New Zealand house prices dipped in December amid tepid demand as many prospective buyers decided to pause their plans because they expect mortgage rates to fall this year, the Real Estate Institute of New Zealand (REINZ) said on Wednesday.
Seasonally adjusted median house prices fell 1.0% in December versus the previous month, and 1.8% from the previous year.
The same seasonally adjusted figures show a sales decrease of 35.4% compared to November, and a 7.7% decline from December 2023.
“We saw a larger than usual drop off in sales this festive season,” REINZ Chief Executive Jen Baird said in a statement.
“Buyers had ample stock to choose from, and many expected further interest rate reductions, so there was limited urgency in the market in December.”
Source Homevior.in
