House prices in New Zealand declined for the fifth consecutive month in August, reaching their lowest level in two years, as the housing market continues to face pressure from a sluggish economy and increasing joblessness. According to Cotality, a property advisory firm based in Wellington, the national home value index dropped by 0.2% compared to July, when the decline was revised to 0.4%. On an annual basis, prices are now down 0.1%, marking the weakest point since August 2023. The persistent economic slowdown and rising unemployment rates have discouraged potential buyers, contributing to reduced demand in the residential real estate sector.
— news from Bloomberg.com
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New Zealand House Prices Drop to Two-Year Low in Weak Economy
New Zealand house prices fell for a fifth straight month to a two-year low in August as sluggish economic growth and rising unemployment keep buyers on the sidelines. n nPrices fell 0.2% from July, when they dropped a revised 0.4%, property consultancy Cotality said Thursday in Wellington citing its home value index. From a year earlier, the gauge fell 0.1%, taking it to the lowest since August 2023.