Auckland house values have dipped for the first time in six years as the housing market continues to cool nationwide.
Residential property values in the Auckland region decreased 0.6 per cent year on year, dropping by 0.5 per cent over the past three months.
The average value for the Auckland region is now $1,038,722.
Nationally, annual value growth has slowed to 3.9 per cent in the year to the end of October, the lowest rate of growth seen in five years, QV figures released today show.
In Wellington growth was up but the rate had slowed in recent months.
National QV spokeswoman Andrea Rush said the market wasn't crashing, as house prices were holding stable for the most part.
"What we're seeing is just a stabilising," she said.
"Values [in Auckland] are 90 per cent higher than they were in 2007 - you can't always expect to have year-on-year growth in the housing market.
"These rises are not sustainable."
A flat market was better for first-home buyers, "although prices are still very high and it's very hard to gain finance with stricter lending criteria from the retail banks", Rush said.
Source : New Zealand Herald