New Zealand’s housing market is in turbulent times as newly released CoreLogic data shows it flattening.
In April, nationwide average house prices have decreased by 0.1% following small increases in recent months.
In our biggest city Auckland, this trend is exacerbated, with values slipping by 0.6%.
Nationwide, the average house price is now just over $900,000.
One of the reasons for the slow demand is interest rates. The average fixed rate mortgage is now close to 7%.
First home buyers are making the most of these flat prices, increasing their share of sales by 20% according to the Reserve Bank.
However, the number of new houses being built has fallen dramatically, with a 25% decrease in building consents.
1News Business Correspondent Katie Bradford looked at how buyers and sellers are feeling in the video below.
1News Business Correspondent Katie Bradford looks at both sides of the coin.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
