New Zealand house prices fall as interest rates and inflation weigh

WELLINGTON – Tighter lending criteria and rising interest rates, coupled with inflation, continue to weigh on house prices and sales activity in New Zealand, the Real Estate Institute of New Zealand (REINZ) said on Thursday.

Seasonally adjusted nationwide median house prices fell 4.8% in March from February but remain up 7.4% year on year, according to REINZ.

The number of residential property sales decreased 33.5% in March, from 10,151 in March 2021 to 6,752.

(Reporting by Lucy Craymer; editing by Jonathan Oatis)