Reuters

New Zealand house price ‘madness’ to leave affordability stretched for years: Reuters poll

New Zealand’s runaway housing market, which has accelerated rapidly during the pandemic, will cool next year, according to a Reuters poll of property market analysts, but affordability will stay stretched or worsen over the next few years. House prices have nearly doubled in the last seven years thanks to super-low interest rates, slashed from 3.50% to 0.25% over that period, leaving first-time homebuyers and low-income earners behind as prices climbed beyond their reach. After soaring 30% in just the past 12 months, the most among OECD nations, home prices were forecast to jump another 20% this year, according to a Reuters poll of 10 property market analysts taken Aug. 11-19.

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