The cost of New Zealand’s homes are beginning to fall.
The latest QV Quarterly data reveals that average prices have fallen by 0.5% over the three months to July.
Auckland is down by 1.2%, while Queenstown and Invercargill continue to rise by 2.4% and 1.2% respectively.
The average price is now 13.1% cheaper than the artificial Covid peak in 2021.
Brad Olsen, Infometrics’ Principal Economist, told Mike Hosking with about half a year’s worth of sales currently on the market, there’s a lot of supply.
On the flip side, he says there aren’t as many buyers, with employment uncertainty and the hit many people’s KiwiSavers took earlier in the year influencing buying habits.
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The Mike Hosking Breakfast