According to the report the Real Estate Institute of New Zealand's lower quartile selling selling price dropped substantially in most regions of the country in January. The only regions where the lower quartile price increased in January were Waikato +$50,000 (+8.3%) and Hawke's Bay +$15,000 (+2.8%). The latest drop in prices means there are now six regions around the country where the lower quartile selling price has declined by more than $100,000 since prices peaked in November 2021. Nationally the lower quartile price has declined by $93,000 from its peak in November 2021. However that pause in interest rates may not last much longer, with the Reserve Bank set to review interest rates on Wednesday.

Source: Stuff February 21, 2023 00:16 UTC