abc.net.au/news/nz-house-prices-down-as-auckland-sees-15pc-fall/101353350When Chanel and Mose Atigi made the decision to put their family home on the market, their property was appraised at $NZ120,000 more than the price it sold for just four weeks later.
"We were very nervous. When we first entered the market pricing was still pretty high and we just watched it dramatically drop over the period of our campaign. Anecdotally sellers and agents say the market has slowed and a few key indicators tell us just how much. "The bank is now predicting a peak to trough of nearly 20 per cent," chief economist at Infometrics Brad Olsen said.
Chief economist at ANZ Sharon Zollner said there was not "a widespread expectation that they're bottoming out yet". "This time last year, a lot of buyers would have that confidence to go and bid at an auction and think to themselves, 'well I'm going to find the deposit, I'm going to sell my own home'," he said.
"With the official cash rate headed to 4 per cent, then that would see mortgage rates surpass slightly the serviceability test rates that banks have used over recent years," Ms Zollner said.
Around 40% of house sales in NZ are by people moving to Australia.
Here is the reason.
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