Our take on the latest Real estate statistics (Wed 15 Jun 2022)
NZ house prices down 1.1% (sa) in May
Auckland prices have dropped 5.9% (sa) in the last three months
Total house sales dropped 5.7% (sa)
The key numbers...
- House prices in New Zealand fell 3.9% in the three months to May, as Auckland prices fell 5.9% over the same period. Excluding Auckland, New Zealand prices have declined more slowly, but have still fallen 3.8% since the start of this year (all figures seasonally adjusted).
- House prices in all regions except Wellington are still higher than May 2021, with Canterbury and Northland showing the strongest prices compared to 12 months ago, up 17% and 13% respectively. In Wellington, prices were 6.9% lower in May compared to this time last year.
- Nationwide house sales had the weakest month since 2011 (seasonally adjusted and excluding COVID-19 lockdowns), declining 28%pa in May. Sales activity was particularly weak in Auckland and Waikato, where activity was down 38% and 32%pa respectively. Tasman was the only region where sales activity was stronger than in May 2021.
- Median days to sell increased to 43 days in May, up 6% on a seasonally adjusted basis.
Rising interest rates drive house price declines
REINZ House Price Index, annual % change
...and our reaction
- The housing market continued to weaken in May, with sales activity down across every region, bar one, as sales activity fell to an 11-year low. Prices in Auckland have declined by the largest amount on record over the last six months, falling 11%, while the 3.6% fall outside Auckland is the largest six-month price fall since August 2008.
- The softer housing market is largely the product of rising interest rates and expectations of further increases. One-year fixed mortgage rates continued to rise, up around 10 basis points in May, and have risen another 30 basis points since the start of June to about 4.7%. Retail interest rates continue to factor in additional OCR hikes to battle inflation, with a hawkish statement accompanying the Reserve Bank’s 50-point increase in the official cash rate (OCR) in late May.
- A soft housing market is likely to dampen residential construction activity later in 2022, but the effects of falling prices and sales activity will take time to filter through to activity levels in the construction industry given the large pipeline of consented work awaiting completion.
Latest updates
Premium
Real estate statistics
House sales and prices still falling
Thu 13 Aug 2026
Monthly
10%pa House sales in July 20260.4%pa House prices from a year earlier
9.3%pa Stock of homes for sale in July 2026Premium
Real estate statistics
Conflict continues to drag on housing market in June
Wed 15 Jul 2026
Monthly
8.8% House sales between Feb and Jun 2026 (seas adj)0.8% House prices since February (seas adj)4.8% Stock of homes for sale since February (seas adj)Real estate statistics
House buyers dry up ahead of interest rate rises
Mon 15 Jun 2026
Monthly
13%pa House sales in May 20260.6%pa House prices from May 2025
Stock of homes for sale at an 11-year highReal estate statistics
House prices and sales fall
Thu 14 May 2026
Monthly
7.9%pa House sales in Apr 20260.5% House prices from Mar 2026 (sa)
1.2% Stock of homes for sale since Feb 2026 (sa)