New Zealand House Prices Drop The Most in 13 Years as Rates Rise
- Values fall 2.3% in quarter and drop for third straight month
- Central bank expected to lift interest rates again next week
Prices declined 2.3% in the three months through June.
Photographer: Fiona Goodall/BloombergThis article is for subscribers only.
New Zealand house prices fell the most in 13 years in the second quarter as the central bank raised interest rates aggressively to curb inflation.
Prices declined 2.3% in the three months through June, CoreLogic New Zealand said Tuesday in Wellington. That’s the biggest quarterly drop since early 2009, when the economy was in recession due to the global financial crisis. Prices fell for a third straight month, while the annual gain of 12.4% was the lowest since late 2020.