The New Zealand house price index saw its largest drop in 30 years last month and sales activity was particularly soft, fuelling expectations that prices might fall further than many economists had previously forecast.
The house price index, which measures changes in house prices on a like for like basis, fell for the 11th consecutive month and is now down 10.9% on October last year, according to data released by the Real Estate Institute of New Zealand on Tuesday. The median house price was down 7.9% on October last year.
Many economists expect that with the cash rate forecast to go higher, house prices still have further to fall. In its quarterly economic update, Westpac said 'real' house prices were in fact set were set to fall by 30% from their 2021 peak, given high inflation more broadly in New Zealand.
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