NZ Property Values Slide for Second Consecutive Month

New Zealand's housing market continued its downward trend in July, with property values declining by 0.3% nationwide to $804,303, according to Cotality's Home Value Index.

This marks a consecutive month of falls, matching June's decline and bringing the national median value down 1.0% over three months and 0.7% over the past year.

While some regions, such as Dunedin and Christchurch, experienced small gains, other major cities like Auckland and Wellington saw drops of 0.6% and 0.5%, respectively.

Cotality NZ chief property economist Kelvin Davidson attributed the softness to broader economic uncertainty, including fading optimism around the US-Iran peace deal and continued inflation pressure.