Real Estate
New Zealand House Prices Suffer Near-Record Quarterly Slump
- Worst may not be over as RBNZ keeps raising rates: CoreLogic
- Wellington’s annual price decline approaches double digits
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New Zealand house prices suffered one of their biggest quarterly drops on record in the three months through September, and the worst may not be over.
That’s according to CoreLogic New Zealand, which said the 4.1% quarterly decline is second only to a 4.4% drop in the wake of the global financial crisis 14 years ago. Prices fell for a sixth consecutive month, easing 1.5% after a 1.8% fall in August, while the annual rate of increase dropped to 2.8%, the lowest since 2019, CoreLogic said Wednesday in Wellington.