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Following the post-pandemic boom, New Zealand has experienced one of the world’s largest house price crashes.
According to the Real Estate Institute of New Zealand (REINZ), which is the lead index used by the Reserve Bank, New Zealand home prices have declined for more than 4.5 years after peaking in late 2021, down around 20% in nominal terms.
As illustrated below by Justin Fabo from Antipodean Macro, New Zealand housing prices have significantly declined across all major markets.
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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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