House prices expected to drop 5%

House prices expected to drop 5%
Real house prices are forecast to fall 17.8% between December 2021 and June 2026
Jem Traylen
The Treasury expects house prices to fall 5% in 2022 and a further 1.5% in 2023, weakening the outlook for residential investment.After adjusting for inflation, the Budget economic and fiscal update forecasts real house prices to fall 17.8% between December 2021 and June 2026 but said they would still be 12% higher than when the covid pandemic began.Residential building consents reached a new record of 50,000 in the year ended March 2022, indicating a strong forward pipeline of residential investment in the year ahead.However, that strength was...

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