Property market's 'longest and deepest downturn' in 30 or 40 years
New Zealand's property market is experiencing its longest downturn in decades, with national median values falling. Economists suggest that investor uncertainty regarding potential tax policy changes and the upcoming election is contributing to the market's stagnation.
Why it matters
Housing market trends are a primary indicator of national economic health and directly impact household wealth and investment strategies.
New Zealand's housing market is going through the longest and deepest downturn in 30 or 40 years, property data firm Cotality says.
It has released its latest property market data, which shows a 0.3 percent fall in July, after a similar drop in June.
It reported a national median value of $804,303 in July, down 1 percent from three months ago and 0.7 percent lower than the same time last year.
Dunedin was up 0.2 percent in July, Christchurch was up 0.2 percent but Hamilton dropped 0.2 percent, Wellington fell 0.5 percent, Auckland was down 0.6 percent and Tauranga 0.7 percent.
Cotality's data has shown that first-home buyers have been a record share of the market but investor activity has been more subdued.
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