New Zealand house prices finally fall from dizzying heights

By NICK PERRY
Associated Press

WELLINGTON, New Zealand (AP) — New Zealand house prices have fallen year-on-year for the first time in more than a decade 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 on Thursday 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, down by 5.9%. Sales also declined by more than one-third. Up until its peak last November, the New Zealand property market had been among the frothiest in the world.