Average home values have edged down across New Zealand, falling 0.5% in the three months to the end of July, according to the latest QV House Price Index.

The national average now sits at $909,671, just 0.1% lower than this time last year and still 13.1% below the January 2022 peak.

QV National Spokesperson Andrea Rush said the market is still adjusting to softer economic conditions, with affordability, job security, and mortgage costs front of mind for many buyers.

First-home buyers and owner-occupiers remain most active, buoyed by steady interest rates and more choice on the market.

In Auckland, values slipped 1.2% over the quarter to $1,219,470, down 1.5% year-on-year and 19.6% below the peak.

Closer to home, Rodney saw a 0.3% drop, while the former Auckland City area held almost flat at -0.1%.

The North Shore fell 2.0% and Waitakere 1.6%.

QV Auckland Registered Valuer Hugh Robson said the higher end of the market is defying the trend.

Barfoot & Thompson sold 51 homes over $2m and 16 over $3m in July, the best result since 2021.

“It shows confidence remains for quality homes in top locations,” he said.

With spring’s traditional listing surge approaching, the coming months could determine whether the market tips toward recovery or remains flat.

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