\u201cProperty values have been broadly flat for some time, and the pain and gain figures are reflecting that same gradual downward shift rather than a slump,\u201d Cotality NZ chief property economist Kelvin Davidson said.<\/p>\n
\u201cAt the same time, hold periods for profitable resales have stretched to double digits, which may indicate some owners are waiting longer before bringing properties to market.\u201d<\/p>\n
Auckland and Wellington had the weakest resale conditions among the main centres.<\/p>\n
Almost one in five (19.9%) Auckland resales recorded a loss in Q1, with a median loss of $77,000.<\/p>\n
In Wellington, 16.7% of resales recorded a loss, with a median loss of $86,120.<\/p>\n
However, both centres generated some of the country\u2019s largest resale gains for longer-term owners, with median profits of $350,000 in Auckland and $345,000 in Wellington.<\/p>\n
Christchurch continued to record the most resilient resale performance among the major centres, with only 4.7% of resales making a loss in Q1, with a median loss of $32,000.<\/p>\n
Dunedin recorded the smallest median resale loss nationally at $15,000.<\/p>\n
Apartments also remain under pressure, with 41.1% of resales made at a loss compared with 11.3% for standalone houses.<\/p>\n
Median resale losses for apartments were almost $70,000, compared with around $50,000 for standalone houses.<\/p>\n
\u201cApartments generally experienced less of the post-Covid boom than standalone houses, so they\u2019ve had less of a buffer through the downturn,\u201d Davidson said.<\/p>\n
\u201cBut there\u2019s still little evidence of widespread distressed selling or fire-sale behaviour. A lot of these losses are relatively modest in the context of total property values.\u201d<\/p>\n
Davidson said the resale figures were consistent with a housing market that had been largely flat<\/a> for an extended period.<\/p>\n \u201cProperty values may have edged a little higher in recent months, but the market still looks pretty subdued overall,\u201d he said.<\/p>\n