The slump in the housing market is hitting Kiwis hard with prices plummeting around the country, especially in two of New Zealand's biggest cities.
The latest OneRoof-Valocity house price report for October shows the nationwide average property value fell just over $75,000 (6.8 percent) after hitting a high of $1.09m at the end of February.
The slump has been evident over the last three months with the average property value for New Zealand dropping 3.7 perent to $1.023 since July, while year-on-year growth was a mere 0.7 percent.
New Zealand's biggest city wasn't exempt with property values in Auckland falling $140,549 (9.8 percent) since peaking at $1.56m at the start of the year.
Auckland suburbs have been hit hard by the property market slump as rising interest rates and worsening inflation cause buyers to retreat from the market.
Okura was the worst-hit in Auckland with the lifestyle suburb on the cities northern fringe seeing its property value drop by $426,000 since the market peak.
New Zealand's most expensive suburb, Herne Bay, saw the next biggest tumble in Auckland, with the area seeing the property value drop by $355,000 to $3.835m since the peak.
The Capital was the hardest hit in New Zealand, with the housing market slump costing homeowners in Wellington almost $200,000, the latest OneRoof-Valocity house value report shows.
The average property value in Wellington tumbled just over $196,000 (17.7 percent) to $1.103 million since peaking in March.
Homeowners in neighbouring Lower and Upper Hutt also suffered steep declines, of $158,000 (18.7 percent) and $149,00 (17.5 percent).
Christchurch didn't escape the pain, with property values dropping $24,779 (3.1 percent) since the market peak in June, while values in Tauranga, Hamilton and Dunedin fell $92,000, $68,000 and $63,000 respectively from their market peak.
Of the 645 major metro suburbs with 20 or more settled sales in the past 12 months, only 24 are still registering value growth, the majority of which are in Queenstown-Lakes, the report showed.
Sixteen suburbs - mostly in Wellington and Auckland - saw value drops of more than $300,000 since the market peak.
But it wasn't all doom and gloom in New Zealand, with homeowners in Queenstown-Lakes escaping the downturn relatively unscathed.
The average property value in the wealthy tourist town sliding just $21,325 (1.1 percent) since reaching an all-time high of $1.88m in July.
The West Coast, New Zealand's cheapest housing market, recorded value growth in the three months to the end of September, but the 0.5 percent rise to $407,000 shows the market slump is putting the squeeze on house values there too.
The biggest three-month declines were in Greater Wellington (-7.3 percent); Nelson (-5.7 percent) and Manawatu-Whanganui (-5.4 percent).
James Wilson, head of valuations at Valocity, OneRoof's data partner, said the continued falls over the quarter suggest the market hasn't hit the bottom yet.
"Greater Wellington remains the country's most troubled housing market. Property values dropped in all eight of the region's territorial local authorities (TLAs) over the quarter, and homes in the capital are now worth $99,000 less than what they were a year ago," Wilson said.
"Cost of living pressures and strong signals from the Reserve Bank that further interest rate rises are on the cards have dampened buyer enthusiasm, and as long as supply continues to outpace demand, price growth is unlikely to return anytime soon."
