Property prices fall at slower rate as trough is close
Reports from CoreLogic and ANZ show while property prices are still falling they are dropping at a much slower rate, suggesting they are not far away from the trough.
CoreLogic’s latest House Price Index shows property values across the country continued to fall in May, down 0.7%, but the annual rate of change has eased, providing tentative evidence the downturn is winding up.
Nationally, average values are 10.2% lower than the same month last year and $121,000 below their peak, but still $194,000 higher than the pre-covid level of March 2020, with the annual rate of change easing slightly from -10.3% in April.
CoreLogic research head, Nick Goodall says various indicators such as moderating house price falls and the latest RBNZ forecasts for the Official Cash Rate, which is expected to have now peaked, were positive signs for home owners.
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