Wellington house price decline 'worst in world'

Wellington has seen house prices tank to below their registered valuations. (Image: Depositphotos)

Mon, 08 Aug 2022

Wellington leads the list of worst performing cities in the world, with house prices down 9.5% over the past six months and eroded by 8.1% for the 12 months to June 2022, in a survey by global realtor Knight Frank.That puts New Zealand’s capital city in 45th and last place in Knight Frank’s latest prime global cities index, with four other Asian cities - Manila, Kuala Lumpur, Jakarta and Guangzhou - in the dog box.Those, alongside Frankfurt, have been the most affected by increasing mortgage rates, credit constraints and the weakeni...

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