In January, Auckland’s largest real estate agency, Barfoot & Thompson, reported a hefty decline in median and average sale prices.

“The median sales price for the month at $950,000 was down 5% on that for December, while the average price at $1,053,446 was down 11.2% and sales numbers at 700 were down 16%”, Peter Thompson, Managing Director of Barfoot & Thompson noted.
As illustrated above, median and average prices also fell over the quarter and year, albeit by less than January’s decline.
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Broader knowledge on New Zealand’s housing market exhibits that costs have fallen closely from their post-pandemic peak.
CoreLogic’s house values index exhibits that costs nationally fell by 0.3% over the quarter, led by Wellington.

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In 2024, CoreLogic reported a 4.3% decline in New Zealand house values, led by Wellington (-7.4%) and Auckland (-6.5%).

New Zealand house values have crashed by 17.5% from their post-pandemic peak, led by Wellington (-25.1%) and Auckland (-22.1%).
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The Actual Property Institute of New Zealand’s (REINZ) house values index, offered beneath by Justin Fabo from Antipodean Macro, additionally exhibits a hefty decline from the post-pandemic peak.

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This has taken actual values again to pre-pandemic ranges.

The decline in house values has been pushed by the Reserve Financial institution of New Zealand’s aggressive financial tightening, which noticed the official money price peak at 5.50% final 12 months.

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New Zealand has additionally seen a pointy decline in web abroad migration, which has tempered housing demand.

The image is brightening, nonetheless. The decline in house values and the current decreasing of rates of interest have seen mortgage affordability considerably enhance.
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New Zealand mortgage commitments have rebounded strongly.

Lastly, basic provide might tighten amid the sharp fall in residential constructing exercise.
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New Zealand home costs ought to, subsequently, rebound this 12 months.
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