House prices in New Zealand are experiencing the fastest drop in value since the global financial crisis, but many first homebuyers remain locked out of home ownership due to an inflated market, the cost of living crisis and rising interest rates.
New Zealand has been plagued by a runaway housing market for years. Wellington and Auckland are among the least affordable property markets in the world, and homeownership rates have been falling since the early 1990s across all age brackets, but especially for people in their 20s and 30s. The average house price nationally is now more than NZ$1m.
