Aotearoa's wealthiest suburbs fall in value as property prices slump

CoreLogic recorded a drop in value of more than $300,000 or more for 10 suburbs across the motu.
CoreLogic recorded a drop in value of more than $300,000 or more for 10 suburbs across the motu. Photo credit: Getty Images

The homes in some of Aotearoa's wealthiest suburbs have plummeted in value in the latest data provided by CoreLogic. 

CoreLogic recorded a drop in value of more than $300,000 or more for 10 suburbs across the motu. 

CoreLogic chief property economist Kelvin Davidson said the drop in value would only be an issue for homeowners who were trying to sell now, after buying during the peak of the market. 

Davidson said homes in the wealthiest suburbs are generally more expensive to begin with, which will see the percentage fall "translate into a bigger drop in dollar".

The suburbs include Auckland's Saint Marys Bay, Westmere and Orakei, and Wellington's Seatoun and Karaka Bays. 

But it wasn't just the upper end of the market that saw a drop in value. 

Davidson said more than a third of suburbs across the motu saw double-digit declines over the last year. 

"Wellington made up the bulk of the suburbs that posted the biggest falls."

Property values fell by 20 percent or more in 31 suburbs, 30 of which were in the wider Wellington region.

Davidson said Rotorua's Fordlands was the only suburb outside of the Wellington region. 

"This confirms that this downturn has been pretty deep and broad-based across many parts of the country – to the detriment of existing property owners, but a sign of hope for aspiring buyers who have their finances approved."

But it wasn't all doom and gloom - four suburbs in the South Island saw double-digit increases.

The largest increase in value was seen in Tuatapere with 11.2 percent, followed Reefton and Waimate at 10.6 percent and Riverton at 10.3 percent. 

"Meanwhile, values in another 30 suburbs grew by 5 percent or more," Davidson said. 

He added the suburbs generally had affordability on their side.

"Incomes tend to be lower in regional areas than the main centres. But so too are house prices, and lower entry points in these markets may be supporting greater resilience in values," Davidson added. 

CoreLogic breakdowns the main centres 


Property values dropped in all 197 suburbs analysed over the past 12 months.

Waiuku posted the smallest decline of 0.3 percent or $2,800, while falls of 16 percent or more were seen in Waiatarua, Otara, Wattle Downs and Clover Park.

185 suburbs recorded a drop of 5 percent or more.


Templeview posted the biggest value drop of 10.1 percent, while in Hamilton Central values were relatively flat, down 0.1 percent or $950.

28 of the 35 suburbs analysed saw values decline 5% or more.


Values dropped in all of Tauranga’s analysed suburbs in the last year.

The biggest falls of around 10 percent were recorded in Parkvale, Gate Pa, Otumoetai, Papamoa Beach and

Tauranga South

More expensive suburbs like Mount Maunganui and Matua had the largest drops in dollar value of $100,000 or more.


Every suburb analysed in Wellington has been hit by the property market downturn in the past year. Values were down nearly 28 percent in Plimmerton, and 25 percent in Southgate.

Seatoun remains the most expensive suburb ($1.75m) despite recording the largest drop in prices of $389,800.


The Garden City held up better than other main centres, with nine suburbs either flat or still rising in value over the past year.

Aranui in Christchurch’s eastern suburbs rose 8.4 percent, while at the other end of the spectrum values fell 9 percent in Ilam, Spreydon and Sockburn.


Values fell across Dunedin in the past year, with some suburbs hit harder than others.

Those falls ranged from 3 percent in Karitane to 16 percent in Saint Leonards, Maryhill, Ravensbourne, and Forbury.

Meanwhile, 37 out of 62 suburbs analysed saw values drop 10 percent or more.