Housing market recovery uneven - CoreLogic

Of the 386 suburbs in decline, only 152 have seen falls of one per cent or more since December. Photo: RNZ/Nate McKinnon.

The housing market recovery is spreading, with nearly 60 per cent of suburbs seeing some improvement this year.

CoreLogic's interactive mapping tool indicates 549 of the 935 suburbs (58.9 per cent) it tracks saw an uptick in median estimated property values in the three months to March.

Of the 386 suburbs in decline, only 152 have seen falls of one per cent or more since December.

CoreLogic NZ chief property economist Kelvin Davidson says 103 suburbs saw value gains of at least two per cent, with seven up by five per cent or more.

"Queenstown continues to demonstrate market resilience, with growth in Sunshine Bay (10.6 percent) a standout example."

While price recovery is spreading to more parts of the country, Kelvin says the trend is not yet nationwide.

"The market's recovery is unlikely to be a straight line from month to month, or region to region. With mortgage rates still high and affordability stretched in many areas, an underwhelming upturn remains on the cards for 2024."

Recovery in the main centres mixed

Just over half (52 per cent) of Auckland suburbs saw values rise, and 10 of those have seen increases of at least five per cent - including Fairview Heights, Somerville, Northpark, Pinehill, and East Tamaki.

There was a rebound in Hamilton, with 13 suburbs up since December. Tauranga saw price recovery in 14 suburbs.

Wellington saw some recovery with values down in 16 suburbs, while 11 saw gains of at least 3 per cent.

Just seven of Christchurch's 82 suburbs saw gains, while Dunedin's 39 suburbs saw some gains.

Explore the full CoreLogic NZ interactive market map here.

-RNZ.

You may also like....

1 comment

The Master

Posted on 14-03-2024 17:14 | By Ian Stevenson

This is not a "recovery", it is a bit of shaky flip-flopping?

The markets are hugely unstable plus the banks are reluctant to lend money to buy as a result of many things but especially high interest rates etc, so watch this space...


Leave a Comment


You must be logged in to make a comment.