New Zealand's housing stock is worth about NZ$1.66 trillion and makes up around half of household assets, despite years of flat and falling prices, RNZ reports, citing the property data firm Cotality.
Its chief property economist, Kelvin Davidson, said national values fell 1.3 per cent in the year to September and remain 18 per cent below their peak. Auckland values were down 3.2 per cent over the year, while Christchurch rose 3.4 per cent. Homeowners hold about NZ$404 billion in mortgages.
September saw 6,519 sales, about 14 per cent fewer than a year earlier. Davidson said annual sales now look likely to finish below 90,000, blaming the conflict involving Iran, inflation and higher interest rates. He described the market as consolidating rather than starting a new upswing, with the next Reserve Bank rate decision due on 28 October.
Source: RNZ
