Wye Creek homes cost $6.9 million; Tokomaru Bay, $132,104

In New Zealand, the most expensive suburb is Wye Creek in Queenstown, where the median home price is over $6.8 million. Other high-value areas include Speargrass Flat and Drift Bay, also in Queenstown. The only suburb outside of Queenstown in the top rankings is Herne Bay in Auckland, with a median price of $3.15 million. Conversely, the cheapest homes are found in Tokomaru Bay, Gisborne, with a median value of about $132,000. Prices in this area have seen a slight increase recently, but overall, they are down significantly compared to last year. Kotemaori in Wairoa has the most affordable flats, averaging around $78,000. While home affordability remains a challenge, a report from Corelogic shows that many suburbs are experiencing price increases. Lower mortgage rates and improved market conditions are contributing to these changes. The report noted that over half of the areas tracked saw either stabilizing or rising property values in the first quarter of this year. Experts indicate that the housing market may be stabilizing after recent fluctuations. They suggest that rising confidence and demand in more affordable neighborhoods are helping to support a gradual recovery. However, significant price booms are not anticipated; instead, a slow and steady upturn is expected.