{"id":43502,"date":"2022-04-13T05:00:32","date_gmt":"2022-04-12T20:00:32","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2022\/apr\/13\/new-zealand-house-prices-are-starting-to-fall-but-many-buyers-remain-locked-out"},"modified":"2022-04-13T05:00:32","modified_gmt":"2022-04-12T20:00:32","slug":"new-zealand-house-prices-are-starting-to-fall-but-many-buyers-remain-locked-out","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=43502","title":{"rendered":"New Zealand house prices are starting to fall \u2013 but many buyers remain locked out"},"content":{"rendered":"<p>Some economists are predicting a 10% decrease over the year, but even that won\u2019t return prices to those of two years ago<\/p>\n<p>New Zealand house prices have experienced their biggest quarterly drop in a decade, raising some hopes of a cooling market for those who have long been locked out by sky-high property prices. But the same forces that are pushing prices down \u2013 inflation, <a href=\"https:\/\/www.theguardian.com\/world\/2022\/mar\/09\/everything-is-rising-new-zealanders-make-painful-sacrifices-as-living-costs-skyrocket\">high cost of living<\/a>, and rising interest rates \u2013 are also hitting prospective buyers, especially those at the bottom end of the market.<\/p>\n<p>After years of rocketing prices, price data from across the country is now observing some of the largest drops and slowdowns since the aftermath of the global financial crisis. Valuation company QV found the average home decreased in value by -0.6% nationally in the first quarter of the year, with the national average value now sitting at $1,046,636. The decrease, while small, comes after <a href=\"https:\/\/www.theguardian.com\/world\/2021\/sep\/16\/generation-frozen-out-new-zealand-house-prices-soar-despite-government-reform\">years of steeply rising prices<\/a>, and ANZ economists say the mood among buyers has shifted dramatically \u2013 from \u201cfear of missing out\u201d to \u201cI\u2019m not paying that\u201d.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2022\/apr\/13\/new-zealand-house-prices-are-starting-to-fall-but-many-buyers-remain-locked-out\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some economists are predicting a 10% decrease over the year, but even that won\u2019t return prices to those of two years agoNew Zealand house prices have experienced their biggest quarterly drop in a decade, raising some hopes of a cooling market for those&#8230;<\/p>\n","protected":false},"author":2034,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sns_share_botton_hide":"","vkExUnit_sns_title":"","_vk_print_noindex":"","sitemap_hide":"","_veu_custom_css":"","veu_display_promotion_alert":"","vkexunit_cta_each_option":"","footnotes":""},"categories":[41,2384,56,42],"tags":[],"class_list":["post-43502","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-house-prices","category-new-zealand","category-world-news"],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/43502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/users\/2034"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43502"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/43502\/revisions"}],"predecessor-version":[{"id":43503,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/43502\/revisions\/43503"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}