Will Australian property investors look to New Zealand?

Tuesday 19 May 2026

New Zealand experienced one of the world’s largest house price booms during the COVID-19 pandemic, only to see one of the largest busts.

After peaking in late 2021, New Zealand home prices have declined by around 17% in nominal terms, with heavy falls recorded across all major markets.

As illustrated above by Justin Fabo of Antipodean Macro, the Real Estate Institute of New Zealand’s (REINZ) house price index, which the Reserve Bank uses, declined another 0.4% nationally in April.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.