New Zealand house prices fall 1.4% in July: Reinz

NEW Zealand house prices fell in July, the Real Estate Institute of New Zealand (Reinz) said on Tuesday (Aug 20), though increases in sales numbers and listing volumes pointed to a pickup in activity.

Seasonally adjusted house prices fell by 1.4 per cent in July versus the previous month, and 2.2 per cent in the previous year.

The same seasonally adjusted figures show a sales increase of 6.4 per cent compared to June, and an increase of 5.4 per cent 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.

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. REUTERS