The Real Estate Institute of New Zealand (REINZ) has released its housing market results for November, with sales crashing to a 12-year low, inventory soaring and house prices down 13.7% year-on-year. The number of residential property sales across New Zealand decreased annually by 36.1%, from 8,644 in November 2021 to 5,525 in November 2022. Commenting on the results, REINZ CEO Jen Baird noted that the Reserve Bank’s aggressive interest rate hikes have delivered “more hesitancy” in the real estate market. Those thinking of selling are again looking at the market and asking, ‘Is this the right time?”, Baird said. With the Reserve Bank forecasting a peak official cash rate of 5.5% next year, New Zealand’s housing market will remain stuck in quicksand.

Source: New Zealand Herald December 13, 2022 05:10 UTC