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But now, most of the world’s economies are aggressively raising interest rates, mortgage rates are rising rapidly, demand for home purchases is falling, and the global housing market is gradually becoming sluggish.
The data show that house prices have fallen sharply in most of the G10 countries in recent months, such as Australia, Canada and New Zealand. House prices in other countries, though not falling, have slowed sharply, such as the biggest slowdown in June in the United States since 1970.
This is also confirming Goldman Sachs’ previous judgment that a hard landing in the global property market is a risk that cannot be ignored.
The Bank of New Zealand began raising interest rates in October to control persistently high house prices and inflation.
House prices in new Zealand have been falling recently and are now down 6% from their peak in November, as surging mortgage rates dampen demand from buyers.
House prices in new Zealand fell 2.5% in the three months to July, the biggest quarterly decline since the financial crisis in October 2008, according to the latest data from residential property information provider CoreLogic on Wednesday.
It is worth mentioning that house prices in new Zealand have been falling for four consecutive months, falling 0.9% in July from a month earlier, although new Zealand house prices rose 9.5% in July from a year earlier, but still the lowest annual increase since November 2020.
In addition to New Zealand, house prices in Australia and Canada are also falling rapidly.
House prices in Australia’s major cities Sydney and Melbourne are falling sharply, with Sydney’s property market falling for six months in a row.
Of all cities since the RBA first raised interest rates in May, house prices in Sydney fell at the fastest pace in July, the sharpest decline in nearly 40 years.
