The latest QV House Price Index shows that average house prices across New Zealand fell by 2.9% in the three months to November, with all 16 regions recording declines:The average value was $945,568 in November, down $118,197 (10.2%) from January. That means New Zealand house prices have fallen by $2,750 a week since January. “So there’s clearly still some way to go until we’re back at pre-pandemic levels”. Separate housing data released earlier this week by the Real Estate Institute of New Zealand also showed that home sales crashed to a 12-year low in November, with inventory soaring 48% year-on-year and house prices falling 13.7% from peak. With the Reserve Bank forecasting a peak official cash rate of 5.5% next year, New Zealand’s house prices will continue to fall.

Source: New Zealand Herald December 15, 2022 23:50 UTC