The average value of New Zealand homes dropped below $1 million in August for the first time since November last year, according to the CoreLogic House Price Index (HPI). CoreLogic's HPI, which tracks the value of all developed residential properties throughout NZ, shows the average value of homes was $991,674 in August, down by $51,587 (-4.9%) compared to its March peak of $1,043,261. August was the fifth consecutive month the average dwelling value has declined, and was the first time it has been below $1 million since November 2021. The steepest drops in value have been in Palmerston North, the Wellington Region and Dunedin, where average values are now lower than they were 12 months ago. CoreLogic said average values dropped 1.8% in August compared to a 0.9% fall in July.

Source: Stuff August 31, 2022 21:18 UTC