The average value of homes is continuing to fall in Auckland and rise in most of the rest of the country, according to the May figures from Quotable Value.

The average value of homes in Auckland has fallen by just over $20,000 over the last six months, from $1,050,647 in November last year to $1,030,439 in May this year, according to the QV House Price Index.

Although the percentage decline has been relatively small (-1.9%) over that time, it has also been steady, with Auckland's average value declining for the last six consecutive months. It is now 2.1% lower than it was 12 months ago.

In Auckland's main districts the biggest decline has been on the North Shore where average values are down 3.9% compared to a year ago, followed by central Auckland, which includes upmarket suburbs such as Remuera, Epsom, Mt Eden, Grey Lynn, Ponsonby, Herne Bay and Mt Albert, (-2.6%), Waitakere -1.4% and Manukau -0.8%.

However values have been steadier on Auckland's northern and southern fringes over the last year, with the average value in Franklin up 1.0% in May compared to May last year, followed by Papakura +0.7% and Rodney +0.6% (see table below for average values throughout the country).

However while values have been mostly weaker in Auckland they are continuing to rise in the rest of the country. Albeit at a slower rate. The rate of annual growth nationally dropped from 6.9% in May last year to 2.3% at the same time this year, QV says.

Around the main centres, average values were up 4.9% compared to May last year in Hamilton, +5.9% in Tauranga, +7.8% in the Wellington region, +0.7% in Christchurch, +11.5% in Dunedin and +13.5% in Invercargill.

In Queenstown-Lakes, which is the second most expensive place in the country after Coastal North Shore, the average value was $1,182,362 in May, up 0.8% compared to a year earlier.

"Our major centres are seeing the market soften, with Auckland continuing to record single digit negative growth over the quarter and the capital city seeing values plateau over the last three months," QV Senior Consultant Paul McCorry said, adding that the rate of value growth had also started to slow in Dunedin.

"At the same time, many regional centres are still very much in the upward stage of their growth cycle, and continue to achieve strong yearly and quarterly value increases," McCorry said.

"These areas, which are generally more affordable such as Whanganui, Manawatu and Palmerston North, continue to attract plenty of buyer demand.

"Attractive lifestyle regions such as the Bay of Plenty and the Hawke's Bay continue to post good year on year growth.

McCorry also said the sales methods being used to sell properties were changing.

"Our property consultants are reporting that while well presented and competitively priced homes continue to attract multiple offers, gone are the days where every vendor was guaranteed a handful of sealed envelopes on tender day.

"Sellers and their agents are now having to work extra hard to attract buyers towards higher value properties.

"As a result, competitive pricing and effective marketing have become increasingly important parts of the sales process.

"Managing expectations remains key for real estate agents, particularly in the major cities where there can be a disconnect between vendors' price expectations and what buyers are willing to offer," he said.

