Auckland’s housing market has led a nationwide slide, with average home values falling 2.5% in the September quarter to $1.19 million, according to the latest QV House Price Index.

Nationally, values dropped 1.1% to an average of $900,521, marking a 14% decline from the 2022 peak.

Auckland and Wellington have seen the largest corrections, with values now more than 20% below their highs.

QV spokesperson Andrea Rush said the market correction from the post-Covid boom is continuing, though recent cuts to the Official Cash Rate may provide some spring relief.

“Decreasing home values and lower mortgage rates continue to improve affordability in many areas,” she said.

QV valuer Hugh Robson added that buyer interest has lifted slightly across the city.

“Whether this translates into a genuine spring uplift in values remains to be seen,” he said. “

Overall, conditions continue to favour buyers, with plenty of choice available.”

For the Hibiscus Coast, where households are sensitive to mortgage rates and shifting property values, the downward trend is already shaping local buyer behaviour.

More Coasties are holding off on upgrades, while investors are returning cautiously as lower mortgage rates improve serviceability.

Despite the slide, demand remains strongest for modern, well-maintained homes ready to move into.

Multi-unit townhouses continue to dominate new listings, but developments lacking storage, parking or good indoor–outdoor flow are seeing prices trimmed to meet the market.

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