The latest QV House Price Index shows average home values across New Zealand dipped 0.8% in the three months to August, leaving the national average at $906,977.

That’s 0.2% higher than a year ago but still 13.4% below the January 2022 market peak.

Wellington has taken the hardest hit, with values now close to 30% down, while Auckland sits about 20% below its high.

Within the Super City, Rodney has recorded a smaller drop of 12.5% (around $175,000), with values falling from $1,411,162 to $1,235,103.

Waitākere saw the biggest decline, down 21.7% (around $260,000).

QV spokesperson Andrea Rush said the housing market remains subdued.

“As we head into spring, the slump is most pronounced in Wellington and Auckland, underscoring the scale of the correction since early 2022,” she said.

She added that affordability is slowly improving as prices ease and interest rates fall, but high living costs, rising unemployment and stretched household budgets continue to restrict demand.

QV valuer Hugh Robson noted that all Auckland areas saw values dip in the past three months.

“Listing levels are healthy, with new townhouse developments recently completed or nearing completion. Well-located homes with some land are continuing to sell well, while townhouses with little or no land are proving less popular,” he said.

For Coasties, the correction may offer new opportunities, with Rodney’s smaller fall leaving the area in a stronger position than other parts of Auckland.

Know something local worth sharing?

Send it to [email protected] — we’ll help spread the word.