New Zealand's housing market continues to favor buyers, with residential property values decreasing by 1.9% nationally over the three months to the end of August, marking the largest quarterly decline in two years, according to the latest QV House Price Index released on Monday.

The average New Zealand home is worth NZ$894,977, down 1.7% since the start of the year and 1.3% less than the same period last year.

Numbers showed buyers remained firmly in control heading into spring, putting downward pressure on property values, QV national spokesperson Simon Petersen said.

Auckland's average home value fell by 2.7% this quarter, its largest quarterly decline since August 2024, while Wellington saw a 3.5% reduction, its largest quarterly decline since March 2023.

Meanwhile, Christchurch slipped 0.5%, its first negative quarterly result in 11 months, per the report.