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Reserve Bank predicting house price fall of 14% as market turns rapidly

Thursday 26th of May 2022

While this seems like a relatively large decline compared to New Zealand’s history, it will bring prices back to only April 2021 levels. A 30% drop from the November peak of house prices will be needed to bring them back to pre-Covid levels.

That said, the size and speed of the fall in house prices are highly uncertain, says the RBNZ.

Market turns rapidly

One Queenstown agent says the market has already had a rapid decline.

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