The September Trade Me Property Price Index shows that New Zealand house prices fell another 0.3% over the month – its sixth consecutive monthly decline – with asking prices nationally falling back to October 2021 levels:The ongoing decline in New Zealand house prices came on the back of soaring supply, with the number of properties listed for sale Trade Me jumping by 67%. In turn, last month saw “more properties for sale than in any other September on record”. Quotable Value recorded a 5.4% decline in average New Zealand dwelling values over the September quarter to be down 9.2% this calendar year. In turn, New Zealand mortgage rates will drift higher, which should place further downward pressure on house prices. After recording on the world’s biggest house price booms over the pandemic, New Zealand now faces one of the largest price busts.

Source: New Zealand Herald October 24, 2022 21:03 UTC