QV sees no spring in the housing market's step as values decline in most parts of the country
Quotable Value reports that New Zealand's housing market continues to struggle, with national dwelling values falling 1.5% over the three months to October. Most regions experienced declines, driven by economic uncertainty, high interest rates, and the upcoming election.
Why it matters
The cooling housing market reflects broader economic headwinds in New Zealand, impacting homeowner wealth and consumer confidence.
Homeowners had little to cheer about over the three months to October, with housing values declining in most parts of the country according to Quotable Value (QV).
Nationally, the average dwelling value fell 1.5% according to the QV House Price Index.
The biggest quarterly decline of 3.2% was in Gisborne, which was previously one of the country's hottest housing markets but now appears to be cooling.
Other cities with a quarterly decline of 3% or more were Whangarei and Wellington City, with both down 3.0%.
The Auckland Region and Rotorua weren't far behind with quarterly declines of 2.5%. The biggest decline within Auckland was in Auckland's central suburbs where the average value was down 3.1%%.
The only centres to record average value gains over the three months to October were Tauranga up 0.1%, Queenstown up 3.1% and Invercargill up 0.5%.
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