New Zealand’s housing market is in turbulent times as newly released CoreLogic data shows it flattening.
In April, nationwide average house prices have decreased by 0.1% following small increases in recent months.
In our biggest city Auckland, this trend is exacerbated, with values slipping by 0.6%.
Nationwide, the average house price is now just over $900,000.
One of the reasons for the slow demand is interest rates. The average fixed rate mortgage is now close to 7%.
First home buyers are making the most of these flat prices, increasing their share of sales by 20% according to the Reserve Bank.
However, the number of new houses being built has fallen dramatically, with a 25% decrease in building consents.
1News Business Correspondent Katie Bradford looked at how buyers and sellers are feeling in the video below.