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Economics

New Zealand House Prices Sink Most Since Global Financial Crisis

  • CoreLogic data show biggest three-month decline since 2008
  • Buyer demand curbed by soaring mortgage interest rates

New Zealand house prices fell the most since the global financial crisis in the three months through July as soaring interest rates curbed buyer demand.

Prices fell 2.5%, the biggest three-month decline since October 2008 when the economy was in the grip of the GFC-driven recession, CoreLogic New Zealand said Wednesday in Wellington. Prices fell for a fourth consecutive month, easing 0.9% from June, and rose 9.5% from a year ago -- the slowest annual increase since November 2020.