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National: Average House Price Drops by 4.9%

8:34 am on 9th August 2022

By David Liwei Shi

The housing market downturn has brought national average house prices down below $1 million for the first time since September of last year.

QV operations manager Paul McCorry said “ the reduction in annual growth across the country is staggering.”

As the country’s labour market becomes stronger, loan to value (LVR) ratios have grown to provide market support with a 20 percent deposit requirement.

Auckland region’s average value has decreased by 5.5 percent to $1.4 million, whilst Wellington City dropped 11 percent over the 3 month period. Other Wellington regions including Hutt Valley and Porirua values are down 7 to 9 percent over the 3 month period as well.

Public Interest Journalism funded through NZ On Air.