QV’s house price index for August has been released, with values nationally collapsing 5.5% over the quarter – an acceleration from the 4.9% decrease in quarterly values reported in July. He added that “there’s no immediate sign of things getting any better with interest rates likely to rise further and business confidence starting to wane”. Plus there’s still plenty of new homes in the pipeline, which will add further to oversupply, putting further downward pressure on prices”. As noted yesterday, the number of homes listed on Realestate.co.nz ballooned by 108% in August compared with a year earlier. After experiencing one of the world’s biggest price booms over the pandemic, New Zealand housing is now poised for one of the largest busts.

Source: Stuff September 09, 2022 23:00 UTC