Big drop in local home prices

By Frank Neill

People wanting to buy homes in Wainuiomata are looking at purchase prices 21% lower than a year ago, the latest figures from CoreLogic NZ show. This places Wainuiomata among the suburbs with the great drop in house prices over the last year.

The current median value for Wainuiomata is $613,800, which is 23% lower than the $800,000 median price when the property market peaked in 2021.

CoreLogic NZ’s interactive Mapping the Market tool, updated quarterly, compares values across 923 suburbs from a year ago.

CoreLogic NZ Chief Property Economist Kelvin Davidson says that the lower selling price was probably only an issue if a homeowner was trying to sell now, after purchasing at the peak of the market.

“New Zealand saw double-digit declines over the last year, and Wellington made up the bulk of the suburbs that posted the biggest falls.”

Values fell by 20% or more in 31 suburbs, with 30 of them in the wider Wellington region.

“Overall, this confirms that this downturn has been pretty deep and broad-based across many parts of the country – to the detriment of existing property owners, but a sign of hope for aspiring buyers who have their finances approved,” Mr Davidson says.

CoreLogic released the latest property market figures on 12 March.

“We must remember to take pride in our cultural backgrounds and where our ancestors grew up and came from,” Siobhan says.

“What I really enjoy from ‘Pasifika Navigators’ is both the aesthetic value it holds, in terms of the art pieces within the book, as well as the content within the stories of Pasifika students of various ages and backgrounds across New Zealand.,” says Rebecca Sa’u, author of ‘What do you see?’

“I love how all the stories, experiences and accounts are unique to each person, but also have cultural experiences and elements that other young Pasifika people across Aotearoa may share and relate to.

“This collection of stories is so empowering and I believe is crucial to have, so that the positives and negatives, challenges and successes as Pasifika are shared and eventually understood, especially in the evolving society we live in today.

“I hope that those who read these stories, and are of Pasifika descent feel empowered and heard and that it encourages them to stand firm in their ancestral and cultural roots.

“To those who are not of Pasifika descent, I hope they learn from these stories, from a place of understanding and education. Fa’afetai Lava,” Rebecca says.