SYDNEY: New Zealand house prices fell in July, the Real Estate Institute of New Zealand (REINZ) said on Tuesday, though increases in sales numbers and listing volumes pointed to a pickup in activity.
Seasonally adjusted house prices fell by 1.4% in July versus the previous month, and 2.2% on the previous year.
The same seasonally adjusted figures show a sales increase of 6.4% compared to June, and an increase of 5.4% compared to July 2023.
“Although we have not yet reached the spring season, we are observing early signs of growth in the market not typically associated with this time of year,” REINZ CEO Jane Baird said in a statement.
New Zealand’s house prices have been hit hard this year mainly due to high interest rates, though analysts expect a relatively solid pick up in values in 2025 as the central bank is set to keep cutting its benchmark cash rate following last week’s reduction.
Source Homevior.in
