House prices in New Zealand start to drop

October 17, 2024

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House values in New Zealand continue to decline, with Wellington seeing the sharpest drop, according to the latest report from Quotable Value (QV).

In September, home values decreased by 0.4%, and by 1.6% over the past three months. The national average house price now stands at $901,920, which is slightly higher than last year.

Wellington’s house prices fell by 3.2% in the last quarter, double the national average. In contrast, other cities like Auckland, Christchurch, and Hamilton experienced slower declines. QV’s James Wilson noted that while interest rates are dropping and more people are looking at homes, high borrowing costs and job concerns, especially in Wellington, are preventing real growth in the market.

Despite some optimism, conditions remain challenging for buyers and sellers across the country.

Article written by Milli Banbury

This article was written using AI as an assistive tool for research and writing.

Learning Options

Recall Questions

Thinking questions

Digital Thinking

Learning Options

Recall Questions

Thinking questions

Digital Thinking

I set off from home just after breakfast with my cousin, Eli. We rode along the shared path beside the harbour, where the wind was strong enough to make us wobble. At the lookout, we stopped to drink water and watch two sailboats crossing the bay. Eli wanted to turn back early, but I convinced him to keep going to the end of the track. We arrived at the café near the reserve an hour later and shared hot chips before catching the ferry back. It felt like a small adventure, even though we were only a few kilometres from home.

Which option best summarises the passage?

The writer and Eli rode to the café, enjoyed the trip, and returned by ferry after a windy journey. The writer went on an adventure because the harbour path was too windy to enjoy. The writer and Eli saw two sailboats and stopped at a lookout to drink water. The writer convinced Eli to keep going because the reserve was only a few kilometres away.