Central’s home values are growing by 6.5 per cent, coming in second of ten provincial districts showing positive growth throughout the first eight months of this year, according to the latest QV house price index released today (October 13). 

Tall Poppy business owner Peter Hishon said for Central and the Lakes the picture was positive, despite it being mixed for the rest of the country.

“We’re going back to normal days… normal interest rates of around seven - seven and a half per cent. 

“Lifestyle is particularly strong versus residential. I’m seeing an easing in residential especially around Clyde.

“Some entry level houses tend to be a little bit cheaper, that means some first home buyers are coming back to the market.. [and] banks are lending again.

Peter said there was not a plethora of listings on the market in Central.

“It’s supply and demand… our equilibrium is quite balanced [currently].”

Peter Hishon

The number of New Zealand towns and cities with net positive home value growth throughout the first eight months of 2022 is shrinking every month, with none now showing growth in double figures.

Ruapehu topped Central with 7.1 per cent, Kaikoura had 6.1 per cent, Mackenzie 6 per cent and Waimate came in fifth at 5.5 per cent.

Queenstown was the only one of New Zealand’s main centres to have the average home value increase this quarter, by 0.2 percent ( to $1,694,137). 

New Zealand’s average home value has recorded its first annual reduction in more than a decade.

The latest QV house price index shows that home values have slipped by an average of 2.1 per cent nationwide in the 12 months to the end of September 2022. 

It is the first annual home value reduction since June 2011, and marks nine straight months of declining home values nationally.

The average home decreased in value by 5.4 per cent nationally over the past three-month period to the end of September, just 0.1 per cent better than the rate of quarterly decline reported at the end of August, with the national average value now sitting at $956,592. That figure is 9.2 per cent lower than at the start of this calendar year. 

House price index infographic showing average values and three month percentage change