March 24, 2023

The clash of rising interest rates on the housing market has been significant, according to new data showing that property transactions in New Zealand have dropped to their lowest level in nearly 40 years. CoreLogic data shows that the number of homes sold in the 12 months ending in February 2023 was 60,859, the lowest 12-month total since October 1983. The number is down 32.7% from the prior year. While February’s 4100 transactions were the fewest in any February since at least 1981, a decrease of 33.1% from the same month a year ago. CoreLogic attributes the downturn to rising