Values plunge in more than 80% of the country’s suburbs

CoreLogic NZ’s interactive Mapping the Market tool, updated quarterly, shows 803 of the 955 acoss the country recorded a fall in median values between June and September.

Tauranga and Dunedin had falls across the board while 97% of suburbs in Auckland and wider Wellington (city, Porirua, Upper Hutt, Lower Hutt) fell in value. In Christchurch 92% of the city was impacted and 85% in Hamilton.

Across New Zealand, 81 suburbs saw median values fall by 5% or more, most notably in Auckland (14), Wellington (23), and Dunedin (17). Of those 81 suburbs with big falls, there were also six apiece in Horowhenua and Whangarei.

In contrast, 152 suburbs nationally still recorded an increase in value, including 27 which appreciated in value by 2% or more. CoreLogic ‘s chief property economist Kelvin Davidson says those still rising were generally small or rural areas such as Blakestown in Grey, Halfmoon Bay in Southland, Patea in South Taranaki, Ngatea in Hauraki.