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

At lunchtime, Maya stayed behind in the hall after the kapa haka rehearsal. She carefully folded the piupiu and placed each tī rākau back in the correct box. When the teacher thanked the group for cleaning up, Maya shrugged and said, 'It was nothing.' As she left, she paused to watch the younger students practising the actions she had taught them the week before. She smiled, but did not say anything. On the bus ride home, Maya kept looking at her hands, which still felt warm from clapping in time with the song.

What can the reader infer about Maya?

She thought the younger students were doing everything wrong. She was quietly proud and liked helping the group. She wanted to stop going to kapa haka lessons. She was annoyed that she had to stay behind after rehearsal.