Biggest fall for residential property values since the GFC

The average value of New Zealand homes fell by $33,599 over the last four months, while the average value of homes in Auckland declined by $85,452, according to the CoreLogic House Price Index, Interest reports. Auckland’s average values declined in all major urban districts with the falls over the three months to the end of July ranging from -5.5% in Manukau’s eastern suburbs to -0.4% in northern Rodney.