New Zealand house prices fall in February as economic headwinds continue

WELLINGTON (Reuters) – New Zealand house prices continued to fall on the prior month as ongoing headwinds and the impact of Cyclone Gabrielle continues to weigh, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

Seasonally adjusted median house values fell 1.7% in February compared with the previous month, and were down 13.9% on February 2022, according to REINZ.

“Rising interest rates, increased cost of living and inability to secure finance are still having an impact on buyers, but REINZ members are telling of returned activity at open homes in areas that weren’t as impacted by Cyclone Gabrielle,” said Jen Baird, chief executive at REINZ.

(Reporting by Lucy Craymer)