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According to the Real Estate Institute of New Zealand (REINZ), New Zealand house prices have fallen for more than 4.5 years after peaking in late 2021.
The REINZ reported that house prices declined another 0.3% in June to be down 0.8% over the year. June house sales also declined by 1% in June to be down 4% on the year.
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“Supply remains ample, with elevated stock, strong new listings growth and the median of days to sell at 45.5, well above pre-COVID averages, leaving buyers with plenty of choice and little urgency
to rush”, major bank ASB noted.
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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.
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