Property values in Aotearoa New Zealand edged down by -0.1% in May and remain -1.6% below a year ago.
“Lower mortgage rates are clearly going to be bolstering households’ confidence as well as their wallets, and there were signs of higher loan-to-value and debt-to-income ratio lending activity in the latest Reserve Bank figures.”
National and Main Centres
Change in dwelling values Median value Tāmaki Makaurau Auckland $1,073,222 Kirikiriroa Hamilton Te-Whanganui-a-Tara Wellington* Ōtautahi Christchurch Ōtepoti Dunedin Aotearoa New Zealand Tāmaki Makaurau Auckland
Change in dwelling values Median value $1,227,830 Te Raki Paewhenua North Shore $1,283,925 Auckland City $1,149,279 $1,000,134 Tāmaki Makaurau Auckland $1,073,222
May was a patchy month for the various sub-markets across Tāmaki Makaurau Auckland, with Rodney recording a +0.4% rise, Franklin up by +0.2%, and Waitakere holding steady. But Auckland City and Manukau both fell by -0.3%, with Papakura (-0.6%) and North Shore (-1.0%) registering even larger drops.
Franklin and Rodney remain higher than three months ago, but the rest of Auckland’s sub-markets have seen values drop since February (albeit only -0.1% in Manukau).
Mr Davidson said, “Auckland is a pretty good example of the wider forces that are playing out across the housing market at present. In an environment where lower interest rates are being counteracted by other restraints, the tr