NZ House Prices Plummet Over 4.5 Years, Down 20%

New Zealand's housing market has been experiencing one of the world's largest house price crashes since the post-pandemic boom. The country's home prices peaked in late 2021 and have been declining for over 4.5 years, down around 20% in nominal terms.

According to the Real Estate Institute of New Zealand (REINZ), which is the lead index used by the Reserve Bank, housing prices have significantly declined across all major markets. Justin Fabo from Antipodean Macro illustrated this decline with a graph showing the drop in housing prices.