New Zealand residential property median price records largest fall since 1990s

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New Zealand residential property median price records largest fall since 1990s

STORY: New Zealand residential property median price records largest fall since 1990s DATELINE: Nov. 15, 2022 LENGTH: 0:01:01 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of houses in New Zealand STORYLINE: New Zealand's national median price for residential property decreased 7.5 percent in October compared to the same period last year, which was the largest annual fall since the Real Estate Institute of New Zealand (REINZ) started to record house prices in the early 1990s. Rising interest rates have caused hesitancy among buyers across New Zealand, said Jen Baird, chief executive at the REINZ, while releasing the monthly property report on Tuesday. Sales activities remain down and properties are taking longer to sell than in October 2021, Baird said. Across New Zealand, median prices for residential property decreased 7.5 percent annually to 825,000 NZ dollars (503,609 U.S. dollars) in October 2022, she said, adding that this represents a 1.9 percent increase month-on-month.

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