Photo : 36 Rue D ’ Amarres , Gulf Harbour , Rodney Proudly marketed by Ross Hawkins , Ray White Epsom
HOUSING MARKET INSIGHTS LOOKING AHEAD
The latest QV House Price Index shows that home values decreased by an average of 0.90 per cent nationally over the three months to the end of June - a slightly larger rate of reduction than the 0.20 per cent quarterly decline for May .
The average home value now sits at $ 916,285 , which is 2.80 per cent higher than last year but 13.90 per cent ($ 147,480 ) lower than the market ’ s peak in late 2021 .
Regions such as Tauranga and Palmerston North saw values drop by 1.30 per cent , while Wellington values fell by 1.20 per cent this quarter . The recent shortening of the Brightline Test will likely result in more listings coming onto the market , offering buyers more choice and maintaining downward pressure on prices .
Even with the introduction of Debt-to-Income ( DTI ) restrictions and Loan-to-Value Ratios ( LVR ) loosening , the short to medium-term effect is expected to be minimal , especially while interest rates remain high .
The road ahead remains challenging to predict , and we will likely continue to see a degree of volatility . Today ’ s buyer has significantly more choice , and today ’ s seller faces more competition . In most cases , it is a seller of necessity and a buyer of either necessity or opportunity .
Across our Ray White member network , properties listed by private treaty typically spend a median of 48 days on the market over the last three months . In contrast , those offered through auctions have a median of 35 days .
As we look forward to the remainder of 2024 , the prospect of easing interest rates and recent policy changes are expected to influence market sentiment positively . Ray White ’ s comprehensive data and insights will continue to provide valuable guidance for buyers and sellers as they navigate the evolving property landscape .
We remain committed to providing our clients with the most up-to-date and accurate market information to help them make informed decisions . Thank you for trusting Ray White as your partner in navigating the New Zealand property market .
LIVE LISTINGS This graph shows the total number of live listings on Ray White ’ s channels .
For the month ending June 2024 , our live listings count increased by 21.46 per cent when compared to the same period last year .
Source : Ray White Online Analytics
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