Last week, QV released its house price index for August, with values nationally collapsing 5.5% over the quarter. The next table shows that quarterly values declined across all 26 urban districts, according to the REINZ HPI:Commenting on the result, REINZ CEO Jen Baird noted:“Since the peak in November 2021, we have seen median prices ease. In the past six months, the median price across New Zealand has decreased by 9.6%, while Wellington has seen a decrease of 21.6% — from $995,000 in February 2022 to $780,000 this month. These are the greatest six-month drops each has experienced since REINZ records began in 1992″. So, after experiencing one of the world’s greatest house price booms over the pandemic, New Zealand housing is now experiencing one of the biggest busts.

Source: Stuff September 13, 2022 06:30 UTC