It’s no secret that the New Zealand property market has been on a downward track this past year, with house prices continuing to fall from late 2022. However, we’ve just received news that values in some of the wealthiest suburbs in New Zealand recorded a fall in value by (in some cases) up to $300,000.
The Real Estate Institute of New Zealand (REINZ) has just announced that house prices have declined 12.7% in Auckland, the country’s largest city year on year, while the rest of the country fell 7.5%.
New Zealand’s borders have been closed to international travellers for more than two years as the country imposed one of the strictest Covid-19 lockdowns. But from next month, Australians will be able to enter, with the rest of the world soon to follow.
