Property prices may have declined in New Zealand as a whole during the first half of 2022, but some towns and regions actually experienced growth.
Two major cities recorded price growth between January and May, along with a collection of smaller communities.
Property prices may have declined in New Zealand as a whole during the first half of 2022, but some towns and regions actually experienced growth.
The price of the average New Zealand home fell 2.2% during the first five months of the year, while values fell in each of the country’s 10 biggest cities during the May quarter, according to major valuation company QV.
However, some major cities recorded price growth between January and May:
- Christchurch = 1.7%
- Tauranga = 1.6%
And some smaller communities experienced even larger price growth during that five-month period:
- Kaikoura = 13.6%
- Stratford = 10.2%
- Waimate = 9.5%
- Opotiki = 8.6%
- Kawerau = 6.4%
- Timaru = 6.2%
- Ashburton = 5.1%
QV general manager David Nagel said rather than having just one national property market, New Zealand actually has a collection of different markets that go through different cycles.
“The urban centres, for instance, tend to be just a little ahead of the regions in terms of peaks and troughs – especially in Auckland and Wellington,” he said.
“But they are all facing rising interest rates and tightening credit conditions, which is greatly inhibiting home value growth and activity.”
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