QV House Price Index May 2019 Territorial authority Average current value $ 12 month change% 3 month change % Auckland region 1,030,439 -2.1% -1.4% Wellington region 706,517 7.8% 1.0% Total New Zealand 686,954 2.3% 0.1% Far North 444,688 5.5% -0.9% Whangarei 543,957 3.1% 0.4% Kaipara 546,715 1.0% 0.7% Auckland - Rodney 959,625 0.6% 0.0% Rodney - Hibiscus Coast 937,309 0.5% 0.7% Rodney - North 982,455 0.6% -0.6% Auckland - North Shore 1,179,660 -3.9% -2.2% North Shore - Coastal 1,352,218 -3.8% -1.2% North Shore - Onewa 943,717 -3.1% -2.4% North Shore - North Harbour 1,145,924 -5.3% -4.8% Auckland - Waitakere 813,218 -1.4% -0.7% Auckland - City 1,210,726 -2.6% -1.8% Auckland City - Central 1,054,828 -4.3% -2.0% Auckland_City - East 1,536,378 -1.7% -1.3% Auckland City - South 1,073,038 -2.1% -2.1% Auckland City - Islands 1,109,858 -1.7% -2.3% Auckland - Manukau 892,511 -0.8% -0.5% Manukau - East 1,135,425 -1.8% -0.5% Manukau - Central 691,061 -0.4% -1.1% Manukau - North West 781,391 0.8% 0.4% Auckland - Papakura 707,659 0.7% 1.6% Auckland - Franklin 673,851 1.0% 0.0% Thames Coromandel 760,366 3.3% 0.7% Hauraki 422,702 0.0% 1.4% Waikato 494,762 2.5% 1.5% Matamata Piako 483,142 8.7% 0.7% Hamilton 585,155 4.9% 0.8% Hamilton - North East 730,259 3.2% 1.1% Hamilton - Central & North West 539,602 5.0% 0.5% Hamilton - South East 540,417 6.3% 1.0% Hamilton - South West 520,295 5.8% 0.5% Waipa 571,278 4.6% 0.9% Otorohanga N/A N/A N/A South Waikato 258,993 18.0% 2.0% Waitomo 235,562 10.3% 7.6% Taupo 518,719 8.3% 1.4% Western BOP 675,491 7.3% 3.6% Tauranga 741,501 5.9% 2.3% Rotorua 475,164 13.2% 4.0% Whakatane 470,665 9.2% 1.3% Kawerau 259,883 29.3% 6.3% Opotiki 324,499 6.7% 5.6% Gisborne 349,327 13.0% 4.7% Wairoa 204,825 4.2% 1.7% Hastings 519,759 14.0% 1.6% Napier 556,665 9.8% 1.4% Central Hawkes Bay 378,015 15.2% 1.7% New Plymouth 462,388 2.9% 0.9% Stratford 281,335 6.3% 3.9% South Taranaki 241,793 10.5% 2.7% Ruapehu 213,127 12.6% -2.0% Whanganui 296,161 16.9% 9.1% Rangitikei 231,438 13.1% 5.2% Manawatu 385,062 13.8% 6.6% Palmerston North 442,275 13.8% 1.8% Tararua 231,465 17.8% 3.1% Horowhenua 364,487 16.2% 5.1% Kapiti Coast 597,386 7.0% 2.3% Porirua 593,179 6.7% 0.4% Upper Hutt 557,909 14.7% 3.2% Lower Hutt 584,855 9.7% 1.8% Wellington City 829,167 6.3% 0.6% Wellington - Central & South 818,850 6.1% -0.8% Wellington - East 894,209 7.2% 2.3% Wellington - North 759,928 7.8% 1.4% Wellington - West 935,754 3.3% -0.2% Masterton 382,188 12.3% 1.6% Carterton 434,161 11.2% 4.5% South Wairarapa 507,205 6.4% -0.5% Tasman 602,759 5.4% 0.6% Nelson 624,574 8.3% 2.0% Marlborough 481,999 3.8% 1.9% Kaikoura N/A N/A N/A Buller 193,464 2.4% 0.0% Grey 217,432 0.6% 2.0% Westland 252,682 3.4% -1.3% Hurunui 388,012 1.1% 0.3% Waimakariri 448,071 1.8% -0.5% Christchurch 498,801 0.7% 0.7% Christchurch - East 377,323 1.6% 0.6% Christchurch - Hills 682,648 1.6% 2.6% Christchurch - Central & North 587,640 0.9% 0.7% Christchurch - Southwest 472,749 -0.4% 0.0% Christchurch - Banks Peninsula 521,713 1.5% 1.1% Selwyn 555,471 1.2% 0.2% Ashburton 359,052 1.3% 0.7% Timaru 371,408 4.0% 0.8% MacKenzie 545,398 5.7% 8.5% Waimate 256,915 5.5% 3.7% Waitaki 321,245 5.3% 2.0% Central Otago 524,239 6.5% 0.2% Queenstown Lakes 1,182,362 0.8% -1.9% Dunedin 456,183 11.5% 1.6% Dunedin - Central & North 474,085 10.5% 2.5% Dunedin - Peninsular & Coastal 408,789 7.7% 0.5% Dunedin - South 436,797 12.6% 1.8% Dunedin - Taieri 474,468 13.6% 1.0% Clutha 229,340 10.8% 4.9% Southland 314,323 12.6% 2.7% Gore 236,168 6.5% -0.2% Invercargill 299,672 13.5% 4.2% Main Urban Areas 790,282 1.0% -0.3%

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