House prices plummet across New Zealand

www.macrobusiness.com.au/2022/09/house-prices-plummet-across-new-zealand/

This month has been an absolute shocker for New Zealand’s housing market.

Last week, QV released its house price index for August, with values nationally plunging 5.5% over the quarter.

Then the REINZ House Price Index suffered its largest six month decline since records began in 1992.

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Now CoreLogic has released its interactive Mapping the Market tool, which shows the “housing market downturn is in full swing” with values falling across 84% of New Zealand suburbs in the three months to August.

Specifically, 803 of 955 suburbs nationally recorded quarterly price falls. This was led by Auckland, where 97% of suburbs (194 out of 201) declined in value.

Commenting on the results, CoreLogic NZ’s Chief Property Economist, Kelvin Davidson, said the housing downturn has “accelerated each quarter in 2022”:

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