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Since the outbreak, house prices in many countries around the world have soared to record highs, spurred by loose global monetary policy, setting off a real estate boom. Now, under the impact of unprecedented monetary tightening, the global housing market is being hit hard.
New Zealand’s house price index fell the most in 30 years, with sales particularly weak, according to media reports on Tuesday. Even Singapore’s bustling property market stalled, with home sales falling to their lowest level since April 2020. Australia, Canada, the United States and other housing markets have not lived up to expectations.
This is the most worrying housing outlook since 2007-2008, with the riskiest housing markets in Australia, New Zealand and Canada, the Oxford Institute for Economics said in a recent report. According to the Oxford Institute of Economics, house prices could fall by 30% in Canada, 20% in New Zealand and as much as 20% in Australia.
New Zealand’s house price index last month suffered its biggest decline in 30 years, with sales activity particularly weak, adding to fears of a further fall in house prices.
New Zealand’s house price index fell for the 11th consecutive month, down 10.9% from a year earlier, according to data released by the New Zealand Real Estate Institute on Tuesday. The median house price fell 7.9% compared with October last year.
Economists at Kiwibank in New Zealand said the index fell the most since the early 1990s, as rising mortgage rates continued to affect house prices and sales.
New Zealand house prices soared about 40 per cent during the outbreak, peaking in November and falling sharply as mortgage rates rose as the central bank sharply raised interest rates. Many economists expect house prices to fall further as interest rates continue to rise.
Westpac Westpac said on Tuesday that house prices are now expected to fall 20 per cent from their peak, up from a previous forecast of 15 per cent, and “real” house prices are expected to fall 30 per cent from a peak of 2021 if you take into account the widespread high inflation in New Zealand, completely erasing the increase since the epidemic.