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 venomous spider called the noble false widow has been...
1
In Auckland, New Zealand, helicopters are flying low over the...
1
Las Lindes beach in Malaga, Spain, has a new kind...
1
In Switzerland, a man named Elias Meyer set a new...
1
Olivia Vinson broke the world record for the most pull-ups...

World & National News

1
A year after it first amazed crowds at the 2024...
1
President Donald Trump announced that the United States has carried...
1
Las Lindes beach in Malaga, Spain, has a new kind...
1
People all over New Zealand gathered before dawn to celebrate...
1
The wreck of the HMS Endeavour, the ship once sailed...