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Property

New Zealand July house prices fell on year, first time since 2011

Tighter credit, more housing and rising mortgage rates weigh on prices

House prices in New Zealand jumped more than 40% in the two years to November 2021, and despite recent easing affordability remains an obstacle for many due to rising interest rates, inflation and tighter lending criteria.   © AP

WELLINGTON (Reuters) -- New Zealand house prices fell in July, with the median price recording its first annual fall since 2011, the Real Estate Institute of New Zealand (REINZ) said on Thursday.

The seasonally adjusted median nationwide house value in July fell 2.8% compared with the previous month and was down 1.6% year-on-year, according to REINZ. The unadjusted median house price was down 1.8% year-on-year.

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