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New Zealand National Home Values in May Just 0.2% Lower Year-over-Year, QV House Price Index Says

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New Zealand national average home values in May reached NZ$912,190, 0.3% higher in the three months to the end of May and 0.2% less than the same period in the previous year, according to the QV House Price Index released on Tuesday.

This was 14.2% below the market's previous peak in early 2022.

The figures pointed to a housing market that remained broadly stable but which was increasingly patchy around the edges, QV spokesperson Simon Petersen said. "There's a steady supply of houses for sale and enough buyers to meet the market, but not nearly enough competition to drive prices upward in any major way."

However, relative affordability and a strong local economy are helping to support demand in parts of the South Island, especially in and around Invercargill and Southland in general, Petersen added.

The Auckland region's average home value was unchanged at NZ$1.2 million in May, 22.3% below its previous peak, and 2.8% lower than the same time in the previous year.

The average home value in Christchurch increased by 1.6% to NZ$808,601 in the three months to May.

Meanwhile, Wellington City's average home value increased by 0.2% in the quarter to NZ$910,286, which is 27.6% below its previous peak.

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