CoreLogic report

PHOTO: CoreLogic report

The latest data from the CoreLogic House Price Index (HPI) shows while nationwide values increased by 1.8% over June, it is a slight reduction on the 2.2% growth rate witnessed over May, providing early evidence of a gentle deceleration in market momentum. The rate of growth in June slowed in 12 of New Zealand’s 18 largest markets, with a further three recording a drop in values over the month – in Gisborne, where values increased 35% in the past 12 months, there was a surprising change of direction with a fall in value of -0.9% over June. Both New Plymouth (-0.3%) and Napier (-0.1%) also saw minor drops in property values in June.

We can facilitate an interview with CoreLogic Head of Research, Nick Goodall who can share further insight and commentary on the data which includes:

  • At the other end of the spectrum both Nelson and Invercargill saw increases in their monthly rate of growth, at 2.1% and 1.6% respectively.
  • Nationally average property values have increased 22.8% for the 12 months to June.
  • The continued growth in the market, albeit at a slower rate, has taken the average property value across the country to more than $900,000.
  • The total value of all residential property in New Zealand has now surpassed $1.5 trillion for the first time.

Highlights from the CoreLogic HPI data for June (national, main centres and drops in value):

 Change in property valuesAverage Value
New Zealand1.8%7.2%22.8%$906,532
New Plymouth-0.3%7.4%24.2%$631,779

READ THE FULL REPORT HERE: CoreLogic June 2021 House Price Index