New Zealand house price data for September, m/m fall, y/y rise

Real Estate Institute of New Zealand (REINZ) data

House prices in September 2021 (sa median)

• -7.4% m/m
• +15.2% y/y

The New Zealand government has ordered the Reserve Bank of New Zealand to take house prices into account in policy. We've seen some macroprudential measures from NZ. The m/m drop may have more to do with lockdowns in the country's largest city of Auckland. Indeed, that's what REINZ is citing: Lockdown curtails Auckland activity