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
A special group of experts is meeting this week to...
1
Humpback whale calves have been spotted much farther south than...
1
A Yorkshire terrier named Lulu may soon become the world’s...
1
A robot named Revenger has just broken the world record...
1
New Zealand cyclist Dion Smith had an unexpected run-in during...

World & National News

1
A giant dinosaur sculpture in Taupō, New Zealand, has sparked...
1
Heavy rain has caused serious flooding along parts of Australia’s...
1
A team of researchers has discovered a massive 30-year-old fungus...
1
A bronze statue of Melania Trump, the former First Lady...
1
Former New Zealand Prime Minister Dame Jacinda Ardern delivered the...