New Zealand house prices fell year-on-year for the first time in more than a decade, a report showed Thursday, as rising interest rates finally halted a dizzying boom that had only gained momentum after the coronavirus pandemic first hit.
The Real Estate Institute of New Zealand reported median prices fell 1.8% in July when compared with the same month last year. The decline was more pronounced in the biggest city of Auckland, where prices fell 5.6%, and in the capital, Wellington, where prices fell 5.9%.
