{"id":44555,"date":"2022-05-17T11:55:44","date_gmt":"2022-05-17T02:55:44","guid":{"rendered":"https:\/\/www.theguardian.com\/world\/2022\/may\/17\/new-zealand-banks-predict-20-drop-in-house-prices-over-next-year"},"modified":"2022-05-17T11:55:44","modified_gmt":"2022-05-17T02:55:44","slug":"new-zealand-banks-predict-20-drop-in-house-prices-over-next-year","status":"publish","type":"post","link":"https:\/\/eastasianews.net\/wp\/?p=44555","title":{"rendered":"New Zealand banks predict 20% drop in house prices over next year"},"content":{"rendered":"<p>Economists say tighter credit conditions, higher mortgage rates and increased housing supply behind sinking prices<\/p>\n<p>New Zealand\u2019s house prices are on track to drop by up to 20% in the next year \u2013 the biggest drop since the 1970s \u2013 two of the biggest banks have predicted, which would take prices back to where they were just over a year ago.<\/p>\n<p>For years, the country has been plagued by a runaway housing market. The cities of Wellington and Auckland have some <a href=\"https:\/\/www.theguardian.com\/world\/2020\/oct\/29\/new-zealand-house-prices-soar-despite-covid-recession-worsening-affordability-crisis\">of the least affordable property markets in the world<\/a>, and homeownership rates have been falling since the early 1990s across all age brackets, but especially for people in their 20s and 30s.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/17\/new-zealand-banks-predict-20-drop-in-house-prices-over-next-year\">Continue reading&#8230;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economists say tighter credit conditions, higher mortgage rates and increased housing supply behind sinking pricesNew Zealand\u2019s house prices are on track to drop by up to 20% in the next year \u2013 the biggest drop since the 1970s \u2013 two of the biggest bank&#8230;<\/p>\n","protected":false},"author":2286,"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":[41,56,42],"tags":[],"class_list":["post-44555","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-new-zealand","category-world-news"],"aioseo_notices":[],"veu_head_title_object":{"title":"","add_site_title":""},"_links":{"self":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44555","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\/2286"}],"replies":[{"embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44555"}],"version-history":[{"count":1,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44555\/revisions"}],"predecessor-version":[{"id":44556,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=\/wp\/v2\/posts\/44555\/revisions\/44556"}],"wp:attachment":[{"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastasianews.net\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}