Aotearoa's property values continue to fall, 80 percent of suburbs record a drop in value

  • 16/09/2022
A total 805 of the 955 suburbs in Aotearoa saw a fall in median values.
A total 805 of the 955 suburbs in Aotearoa saw a fall in median values. Photo credit: Getty Images

Property values across the motu continue to fall with almost 80 percent of suburbs recording a drop in value in the past three months. 

Latest data from CoreLogic New Zealand shows Aotearoa's housing market downturn is in "full swing". 

Between the month of June and September, CoreLogic recorded that 803 of the 955 suburbs in Aotearoa saw a fall in median values. 

Chief property economist at CoreLogic Kelvin Davidson said the latest data solidifies the extent of the housing downswing. 

"We've seen signs of weakness gathering pace this year as the lagged impact of rate rises, inflation and other economic influences catches up with the market."

Davidson said the winter momentum was downward throughout the country with our main centres being hit the hardest, but he said the direction the current cycle is moving in "shouldn't come as a surprise to anyone". 

CoreLogic breaks it down by main centre suburbs


Over the past three months, 97 percent of Auckland suburbs have seen a drop in median property value. 

Almost 180 suburbs recorded a fall of at least 1 percent, and in 14 suburbs, drops of 5 percent or more were recorded including Glen Eden, Papatoetoe, Henderson, and Panmure.

Davidson said falls of $100,000 or more occurred in seven Auckland suburbs, all of them "upper end" areas where median values are at least $2 million.


Over the past three months, 29 out of 34 Hamilton suburbs saw their median property value drop, and of the five where increases were recorded, only Deanwell and Queenwood registered a rise in excess of 1 percent. 

The largest falls were seen in Grandview Heights at -4.8 percent, Huntington at -3.6 percent, and Fitzroy at -3.2 percent. 


Median property values in Tauranga fell across the board over the past three months, ranging from a 1.8 percent decline in Tauranga South to a 5.3 percent drop in Hairini.

Tauranga still has eight $1 million-plus suburbs, down from 10 in the previous quarter, with Papamoa and Maungatapu dropping out of the exclusive million-dollar club.


There have been near universal falls in median property values across the wider Wellington area lately including Wellington City, Porirua, Lower Hutt and Upper Hutt.

Falls of at least 7 percent in the past three months have been recorded in Ranui, Naenae, Wallaceville, Rongotai, and Taita.

Seatoun, though, remains the most expensive suburb with a median value of $1.99 million, which is down 2.9 percent from June's level.


The Garden City hasn't escaped the weakness either, with 76 out of 83 suburbs recording a decline in median property values since June. 

The largest falls of 4 percent were seen in Kennedys Bush, Bromley, and Wigram.


All suburbs in Dunedin saw median property values drop in the three months to September, ranging from -1.1 percent in Glenleith to -8.2 percent in Shiel Hill. 

Maori Hill and East Taieri remain in the million-dollar club, but both have seen values fall since June.

Davidson said it is not all doom and gloom for Aotearoa's housing market - he said there's potential for "green shoots" next year.