The nationwide median house value for New Zealand excluding Auckland was $755,000 – 2.4 % decrease than a month in the past.
Auckland’s median residential property value dropped 2.5 % in April to $1.17 million.
The report stated the house value index solely rose by 6.3 % in the 12 months to April – in contrast with an annual improve of 9 % in the yr to March.
REINZ chief government Jen Baird stated the market was now seeing weakened demand however prices remained excessive.
“We’re seeing a slowdown in activity, there is more stock staying on the market for longer and while annual price growth is more moderate, the month-on-month trend shows a fall in median prices,” Baird stated.
She stated rising rates of interest and stricter lending guidelines continued to create a difficult surroundings.
“Falling attendance at open properties and public sale rooms and a lower in purchaser enquiries have been reported throughout New Zealand – exacerbated by a spate of public holidays via April.
“Affordability, uncertainty and changing financial conditions remain primary concerns. Tighter lending criteria, LVRs (loan to value restrictions) and increasing interest rates coupled with inflation continue to create challenges for some buyers – particularly first home buyers and investors.”
Property prices drop in New Zealand, house sale activity plummets – REINZ report & More Latest News Update
Property prices drop in New Zealand, house sale activity plummets – REINZ report & More Live News
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Property prices drop in New Zealand, house sale activity plummets – REINZ report & More News Today
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