Reserve Bank says NZ house prices still overvalued

Reserve Bank governor Adrian Orr says house prices have further to fall. (Image: BusinesDesk)

Wed, 03 May 2023

New Zealand house prices have further to fall, according to the Reserve Bank of NZ’s latest financial stability report.Nationwide house prices are now around 16% below their peak and are “closer to being at sustainable levels than has been the case in recent years", it said. Price falls in Auckland and Wellington have continued to lead the rest of the country, with these markets 21% and 24% down from their respective peaks.However, the Reserve Bank of NZ (RBNZ) said the overall balance across indicators suggests prices rem...

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