Downturn in housing market intensifies with half of New Zealand's suburbs declining in property value

The housing market continues to slow, with half of New Zealand's suburbs declining in value over the past three months. 

Releasing its 'Mapping the Market' report on Thursday, CoreLogic said 486 suburbs had seen their annual median value decrease over the past three months.

The new figure is almost double what it was in the previous three-month period, where 246 suburbs fell in value.

The updated Mapping the Market tool allows users to click on a suburb of interest to see the median property value. 

CoreLogic chief property economist Kelvin Davidson said there is still some "patchiness" in the market, with many areas still rising in value. 

CoreLogic chief property economist Kelvin Davidson.
CoreLogic chief property economist Kelvin Davidson. Photo credit: AM

Just under 300 suburbs saw values increase by at least one percent since March, with 23 having gains of more than five percent.

"There's certainly evidence of volatility across the NZ market, and we'll have a clearer picture of which suburbs have been impacted the most in the coming months," Davidson said.  

"But what is clear today is that value falls are now fairly broad-based, both geographically and by value band/tier." 

Quarterly value changes by main centre suburbs – Auckland

More than half of Auckland's suburbs have seen their median property values fall by at least one percent – 119 out of 206.

But it's not all bad, with 24 suburbs seeing their median values rise by at least one percent since March.

"Along with Point Chevalier, Pakuranga Heights and New Windsor also saw median values fall by at least -$90,000 in the past three months," Davidson said. 

"Herne Bay is still Auckland's most expensive suburb, albeit values have dipped -1 percent since March."

The south Auckland suburbs of Manurewa, Manukau and Wiri all saw increases along with Newmarket, Northcote Point and Takapuna.

Wiri saw one of the biggest increases at 5.1 percent.

Hamilton

Hamilton didn't avoid the price drop, with more than 50 percent of its suburbs dropping in value by one percent or more.

Hamilton Lake, Hillcrest, and Flagstaff are down more than four percent, while the prime riverside suburb of Beerescourt and Baverstock have increased by more than five percent.

Flagstaff is still Hamilton's most expensive suburb with a median value of $1.15m.

Tauranga 

Tauranga is one area that hasn't been hit as hard by the downturn, with only Parkvale and Gate Pa recording falls of one percent or more since March.

The area around the Tauranga CBD and Papamoa have seen their price rise by two percent in the past three months.

Mount Maunganui, Matua, and Papamoa Beach are still the city's most expensive suburbs, but all have seen their values drop a fraction in the last quarter. 

Wellington

Wellington's been one of the hardest-hit regions, with 64 out of 97 suburbs recording a decrease in value by at least one percent. 

Petone and Alicetown were two of the five suburbs which saw a drop of at least five percent over the last three months. 

Seatoun remains the most expensive suburb with a median value of $2.13m, with other pricey suburbs like Roseneath, Wadestown, and Days Bay all seeing their values fall.

Christchurch

The property market in the Garden City has been resilient over recent months, with only four out of 85 suburbs seeing their median values drop by one percent or more. 

In comparison, 31 suburbs have seen an increase in value in the last quarter. 

Scarborough, which is the city's priciest suburb, has a median value of $1.64m.

Dunedin

Dunedin has been one of the hardest-hit areas, with 45 out of 62 suburbs having seen their median values drop by at least one percent.

The Glen and Brockville had the most significant drop of 5.4 and 5.7 respectively.