• The largest cities in New Zealand have experienced their first three-month rise in house price growth in over a year.

• Indications from the OneRoof-Valocity House Value Index show that the prolonged downturn has reached its conclusion.

• Market dynamics are being influenced by low listing volumes, intensifying the pressure on prospective buyers.

• OneRoof has also identified the "Hot 100" suburbs within major metro areas that are expected to lead the house price revival.

• Although affordable suburbs dominate the list, the most substantial growth has been witnessed in New Zealand's most affluent and esteemed neighborhoods.

The New Zealand property market is undergoing a notable transformation, thanks to the most recent data collaboration between OneRoof.co.nz and Valocity. This collaboration signals the end of a protracted period of decline in the three most prominent cities of the country.

According to the latest figures from the OneRoof-Valocity House Value Index, average property values in Auckland, Christchurch, and Wellington have experienced a noteworthy increase. This halt in the decline, which persisted for more than a year, had led to property values plummeting by as much as 26%.

Moreover, the data indicates an overall reversal of the downturn trend across New Zealand. The national average property value has witnessed a marginal 0.1% decrease over the past three months. However, there has been a consistent week-on-week growth trend since the beginning of July.

Commenting on the figures, Greg Hornblow, Chief of OneRoof, anticipates a positive reception within the real estate industry, especially as it approaches a potentially bustling spring period. Hornblow emphasizes that this market shift brings a sense of optimism and opportunities for various stakeholders, including agents, sellers, and eager homebuyers. He emphasizes OneRoof's commitment to supporting this market recovery through comprehensive information provision, including property listings, up-to-date house sale information, relevant news content, as well as expert opinions and insights, making OneRoof the ultimate property resource in New Zealand.

Delving into specifics, the data indicates that Auckland's average property value has increased by 0.3% to reach $1.294 million over the three months leading up to August 21st. Though a modest increase, it places the city's housing market in a more optimistic position as it enters the spring season.

In contrast, Christchurch has exhibited even more robust growth, with the city's average property value surging by 2% during the same three-month period, reaching a total value of $758,000. The broader Canterbury region has also seen growth, with a registered increase of 0.9%.

The growth in Wellington has been more measured, with a 0.1% increase in average property value over the past three months, pushing the average value to $981,000. The figures suggest that the region is on the cusp of a similar positive trajectory.

Owen Vaughan, Editor of OneRoof, highlights how these figures mirror the uptick in sales activity in Auckland, Christchurch, and Wellington. Vaughan refers to the figures as a remarkable turnaround for the housing market. Merely three months prior, Auckland's property values were declining at a rate of 3%. However, since June, increased buyer interest has been evident at open homes across all three metropolitan areas, and auction rooms have experienced a resurgence – a dramatic shift from the scenario in April and May.

Vaughan attributes this resurgence to a shortage of fresh property listings. Over the last three months, new listings have decreased by 13% year-on-year, and total listings have declined by 1.4% over the same period. While the decline in new Auckland listings seems to be moderating, the drop in Christchurch and Wellington listings is more pronounced, exerting significant pressure on potential buyers.

Furthermore, the data identifies the locations primed to lead the revival in house prices. This analysis showcases the "Hot 100" major metro suburbs where house prices are set to recover most rapidly. Vaughan emphasizes that while substantial value increases have been noted in some of the more affordable and distant suburbs, the true market revival strength is anticipated in the major metropolitan areas.

In conclusion, the data paints a positive picture of New Zealand's property market, marking a turnaround for major cities and upscale neighborhoods alike. This resurgence signifies not only value growth but also an overall market recovery, fostering optimism among stakeholders within the real estate sector.

Information sourced from Oneroof.co.nz click here for full article.