“ Indeed , continued ( albeit reduced ) growth in Christchurch , combined with value falls in Dunedin , have seen the average value of the two South Island cities drift further from each other . This is a revealing change given Dunedin ’ s average value was greater than Christchurch as recently as September 2021 ,” says Mr Godall .
CoreLogic Average Value according to House Price Index
The -2.9 per cent fall in Dunedin values over the last three months is the greatest quarterly decline in over 13 years – back when the market was still in retreat from the Global Financial Crisis
Source : www . corelogic . co . nz / news /
( GFC ). Mr Goodall says house price affordability has become particularly stretched in the ‘ Edinburgh of the South ’ with it being the third most unaffordable main centre , according to the value-to-income ratio , years to save a deposit and proportion of income required to service a mortgage measures .
Similarly , the -2.0 per cent fall across the Wellington region in the last three months is also a record since the GFC . Both Lower and Upper Hutt are key contributors to the regional deterioration , with -3.0 per cent and -2.6 per cent drops over the month , respectively .
However , all five of the main Wellington localities saw declines in their average values over April and the last quarter . The slowdown has clearly hit hard across the Capital , perhaps reflecting the impact of tightening credit on first home buyers who typically account for a relatively high share of sales compared to other main centres .