Property values in New Zealand edged down in July, with the Cotality Home Value Index down 0.2%, the real estate data provider reported Wednesday.
The result mirrors the annual change, showing a 0.2% decline and bringing the national median value to NZ$819,921.
Home values in the country's main centers showed a mixed trend, with Tauranga and Hamilton edging up by 0.9% and 0.4%, respectively, while values in Auckland and Dunedin each fell by 0.6%, and those in Wellington and Christchurch declined by 0.2% and 0.1%, respectively.
The values in the country's provincial markets were also a mixed bag, with Palmerston North, Hastings, Whangarei, New Plymouth, and Invercargill each rising by up to 0.8%, while Napier, Whanganui, Rotorua, Gisborne, Nelson, and Queenstown saw declines, the largest of which was in Gisborne at 1.3%.
"The result was yet another reminder that market conditions remain subdued," said Kelvin Davidson, Cotality NZ chief property economist.
House prices are expected to see a modest growth of 1% to 2% this year, as market activity remains measured, buyers and sellers stay cautious, and mortgage rates appear near their bottom despite the possibility of an official cash rate cut later this month, Davidson added.
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