The Real Estate Institute of New Zealand (REINZ) has released its house price results for April, with median prices declining another 1.7% over the month to be 4.9% lower than November 2021:In dollar terms, the median New Zealand house price has declined by $45,145 from its November 2021 peak, from $920,145 to $875,000. The declines have been led by Auckland, where house prices fell 2.5% over the month to $1,170,000 and are now 10% ($130,000) below the city’s November peak of $1,300,000. The REINZ’s latest agent’s survey, released earlier this month, was even more bearish. Clearly, the New Zealand house price collapse has begun. How far prices fall will depend on how aggressively the RBNZ lifts interest rates.

Source: Stuff May 12, 2022 04:23 UTC