All five of New Zealand’s major banks now expect house prices to fall in 2022:
After the RBNZ first came out with predictions of falling prices in its August Monetary Policy Statement, the major bank economists have, one-by-one gradually changed their picks from, for the most part expecting flat prices next year, to mostly modest declines.
Thus far BNZ economists appear to be forecasting the largest magnitude of falls, suggesting a peak annual drop of around 6% or 7% by 2023.
