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.

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Digital Thinking

Learning Options

Recall Questions

Thinking questions

Digital Thinking

Last week, Room 9 went on camp near Lake Ōkataina. During the three days, the class practised setting up tents, cooking simple meals, and following safety rules around the lake. They also took part in a night walk, a team challenge course, and a short study of native birds. Although the weather changed often, the students kept working together. Their teacher said the camp was designed to build independence, teamwork, and confidence. By the end of the trip, many students said they felt more capable of doing hard things without help.

Which statement best shows the main idea of the passage?

The weather changed several times during camp. The class studied native birds near the lake. Students enjoyed the night walk and team challenge. The camp was mainly about helping students build useful life skills.