The latest sets of house price results showed that New Zealand house prices and sales have fallen heavily in response to the Reserve Bank of New Zealand’s (RBNZ) aggressive monetary tightening. For example, the leading REINZ House Price Index has plummeted 12.6% from its November 2021 peak, with sales volumes also down 12.9% year-on-year in September. In New Zealand’s largest housing market, Auckland, total estimated commissions were down 34% year-on-year. All of which points to further increases in mortgage rates, alongside falling house prices and sales. Won’t somebody think of the poor real estate agents?

Source: Stuff October 19, 2022 06:29 UTC