New Zealand home prices drop in December over previous month

[WELLINGTON] New Zealand house prices dropped in December over the previous month as headwinds gathered strength, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

Seasonally adjusted median nationwide house values dropped 0.3 per cent in December compared to the previous month, according to REINZ, and rose 22.0 per cent year-on-year.

"While the market remains confident, the impact of rising interest rates, tighter lending criteria and changes to investor taxation restrictions are starting to shift dynamics," said Jen Baird, chief executive of REINZ.

REUTERS