\u201cAt the same time, sellers generally aren\u2019t under significant pressure. Labour market conditions have softened, but widespread job losses haven\u2019t emerged, allowing many vendors to remain patient and hold relatively firm on pricing.\u201d<\/p>\n
Davidson said the result is a market where sales activity has gradually slowed through 2026 and property values have continued to drift lower. <\/p>\n
\u201cMost of the heavy price correction occurred in 2022 and 2023, but conditions have remained subdued since then,\u201d he said.<\/p>\n
\u201cAdding to the uncertainty are global geopolitical tensions, the Reserve Bank\u2019s move towards a neutral cash-rate setting and the lead-up to November\u2019s general election, particularly for investors facing questions about future tax policy.\u201d<\/p>\n
On an annual basis, median property values in Auckland fell 2.6% to $1,022,687.<\/p>\n
\u201cThe buyer-friendly conditions in Auckland\u2019s residential property market remained firmly in place in August. Affordability has improved and the continued pipeline of new housing supply suggests it could stay that way for some time yet,\u201d Davidson said.<\/p>\n
\u201cThe Super City also seems to be lacking a bit of economic confidence right now, which will be weighing on housing activity and prices. While this won\u2019t be welcomed by existing property owners or vendors, it\u2019s good news for first-home buyers, who remain active across Auckland.\u201d<\/p>\n
In Wellington, property values dropped 2.7% compared with last year to $751,281.<\/p>\n
Values rose 3.7% in Christchurch compared with last year to $706,203.<\/p>\n
Davidson said the housing market remains in a \u201cholding pattern\u201d.<\/p>\n
\u201cWith housing now more in reach for a wider range of people \u2013 witness the recent strength of first-home buyer activity \u2013 the risks of further significant falls in prices have lessened,\u201d he said.<\/p>\n
\u201cBut until the labour market and job security improve more emphatically, which may not be until we\u2019re well into 2027, consistent growth in house prices seems a low probability.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cAt the same time, sellers generally aren\u2019t under significant pressure. Labour market conditions have softened, but widespread job…\n","protected":false},"author":2,"featured_media":589186,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[81990,90266,534,642,138,8278,37006,3105,30276,97110,71,78,225,23561,117,111,139,69,814,387,1305,29307,8238,9342,80],"class_list":["post-589185","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-81990","tag-800k","tag-amid","tag-august","tag-business","tag-conditions","tag-cotality","tag-data","tag-dip","tag-dipped","tag-from","tag-in","tag-market","tag-median","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-property","tag-researcher","tag-show","tag-subdued","tag-under","tag-values","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/589185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=589185"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/589185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/589186"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=589185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=589185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=589185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}