New Zealand’s Housing Boom Has Come to an End
- New government pledges to further clamp down on speculators
- Investor-induced ‘frenzy’ in housing market is subsiding: QV
Photographer: Brendon O'Hagan/Bloomberg
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House prices in New Zealand’s largest city posted their first annual decline in six years in October, bringing an end to the nation’s property boom.
Prices in the Auckland region fell 0.6 percent from a year earlier, helping to slow the rate of growth nationwide to 3.9 percent, a five-year low, property research agency Quotable Value said Thursday. Auckland’s average house price has soared 90 percent in the last 10 years to more than NZ$1 million ($690,000), underpinning a 56 percent climb in the national average to NZ$647,000.