The Real Estate Institute of New Zealand (REINZ) has released its September House Price Index (HPI), which adjusts for differences in the mix of properties sold each month. Increasing interest rates, tighter lending criteria, and concerns around the cost of living continue to challenge the pace of the market. The Reserve Bank of New Zealand (RBNZ) last week lifted the official cash rate another 0.5% – the fifth straight ‘double’ hike. Therefore, New Zealand house prices should continue falling. After experiencing one of the world’s greatest house price booms over the pandemic, New Zealand housing is now experiencing one of the largest busts.

Source: Stuff October 12, 2022 05:07 UTC