Early Edition with Kate Hawkesby

The tide may be turning on tumbling property values after three analysts all judged fresh real estate data shows a “possible floor in [house] prices is approaching”. New reports from OneRoof, CoreLogic and ANZ Bank point to potentially better times ahead for homeowners, despite interest rates likely staying higher for longer. Today’s latest OneRoof-Valocity House Index showed New Zealand’s average property value fell 2.3 per cent ($22,000) to $950,000 in the three months to the end of May, as successive interest rate rises put downward pressure on prices. Auckland’s average value fell a further 3.2 per cent ($43,000) over the quarter to $1.29 million, but there were some bright spots with Northland, Otago and West Coast enjoying lifts in their average property value, while the rate of decline slowed in Canterbury, Taranaki and Wellington. CoreLogic, in its own data released this morning, said property values fell nationwide in May but the rate of change had eased. The 0.7 per cent fall in May was “tentative e