New Zealand House Prices Down 7.5% on Year -REINZ

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WELLINGTON (Reuters) – New Zealand house prices rose slightly in October on the prior month but buyers remain hesitant as mortgage interest rates continue to rise, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

Seasonally adjusted median house values rose 0.7% in October compared with the previous month, but were down 7.5% on October 2021, according to REINZ.

“Several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year,” said Jen Baird, chief executive at REINZ.

(Reporting by Lucy Craymer; Editing by Leslie Adler)

Copyright 2022 Thomson Reuters.

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