New Zealand house prices slightly rise on monthly basis

• New Zealand house prices increased a little in October.
• Purchasers remain wary as mortgage interest rates continue to climb.
• The seasonally adjusted median house value increased by 0.7% in October.

The Real Estate Institute of New Zealand (REINZ) reported on Tuesday that New Zealand house prices increased little in October compared to the previous month, but purchasers remain wary as mortgage interest rates continue to climb.

According to REINZ, the seasonally adjusted median house value increased by 0.7% in October compared to the previous month but was down 7.5% from October 2021.

“Several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year,” said Jen Baird, chief executive at REINZ.

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