Multiple outlets report that New Zealand’s housing market is undergoing what property analysts describe as its longest and deepest downturn in 30 to 40 years. Cotality’s latest market data shows a decline in July, with property prices falling by 0.3%. The NZ Herald reports that the national median property value drops to $804,303 in July, reinforcing the broader assessment of sustained weakness in the market.
While the sources focus on different figures—one citing the month-to-month percentage change and the other highlighting the national median value—they both describe the same underlying trend: ongoing price declines across the country rather than a brief slowdown. Together, the reports indicate continued downward pressure on house prices during July, with analysts framing the current period as historically significant compared with earlier downturns over recent decades.
