It is wall-to-wall bad news for New Zealand’s housing market. Commenting on the changes, Mortgage Lab chief executive Rupert Gough noted “fewer buyers, less demand, house prices go down. Already, New Zealand mortgage demand was falling with the size of the average New Zealand home loan dropping roughly $25,000 (6.8%) between December and March, according to credit bureau Centrix. Centrix analytics general manager Stuart Baxter noted that “the recent dips are showing us that the property market has transitioned into a buyer’s market”, and that “asking prices have dropped in many regions”. After New Zealand experienced one of the world’s biggest housing booms in 2021, it is now clear that the bottom is falling out of the market.

Source: Stuff May 03, 2022 21:51 UTC