New Zealand house prices fall 1.4% in July, REINZ says
SYDNEY, Aug 20 (Reuters) -New Zealand house prices fell in July, the Real Estate Institute of New Zealand (REINZ) said on Tuesday, though increases in sales numbers and listing volumes pointed to a pickup in activity.
Seasonally adjusted house prices fell by 1.4% in July versus the previous month, and 2.2% on the previous year.
The same seasonally adjusted figures show a sales increase of 6.4% compared to June, and an increase of 5.4% compared to July 2023.
"Although we have not yet reached the spring season, we are observing early signs of growth in the market not typically associated with this time of year," REINZ CEO Jane Baird said in a statement.
New Zealand's house prices have been hit hard this year mainly due to high interest rates, though analysts expect a relatively solid pick up in values in 2025 as the central bank is set to keep cutting its benchmark cash rate following last week's reduction.
Reporting by Alasdair Pal in Sydney
Editing by Shri Navaratnam
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
