreLogic NZ’s interactive mapping the market tool reveals detailed insights into the three and 12-month change in values across 917 suburbs nationally. CoreLogic is a leading, independent provider of property data and analytics.

The data shows 128 suburbs increased in value in the past three months and of those 71 recorded an increase in median value of at least 0.5 percent.

Over the past 12 months, 860 suburbs declined in value, with 729 of those suburbs down at least 5 percent. The softest 18 suburbs are all in the wider Wellington area, with falls in the range of 19-24 percent.

Auckland

Property values dropped in all 195 suburbs analysed over the past 12 months, ranging from less than 5 percent in areas such as Waiuku, Ponsonby, and Omaha, up to more than 16 percent in Parau, Wattle Downs, and Totara Heights. More generally, 107 suburbs saw a drop of at least 10 percent.

Hamilton

Over the past year all 34 suburbs analysed in Hamilton fell in value, ranging from a drop of 1.8 percent in Queenwood up to more than 11 percent in Temple View. In the past three months, four suburbs saw a subtle rise in value, including Baverstock, Hamilton East, Flagstaff and Harrowfield.

Tauranga

There have been significant falls in median property values in 20 suburbs across Tauranga in the past year, ranging from around 9 percent in Tauranga (central), Welcome Bay, and Bellevue to 12 percent in Otumoetai and Maungatapu. Otumoetai was the only suburb where values didn’t drop over the past three months (0.0 percent) and no suburbs saw values rise. Mount Maunganui remains Tauranga’s most expensive suburb at $1.38 million despite a 10.8 percent decline, equivalent to around $167,000, since June 2022. By contrast, Gate Pa, Poike and Parkvale have median values of less than $600,000.

Wellington

All 96 suburbs analysed in Wellington fell in value in the past year, ranging from 1.8 percent in Te Marua, up to a decline of 21 percent or more in Boulcott, Stokes Valley, and Southgate. In 80 of the suburbs, the falls have been at least 15 percent, with another 15 areas falling between 10-15 percent.

Christchurch

Christchurch’s 82 suburbs analysed have shown the most resilience, with Wainui seeing a rise in median values over the past year of 3 percent. All other suburbs saw values fall over the past year, though areas such as Aranui, Beckenham, and Akaroa declined by less than 1 percent, and the weakest suburb, Spreydon, has seen a drop of 9.3 percent.

Over the past three months, 11 suburbs saw values rise with the Templeton the strongest, up 1 percent. Fendalton and Kennedys Bush are still Christchurch’s most expensive areas, with median values of at least $1.6 million.  

Dunedin

Of the 62 Dunedin suburbs analysed, all saw a drop in median values in the year to June – ranging from a modest 0.3 percent fall in Vauxhall, up to 13 percent or more in Roslyn, North Dunedin, and Saint Leonards. Nine suburbs saw values rise over the quarter, ranging from a 0.2 percent increase Brockville to a 1.9 percent lift in Normanby.

Maori Hill is still Dunedin’s most expensive area ($973,100), down from $1.1 million a year ago. South Dunedin is the cheapest, with a median of around $405,000.

MIL OSI