QV's quartile index

PHOTO: A house is pictured for sale in Christchurch, New Zealand. Source: Associated Press

Are house prices in Aotearoa beginning to level off? Quotable Value says its latest figures are showing the brakes applied to both the most expensive and affordable properties throughout the country.

In a statement this morning, QV’s quartile index recorded a 2.2 per cent reduction in value growth in the June quarter across the most expensive houses in New Zealand’s main centres – down from 8.5 per cent growth to 6.3 per cent.

Meanwhile, the country’s least expensive houses experienced a slightly smaller 1.4 per cent drop in average value growth – from 8.3 per cent to 6.9 per cent.

“It’s worth reiterating that prices are still generally increasing, but they’re just not going up by nearly as much as they were before,” QV general manager David Nagel said.

“While demand remains high and supply remains low, house prices are generally only going to go in one direction and that’s up. How much higher will likely depend on how much higher interest rates will go.