Work And Income

With the passing of time and the rise in popularity for 80s cars, particularly those painted gold with beige upholstery maybe it’s time for Holden to let Holden’s first front-wheel drive car go. And with an auction estimate of $800-$1400 for what is a very rare survivor could this Camira actually finally be cool? Throughout the first eight months of 2022, Opotiki (7.1%) tops the list for most home value growth on average. The Wellington region saw the largest declines over this period. Home values have declined for the fifth straight month in New Zealand’s southernmost city.

The QV House Price Index has shown that Rotorua’s average home value is $708,167. This is 2.5% more than it was a year ago. Derek Turnwald, QV property consultant, said that this figure accurately reflected a local residential market that “remained largely subdued”, due to a variety of economic factors. The Northland region’s residential property values have declined by an average 1.3% in this calendar year, with a 4.1% decrease in the most recent quarter.

The QV House Price Index for August shows the housing market continues to cool as winter draws to a close. Tight credit conditions and rising interest rates means fewer buyers are competing for an oversupply of stock. As we move into spring, this continues to push down prices. In the 12 months to the end of August 2022, the average home value in the city ($816,499) has declined by 0.4%. This follows a 7.9% average decrease in the first eight months this year, with a 5.5% drop this quarter in the average home value. Its average home value has declined by 9% throughout the first eight months of the year, including a 5.9% drop in the most recent quarter, with annual home value growth only just sitting in positive territory at 0.7% on average.

“We are starting to see some very significant value reductions now. This is especially true in the main urban areas that saw strong value growth. Market gains from August 2021 have largely been eroded from the falls in the first seven months of 2022,” Mr Nagel said. “Clearly, it still involves quite a bit more equity to move from a three- to four-bedroom property in most parts of the country,” he said in the report.

“That said, it wouldn’t be a surprise to see the trade-up gap generally continue to shrink in the coming months – given any particular percentage fall across the translates into a bigger dollar fall on higher value stock. But in its Market Pulse report released on Wednesday, CoreLogic pointed to a potential silver lining of the housing market downturn. As a result, major banks have predicted house prices would fall by 10 percent or more by the end of the year.

“Some economists suggest we’re near the peak in mortgage interest rates, while others predict that house prices will fall another 25% over the next twelve months,” Mr Nagel stated. Of the real estate agents surveyed, 5 percent said they noticed more first-home buyers in the market. Alexander stated that it was the first year there had been an increase in first-home buyers. The Waikato region has seen home values fall by 3.2% in 2022, with a 2.4% decrease in the most recent quarter. Davidson said while people were often reluctant to put their houses on the market when prices were falling, you would usually be buying and selling in the same market. The latest QV House Price Index shows Invercargill’s average home value declined by 3.1% this quarter to $473,893.

That figure is 2.6% lower than at the start of this year and 4% higher than the same time last year. The town’s average home value has increased by 18.6% in the 12 months to the end of August 2022, including 4.3% this year, and 1.5% this quarter. Home values decreased by an average of 0.8% last month in Christchurch – a slight bounce back from the 1.2% monthly decline QV reported last month. This is reflected in a 3.6% quarterly decline, which is only slightly more than the 3.4% decline reported last month.

This represents an average annual increase of just 1.1%, down from 4% annual growth last month. The average Taranaki region home value has fallen by 3.6% in the last quarter, with only one district showing any positive growth over the first eight months 2022. “With longer selling periods and more stock available on the market, real estate agents are reporting properties are generally selling for less than vendors were initially hoping for,” Mr Schicker added. The largest home value decreases in this quarter were seen in Waitakere (-8.1%), Franklin (-6.7%), Rodney (-6.5%), Manukau (6.5%) and Manukau (6.5%). Papakura (-1.3%) showed the greatest resilience over the winter months. Two of the super-city’s former territorial authorities are experiencing negative annual growth: Waitakere (-0.3%) and Auckland City (-3%) “There are mixed opinions about the impact of interest rate increases on house prices in the next 12 months.

• There are numerous contractors involved and Government agencies such as the Ministry of Social Development and Ministry of housing and urban development are enabling this train wreck.
• The average home value in the Taranaki region is 8.9% higher than it was 12 months ago. This is significantly better than the national average of 1.1%.
• We’re seeing selling periods continue to extend as a result,” Mr Turnwald said.
• Home values have gone down across the Taranaki region by an average of 3.6% this quarter – with just one of its districts showing any positive growth for the first eight months of 2022.
• The Camira was not exactly a triumph for Holden or, for that matter, those that bought them early on.

“Rising costs, rising rates, overseas conflict, and the ever-present COVID Situation have caused confidence in the housing sector to plummet. Many potential buyers are afraid of paying too much. As a result, we are seeing selling periods continue expanding,” Mr Turnwald stated. The average Selwyn District home value is $856,965, a slight increase from last month’s figure. Even though the Waimakariri district saw modest growth, its quarterly rate for negative home value growth increased from 2.5% at July’s end to 1.5% at August’s end.

• The QV House Price Index August shows that the housing market continues its cooling trend as winter draws to an end.
• “There are mixed opinions about the impact of interest rate increases on house prices in the next 12 months.
• It comes after seven consecutive months with negative home value growth in the city. This adds up to a 10.5% average decrease in home value for 2022.
• Tight credit conditions and rising interest rates means fewer buyers are competing for an oversupply of stock.
• After four months of negative growth, the average home value has dropped by 0.6% in the eight months to August.