New Zealand Property Market Faces Longest Downturn in Decades, Impacting Buyers and Investors
New Zealand's property market is experiencing its longest and deepest downturn in 30 to 40 years, according to property data firm Cotality. The latest data reveals a 0.3% decline in property values in July, following a similar drop in June. The national median value now stands at $804,303, marking a 1% decrease from three months ago and a 0.7% drop compared to the previous year. While some regions like Dunedin and Christchurch saw slight increases, others such as Wellington and Auckland experienced declines. First-home buyers are increasingly active due to lower prices and a high number of available properties, but investor activity remains subdued. Concerns over potential changes in tax policy, particularly regarding capital gains tax and interest deductibility, are causing investors to adopt a wait-and-see approach ahead of the upcoming election. 
