New Zealand house price trends late 2024

The story so far

National property values fell 0.5% in October, the eighth straight monthly decline, with the median home value at $805,984.^{1 Nov 2024} CoreLogic said values had fallen 5.1% so far this year but that there may be signs the market is nearing a floor.^{1 Nov 2024} Quotable Value reported the national average price fell 0.8% in the three months to October, to $902,231, with the market stabilising but showing little growth.^{12 Nov 2024} Falling prices and more listings have led to more loss-making resales, with the national share of profitable resales down to 90.2% and nearly 10% of Wellington sales last quarter at a loss.^{13 Nov 2024} Christchurch prices have kept rising while Wellington's median fell 3% last quarter, the largest drop of any main centre, and first home buyer activity has stayed strong.^{21 Nov 2024}

Latest

The most recent report shows Christchurch prices still growing while Wellington values drop, and record first home buyer purchases in October.^{21 Nov 2024}

Key moments

1. 1 Nov 2024National values fall for an eighth consecutive month, down 0.5% in October.
2. 12 Nov 2024Quotable Value says market is stabilising but shows little growth.
3. 13 Nov 2024Profitable resales share falls to 90.2% nationally as listings increase.
4. 13 Nov 2024Nearly 10% of Wellington sales last quarter resulted in a loss.
5. 21 Nov 2024Wellington median falls 3%, the largest drop among main centres.
6. 21 Nov 2024Christchurch prices keep growing despite North Island declines.
7. 21 Nov 2024Record first home buyer purchases recorded in October.

Written from the stories below; each sentence links to its sources.