Higher rates and falling prices hammer NZ homeowners

(Image: Bloomberg)

Sat, 14 Jan 2023

By Ainsley ThomsonNew Zealand’s property market has gone from one of the hottest in the world to being at the forefront of the painful unravelling of the pandemic-era housing boom.The nation’s homeowners are facing a double whammy of tumbling house prices and rising mortgage costs in 2023, with about half of home loans due to refinance this year at higher rates.It’s seen as a harbinger of what’s to come for other countries as New Zealanders saw home prices jump almost 30% in 2021. Now, the Reserve Bank of...

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