A healthier market in sight

Quotable Value’s (QV) latest House Price Index shows a modest level of home value growth in the quarter, boosted primarily by first-home buyers outside of the country’s main urban areas.

The average home increased in value nationally by 0.5% to $893,639, marking its first quarter of positive growth since the downturn began in late 2021.

But overall values continue to track downward across most of the main urban areas, with just Tauranga at 0.6%, Marlborough at 0.2%, Christchurch at 0.1%, Queenstown at 0.8%, and Invercargill at 1.5% in the black this quarter.

The HPI shows the rolling three-monthly rate of decline has slowed in Auckland (-0.5%), Wellington (-0.6%) and Palmerston North (-0.3%), and increased by less than a percentage point in Whangārei (-2%), Hamilton (-0.7%), Rotorua (-1.4%), New Plymouth (-0.1%), Napier (-1.6%), Hastings (-2.5%), and Dunedin (-1.7%).