By Aftab Shah
Growboo
New Zealand home prices eased in August, reflecting ongoing caution among buyers despite the central bank’s aggressive rate cuts aimed at stimulating demand, the Real Estate Institute of New Zealand (REINZ) reported on Tuesday.
Seasonally adjusted median house prices dropped 1.3% from July and were down 0.5% compared with the same month a year earlier.
National home sales also showed weakness, sliding 4.5% month-on-month on a seasonally adjusted basis, though they were slightly higher — up 0.6% — compared to August 2024.
“Across New Zealand, confidence in the property market is tempered with caution,” said REINZ Chief Executive Lizzy Ryley.
