High-end properties across New Zealand, including a $6 million Auckland penthouse now listed for $5 million and a $1.87 million Lower Hutt house asking $1.35 million, illustrate declining property values in areas like Wellington and Auckland.
CoreLogic research shows nearly half of homes in Wellington City and the broader Auckland area listed between 2020 and 2021 are now advertised below their original purchase price. Reasons for these price cuts range from lifestyle changes to financial needs, with vendors hoping to attract interest through lower listing prices, often with “offers over” strategies to drive competition.
However, the trend isn’t universal, with areas like Selwyn and Matakana bucking the decline. Some properties in these regions are listed for significantly more than their purchase prices, reflecting regional differences in market dynamics.
CoreLogic notes that the number of properties sold at a loss remains small overall, as many owners opt to hold on amid falling interest rates.
Image credit: Phil
