New Zealand property market in its 'longest and deepest downturn' in 30-40 years
New Zealand's housing market is going through the longest and deepest downturn in 30 or 40 years, property data firm Cotality says. The prolonged slump is weighing on expectations for any near-term recovery.
New Zealand's housing market is going through the longest and deepest downturn in 30 or 40 years, according to property data firm Cotality. The company says the current slump has a duration with few historical parallels.
The prolonged decline is adding to uncertainty for homeowners and buyers alike, while dampening expectations of any near-term recovery. Cotality's data shows the downturn now outpaces past cycles in both length and depth.
The development is also being watched for its broader implications for New Zealand's economy, as sustained weakness in the housing market could add pressure on consumer spending and the construction sector.
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