Property: The bigger they are, the harder they fall

Property values in Auckland city are down 16% in the past eight months. (Image: File)

Fri, 15 Jul 2022

Property values are down everywhere, but the biggest drops have tended to be in the most expensive markets.BusinessDesk analysis of Real Estate Institute of NZ (REINZ) data shows that those markets with the highest prices at the peak of the market, in November 2021, have had the biggest declines.It underlines the extent to which affordability, given higher interest rates, appears to be driving prices down.In Auckland City, where the median sale price topped $1.5 million in November, values have since fallen 15%, the REINZ House Price Index said...

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