Extreme weather events across the top of the North Island have done nothing to halt a slow decline that saw home values reduce nationally by an average of 1.1 per cent in January.
Quotable Value (QV) chief operating officer David Nagel said home values in flood-stricken parts of Northland, Auckland and Bay of Plenty were likely to recover “fairly quickly” generally, but the record amount of rainfall had been yet another obstacle for potential buyers and sellers to deal with at a time when house sales were at an historic low.
”It’s hard enough that people are already grappling with rising interest rates, inflation, and a still increasing cost of living,” Nagel said.
“Now many people in the upper North Island have been having to deal with cleaning up after some pretty extreme weather.
“It’s little wonder that it’s been a slow start to the year for the residential property market – I’d suggest it’s probably going to stay that way for a while yet.”