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.