New Zealand housing prices are struggling. The latest figures are out by REINZ for real estate prices in New Zealand show that the property market is definitely slowing. In fact, global real estate prices are showing signs of weakness and the signs are similar in our neighbours, Australia.
New Zealand house prices 2022 show that properties are on the market for much longer and that “the number of residential property sales decreased annually by 35.2% in April 2022” according to the REINZ house price index.
Auckland house prices are struggling and the number of house sales in Auckland decreased by just over 40% annually (from 2,682 to 1,573). Wellington has seen an annual decrease in the number of sales by down by 34% since January 2009.
The Real Estate Institute whose analysis of prices also shows NZ house prices by region and all have dropped. In fact it would be easy to say that the NZ property market forecast 2022 is looking a little bleak.
Are house prices falling in NZ?
It’s a common question at the moment and this is the case in most cities in New Zealand, although the regions seem to be holding up a little better. Manawatu/Whanganui saw a decrease of less than 2% but the region also showed a massive jump in the number of properties for sale.
Is the NZ housing market slowing down?
There is no doubt that the real estate market is slowing down and price reductions across the board are common practice at the moment.
Real Estate Prices
How expensive is NZ real estate?
One could say house prices in New Zealand have reached their peak for the moment and things certainly look downhill from hear as the market noticeably tightens and property investors sit on the sidelines.
Is now a good time to sell a house NZ?
Well, that depends on personal circumstances. People sell for any number of reasons but well-presented homes that are realistically priced for today’s market will always sell.