According to the June 2020 QV House Price Index (HPI) results out today, the impact of the COVID-19 pandemic and ensuing economic shutdown on the property market is starting to show.
Nationwide property values dropped -0.2% according to the latest monthly reading, and were down in four of the six main centres. Tauranga and Christchurch were the two main centres to so-far see values hold up, although the increases were a mere 0.2% each.
In the provincial centres there was a 50/50 split between value growth and value reduction over the June reading. Unsurprisingly, given its significant reliance on the heavily hit tourism industry, Queenstown saw the greatest drop in values in June of -2.1%.