House prices in New Zealand start to drop

Share to Google Classroom

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.

1
Brazilian skateboarding champion Sandro Dias has made history by riding...
1
A Hungarian man has danced his way into the Guinness...
1
A gym teacher from Maine, USA, may have broken his...

World & National News

1
The second Harry Potter book has been translated into te...
1
Seven queen yellow-legged hornets have been discovered in Auckland, New...
1
A nationwide recall of coloured play sand has started in...
1
Blue Origin successfully launched its massive New Glenn rocket on...
1
Food companies in New Zealand have not met the target...