NZ Housing Prices Sink 30% Since 2021, Experts Warn Further Decline Ahead

New Zealand's housing market has been in correction mode for five years, and experts say there's still more to come. According to recent data, prices have declined by over 15% nationally in nominal terms since November 2021.

This decline translates to around a 30% drop in real, inflation-adjusted terms. As a result, real New Zealand housing prices are now tracking at the same level as March 2018.

The correction began in November 2021, and experts are warning that it may not be over yet. Leith van Onselen, Chief Economist at the MB Fund and MB Super, notes that the current state of real housing prices is a key indicator of the market's health.