House values down more than $100,000 this year

The latest QV House Price Index shows values are now 10.2% lower, or $107,747 less in real dollar terms, than at the start of the year.

Homes dropped in value by 2.9% nationally over the three months to the end of November – a slight improvement on the 3.9% quarterly decline at the end of October – with the average value now sitting at $945,568.

The latest figures are a stark contrast to the same time last year, when the QV House Price Index showed values had climbed by an average of 25.5% from January to November last year.

In fact, the closest comparable year to this one is 2008, amidst the Global Financial Crisis (GFC), when home values fell by an average of 9% nationally from January to November, and 9.6% total during the calendar year.