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, writing, and proofreading.
The te reo Māori version of this article was translated with AI assistance. While care has been taken to keep it accurate, if you spot anything that doesn't read quite right, please let us know

Learning Options

Recall Questions

Thinking questions

Digital Thinking

Learning Options

Recall Questions

Thinking questions

Digital Thinking

On the last day of camp, the Year 8 group packed their gear in near silence. The sky over the ranges was thick with grey cloud, and the wind kept tugging at the tents. When the teacher asked who wanted to stay for the evening walk, only a few hands went up. The rest of the group stayed near the dining shelter, sipping hot chocolate and watching the rain move in across the field. Later, everyone rushed to help tie down the loose tarpaulin before it could blow away.

What can you infer about the students’ feelings on the last day of camp?

They were tired and uneasy because the weather was getting worse. They were excited to explore in the rain after dinner. They were annoyed because the teacher cancelled the evening walk. They were bored because the camp activities had finished early.