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New Zealand’s Residential Property Market Shows Signs of Easing, but Uncertainty Persists

New Zealand’s Residential Property Market Shows Signs of Easing, but Uncertainty Persists

Residential property prices in New Zealand are showing signs of easing, but the market remains uncertain. The latest House Price Index from Quotable

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Residential property prices in New Zealand are showing signs of easing, but the market remains uncertain. The latest House Price Index from Quotable Value (QV) revealed a 3.4% decline in national home values over the three months to May, which was slightly slower than the previous two months. However, it is still too early to determine if the market has reached its bottom. Average values fell in most urban centers, with Wellington experiencing a decline below the national average for the first time. Queenstown was an exception, with home values rising. The market is expected to have a bumpy landing, with certain areas and property types recovering sooner than others. First-home buyers and investors are likely to be the first to see growth. The housing market remains uncertain due to cautious buyer sentiment and the impact of upcoming elections.

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