WELLINGTON, Aug. 1 (Xinhua) -- New Zealand's housing market is experiencing its "longest and deepest" downturn in at least 30 to 40 years, according to property data firm Cotality.
National property values fell 0.3 percent in July after a similar decline in June, leaving the national median value at 804,303 New Zealand dollars (473,051 U.S. dollars), down 1 percent from three months earlier and 0.7 percent from a year ago, Cotality said in its latest market report released on Saturday.
July's results simply continued the subdued trend seen for the first six months of 2026, Kelvin Davidson, Cotality NZ chief property economist, said in a statement.
Davidson said property sales volumes had edged lower this year but remained at relatively normal levels, while elevated housing listings continued to give buyers greater pricing power and keep property values subdued.
He said that first-home buyers remained active, but investors had become more cautious ahead of the general election in November because of uncertainty over potential property tax changes, while mortgage rates were likely to rise in the short term amid a more uncertain economic outlook. ■