Home prices in New Zealand fall by 2.1% in April 2024, Real Estate News, ET RealEstate
SYDNEY: New Zealand house prices fell in April as the possibility of interest rates staying at elevated levels for some time made some buyers cautious, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.
Seasonally adjusted median house prices dipped 2.1% from March but were up 2.6% from a year earlier, continuing a trend seen in recent months, REINZ data showed.
Seasonally adjusted national home sales volumes fell 4.8% from March but rose almost 7% from April 2023.
“There seems to be plenty of buyer interest, with many seeing the current price levels as attractive, but some are taking their time before making a decision,” REINZ Chief Executive Jen Baird said in a statement.
“Similarly, some vendors are selling now and are open to meeting the market with their pricing, while others prefer to wait.”
The Reserve Bank of New Zealand last month kept its cash rate unchanged at 5.5% for the sixth consecutive meeting and reiterated that restrictive monetary policy was necessary to further reduce capacity pressure and bring down inflation.
