Median sale price down over 12% year on year in December 2022, with nearly 14% fall in the house price index proper – not good for the Australian owned banks but some relief for aspiring homeowners in New Zealand. REINZ Chief Executive, Jen Baird says prices continue to ease but the pace of the decline is slower, and the market has settled at its new pace. “Buyer caution is evident in the drop in count of sales, down 23.6% month-on-month and down 39.0% annually from December 2021. Comparing this activity to the long-term trend, we can see the current market is weaker than this trend. This is leaving a lot of choice for buyers with a 55.3% increase in inventory – now sitting at 26,057 properties.

Source: Stuff January 18, 2023 03:31 UTC