Are house prices dropping in Auckland?

Auckland’s median house price dropped by 4.2 per cent to $1.15 million in September, from $1.2m in August. … Seven out of 16 regions reached new record median prices in September, the most since April 2021. They were Bay of Plenty, Hawkes Bay, Manawatu/Wanganui, Tasman, Nelson, Canterbury and Southland.

Are house prices going to drop 2021?

The chart shows how the OBR had predicted a fall in house prices in the near future. … The OBR has now predicted that house prices will go up by 8.6% this year, compared with a year earlier. The annual rise would then slow to 3.2% in 2022, before decelerating further to 0.9% in 2023, it said.

Will NZ house prices ever drop?

ANZ chief economist Sharon Zollner says a 10 per cent decline would only take house prices back to where they were in March this year. … Independent economist Tony Alexander says there may be some growth, but prices will not soar by 35 per cent as happened last year, because many market drivers have changed.

What will the housing market do in 2021?

NAB has predicted Sydney’s house prices will rise by 17.5 per cent over 2021, while Commbank is predicting a rise of 16 per cent. Westpac has upgraded its price growth forecast for Sydney house prices to rise by 27 per cent this year, and 6 per cent in 2022 before correcting and dropping by -6 per cent in 2023.

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Will Auckland house prices keep rising?

“House prices continue to climb upward in the Auckland region though at a much reduced rate compared to earlier this year, and it’s likely to continue to slow further as new loan-to-value bank restrictions are introduced, reducing the number of buyers in the market.”

Why are Auckland house prices so high?

In NZ our low interest rates and eager bank lenders coupled with our culture of house ownership and pretty soon a virtuous circle of increasing house prices fed into increasing economic growth, which fed into increasing house prices.

Is house prices going down in 2022?

While housing prices aren’t expected to drop in 2022, the increasing rate of prices should slow down. Many experts believe home values will increase at roughly half the rate (single-digit increases) we saw during the peak of 2021.

Will house prices decline?

housing and economic projection published recently, supply limitations and rising house prices will slow California home sales in 2022, but they will still be the second-highest in five years. A 5.2 percent decrease in existing single-family house sales is predicted for 2022, down from 439,800 units in 2021.