House prices drop in nearly every suburb across the country

Over the three months to the end of December, 90% of Auckland suburbs – 180 of 201 – have had a median property value drop – 73 of those suburbs have fallen at least -2%. At the other end of the spectrum, only eight had a rise of 1% or more, CoreLogic’s  interactive Mapping the Market tool shows.

Bucking the trend is Herne Bay, which remains Auckland’s most expensive suburb, with a median value of $3.6 million. It has had a slight pickup in value of 0.5% since September. By contrast, areas such as Sunnyhills and Omaha have seen their median value drop by $70,000 or more over the past three months.

Across the rest of the country  prices have continued to slide, with the Mapping the Market tool, updated quarterly, providing insight into how the value of property varies across cities, across the country, as well as how values have shifted over time.

In the latest update, 776 of the 948 suburbs analysed recorded a fall in median values between September and December. The suburb of Kawakawa in the country’s Far North District had the highest percentage growth rate – up 6.5% - to a median of $469,550.