House Prices in New Zealand Rise Slightly in October

SYDNEY (Reuters) – House prices in New Zealand experienced a slight increase in October, driven by falling interest rates that boosted buyer confidence, according to the Real Estate Institute of New Zealand (REINZ).

Seasonally adjusted median house prices rose by 1% in October compared to the previous month, and by 0.7% compared to the same period last year, as reported by REINZ.

> "There seems to be light at the end of the tunnel. Although challenges like the cost of living remain, positive signs are emerging. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the data for October,” REINZ Chief Executive Jen Baird stated.

New Zealand's central bank cut its benchmark rate in August, marking the first decrease since March 2020, and further reduced rates by another 50 basis points last month.