House prices still down 11.2%, but ship is slowly turning

Queenstown-Lakes' median pricing bounced back last month. (Image: BusinessDesk)

Thu, 15 Jun 2023

The Real Estate Institute of New Zealand's house price index was down 11.2% year-on-year in May, although there were pockets of recovery with listings also showing a modest improvement.The index, based on sales reports across the institute's 17,000 professional members, is down 18% nationally from the November 2021 price peak, although still up 5.4% over the past five years.Listings were also up 3% from the prior month, at 7,359 homes, but overall remained down 18.1% on May 2022.Institute chief executive Jen Baird said the glimmers of a...

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