简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract: New Zealand house prices fell in July with the median price recording its first annual fall since 2011, the Real Estate Institute of New Zealand (REINZ) said on Thursday.
The seasonally adjusted median nationwide house value in July fell 2.8% compared with the previous month and was down 1.6% year-on-year, according to REINZ. The unadjusted median house price was down 1.8% on year.
“While the median property price is showing an annual decrease, affordability remains an obstacle for many — which is now being driven by rising interest rates, inflation and tighter lending criteria,” said Jen Baird, chief executive at REINZ, in a new release.
House prices in New Zealand jumped more than 40% in the two years to November 2021. However, a combination of tighter credit, more housing and rising mortgage rates is now weighing on prices.
Kiwibank senior economist Jeremy Couchman said in a note that the first fall in 11 years might be a shock but it needs to be noted that the price falls only put house prices back at levels seen last May.
“Nevertheless, house prices have further to fall in the current cycle, as credit conditions remain tight, and confidence is lacking,” he said
The RBNZ, which must consider house prices in its policy deliberations, began raising the cash rate in October last year, describing house prices as “unsustainable”. Since then, it has said it expects prices to fall 15% from their peak in November.
ANZ Bank said in a note that housing was now “decidedly cool” and there was not much in the economic outlook to stop that.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
North Korea’s exchange rates surged by 92% in the past year. Explore the role of trade, black market currency, and Kim Jong Un’s policies in this economic shift.
Your emotions control your mind. If you feel overwhelmed, nervous, or overconfident, it will impact your decision. It’s a common trait among traders. But the good news is there are ways to manage your emotions. In this article, we’ll tell you the methods to control your emotions.
Exness, the leading multi-asset broker, received five awards in the category of corporate social responsibility at the Cyprus Responsible Business Awards (RBA) 2024, held in Larnaca in 2024. This awards ceremony acknowledged Exness for its positive social and environmental effects in Cyprus.
London-based commodities broker Marex is poised to strengthen its operations in the Middle East with the acquisition of Abu Dhabi’s Aarna Capital Limited.