New Zealand house prices still declining

STORY: New Zealand house prices still declining DATELINE: Jan. 19, 2023 LENGTH: 0:01:01 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1 various of the New Zealand house market 2 various of banks STORYLINE: The Real Estate Institute of New Zealand's (REINZ) December 2022 figures showed that house prices are still declining, with properties taking longer to sell across New Zealand. REINZ Chief Executive Jen Baird said on Wednesday that New Zealand house prices continue to ease but the pace of the decline is slower, and the market has settled at its new pace. He said regional median house prices have decreased across the board except for Northland, which saw an increase of 3.3 percent, and Taranaki 5.1 percent. These were the only regions to see a rise in median price. Wellington is now into its 14th consecutive month of being in the bottom two ranked regions for the year-on-year House Price Index movements. Xinhua News Agency correspondents reporting from Wellington. (XHTV)

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.