New Zealand Housing Market Slumps in June Amidst Rising Listings and Waning Demand
The New Zealand housing market slumps experiencing a significant downturn in June, with the nationwide median sale price dropping by 1.3% year-on-year and house sales plummeting by 25.6% over the same period. Data from the Real Estate Institute of New Zealand reveals that this marks the worst sales count for a June month since 2008, with Auckland e…
New Zealand Housing Market Updates: Changing Demand and Supply Dynamics
Statistics NZ provides the estimate of decrease in natural demand for housing in New Zealand. The increase of 21,200 was witnessed in June 2021. However, this figure has dropped to 12,700 in June 2022. Moreover, this is much below than the average demand 94,800 a year, witnessed from 2018 to 2020. Generally, it takes two years for dwellings to t…