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Auckland house prices drop for first time since 2011

Author
Jordan Bond,
Publish Date
Thu, 2 Nov 2017, 7:32AM
Prices in Auckland are falling but rising slowly elsewhere. Photo/NZ Herald
Prices in Auckland are falling but rising slowly elsewhere. Photo/NZ Herald

Auckland house prices drop for first time since 2011

Author
Jordan Bond,
Publish Date
Thu, 2 Nov 2017, 7:32AM

QV says Auckland house prices have fallen for the first time in six years.

In newly released figures, QV says residential values fell more than half a per cent in the last year.

When adjusted for inflation, Auckland values have dropped 2.5 per cent since last October.

The average residential price Auckland-wide is just under $1.04 million.

QV spokesperson Andrea Rush said nationwide we're seeing a slowing of the market.

But she said this is the first hint of any decrease in house values.

"That's the first time we've seen an annual negative growth in Auckland since April 2011."

Nationwide, values crept up 3.9 per cent in the year to October.

The nationwide average house value is now $647,000.

This is 56 per cent higher than the last peak price in 2007.

Rush said this latest growth slowdown has been in the works since mid-2016.

"What we are continuing to see is that year on year rate of growth is continuing to slow and it's now at the lowest rate in five years."

ON AIR: Kerre McIvor Mornings

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