Coasties may be interested to know that the national median value now stands at $803,624, a 3.9% decrease from the same time last year.

This translates to a drop of around $32,200.

According to CoreLogic's hedonic Home Value Index, property values nationwide fell 0.2% in December, marking the ninth drop in the past 10 months.

CoreLogic NZ Chief Property Economist Kelvin Davidson noted that December's fall in values at the national level was an apt summary for 2024.

"Since the mini-peak back in February, property values have drifted lower at a modest pace," he said.

Davidson pointed out that there has been a discernible slowdown in the rate of decline in recent months, potentially signalling that the floor for property values could be within reach.

Around the main centres, a slightly more consistent picture is emerging, with Hamilton rising by 1.0% in December, Tauranga by 0.4%, Dunedin 0.3%, and Christchurch holding steady.

However, most of Auckland's sub-markets saw falls in property values in December, ranging from a modest decline of 0.1% in Manukau, up to 0.5% in Rodney, and a fall of 0.7% apiece in Auckland City and Franklin.

North Shore bucked the trend, ticking up by 0.1% in December.

Looking ahead to 2025, Davidson expects the property market to be influenced by conflicting forces, including lower mortgage rates and labour market uncertainty.

"Our expectation is that values could increase by around 5% in 2025 across NZ as a whole," he said.

Davidson also noted that the recent falls in property values may well come to an end shortly, but the effect of debt to income ratio rules could be a significant factor in the year ahead.

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