{"id":39884,"date":"2022-08-12T11:42:53","date_gmt":"2022-08-11T23:42:53","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39884"},"modified":"2024-03-01T20:40:05","modified_gmt":"2024-03-01T07:40:05","slug":"new-zealand-house-prices-fall-for-first-time-in-11-years-watch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/new-zealand-house-prices-fall-for-first-time-in-11-years-watch\/","title":{"rendered":"New Zealand house prices fall for first time in 11 years | WATCH"},"content":{"rendered":"

PHOTO: Auckland, New Zealand. FILE<\/strong><\/p>\n

New Zealand\u2019s housing market<\/a> decline gathered pace in July, with a key gauge of property prices recording its first annual drop in 11 years.<\/p>\n

The Real Estate Institute\u2019s price index slid 2.9% from a year earlier, the first fall since 2011, the group said Thursday in Wellington. On a monthly basis, the gauge has dropped for the past five months straight.<\/p>\n

\"REINZ\"<\/a><\/div>\n
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REINZ July Data: House prices continue to DROP | FULL REPORT<\/a><\/h2>\n<\/header>\n<\/div>\n

The reversal in house prices comes as the Reserve Bank pursues aggressive policy tightening to damp demand and curb inflation. It\u2019s expected to deliver a fourth straight half-percentage point interest-rate hike next week — taking the Official Cash Rate to 3% — and signal more rises \u00a0to come.<\/p>\n

The RBNZ in May forecast house prices would fall 8.1% this year, while bank economists are predicting double-digit declines.<\/p>\n