Painful housing market keeps rolling on

The national average value now sits at $956,592 - 9.2% lower than at the start of this year.

This marks nine straight months of declining home values and there is no end in sight.

ASB economists don’t see the market improving any time soon, either. The bank has upped its prediction of prices falls from 12% to 15% from peak to trough. When adjusted for inflation this is a fall of 24%.

The bank’s economists say the  gradual falls over the past nine months contrast dramatically with the speed and magnitude of the previous boom – prices are still up nearly 30% on where they were at the beginning of 2020. They do not expect to see a trough until the first half of next year.