Unlike Australia, New Zealand housing affordability continues to improve

Monday 17 August 2026

Unlike Australia, New Zealand’s housing affordability continues to improve. And the charts below by Justin Fabo from Antipodean Macro tell the tale.

New Zealand dwelling values fell slightly again in July, down 0.4% year-on-year.

Values have now fallen for around 4.5 years after peaking in late 2021.

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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.