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Million-Dollar ‘Unlivable Shack’ in Sydney Shows Split With New Zealand Home Market

  • Housing rebound in Australia is shutting first-time buyers out
  • New entrants grab record share of market in New Zealand
New Zealand and Australian banknotes.

New Zealand and Australian banknotes.

Photographer: Brent Lewin/Bloomberg

Australian and New Zealand house prices soared together when the pandemic hit, fell together when interest rates rose — now they’ve parted ways.

Home prices in Australia rose for a second straight month in April, while in New Zealand they began falling at the start of 2022 and the government doesn’t forecast gains until the third quarter of 2024.