Asia & Pacific

New Zealand Property Market in ‘Correction’ Phase and Faces Significant Challenges

New Zealand Property Market in ‘Correction’ Phase and Faces Significant Challenges
A general view of houses in the suburb of Churton Park in Wellington, New Zealand, on April 9, 2016.Hagen Hopkins/Getty Images
Rebecca Zhu
|Updated:

The New Zealand (NZ) property market faces significant challenges as house values have fallen for three consecutive months, and sales activity shows clear signs of slowing.

CoreLogic NZ’s latest property market update revealed that the total value of residential real estate fell $40 billion (US$25 billion) across the June quarter to $1.69 trillion.
Rebecca Zhu
Rebecca Zhu
Author
Rebecca Zhu is based in Sydney. She focuses on Australian national affairs.
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