The changing New Zealand property market

Monday 10 August, 2009

It is now well known that New Zealand house values increased substantially from 2003 until they peaked in late 2007. Values leveled for several months then declined rapidly throughout 2008. In early 2009 values began to stabilise and in recent months have begun to increase slightly.

During 2008 while the market was declining, both the number of sales, and property values dropped. These drops did not occur to the same degree across the market. One way to look at these differences is by region or city, and these changes are widely published, for example through our QV House Price Index. Another way to look at the market is to group houses based on their value, to see whether there are differences in the way the market behaves from one end of the value range to the other.

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