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Updated · Bloomberg · Jul 1New Zealand House Prices Fall 0.2% to Lowest Since July 2023
2 articles · Updated · Bloomberg · Jul 1Summary
- June prices slipped 0.2% from May, marking a third straight monthly decline and leaving New Zealand home values at their lowest level since July 2023.
- Cotality said May's drop was revised to 0.3%, and the latest fall means prices have dropped 0.8% over the past three months.
- The slide adds to signs of an economic slowdown as the global oil shock squeezes household incomes and weakens consumer confidence.
- That combination points to a housing market still under pressure as external cost shocks feed through to domestic demand.
Insights
As investors abandon the housing market, will first-home buyers finally get their chance or is a rental crisis looming? Is a global oil shock to blame for the housing slump, or did it just pop a bubble decades in the making?