More house price pain ahead for New Zealand

After experiencing one of the world’s largest house price booms during the COVID-19 pandemic, New Zealand has subsequently experienced one of the greatest price declines.

As illustrated below by Justin Fabo from Antipodean Macro, New Zealand home prices have declined by more than 16% from their previous market peak in early 2022, with all major markets recording hefty price falls:

New Zealand home prices have declined by more than 30% in real inflation-adjusted terms, back to 2019 levels:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.