The average value of homes throughout New Zealand declined for the second month in a row in May, with the average value of Auckland homes falling by more than $47,000 over the last two months, and the average value in the Wellington Region dropping by more than $36,000. According to the CoreLogic House Price Index (HPI), the average value of all NZ homes was $1,027,121 in May, down by $16,140 since March. The decline in average values was particularly severe in Auckland, where the average value of homes in the region has dropped from $1,520,341 in March to $1,473,076 in May, a decline of $47,265 in two months. The Wellington Region wasn't far behind, with the average value there dropping by $36,187over the same period, from $1,128,708 in March to $1,092,521 in May. Other major centres to record declines in average dwelling values over the two months from March to May were Hamilton -$26,136, Hastings -$34,029, Napier -$16,386 and Whanganui -$15,062.

Source: Stuff May 31, 2022 21:08 UTC