New Zealand’s five-year housing correction has further to run

Friday 11 September 2026

New Zealand’s housing price correction began in November 2021, and since then, prices have declined by more than 15% nationally in nominal terms and by around 30% in real, inflation-adjusted terms.

As a result, real New Zealand housing prices are tracking at the same level as March 2018:

Chart from Justin Fabo at Antipodean Macro

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.