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.
