Facing the biggest house price declines in 30 years, a real-estate agent in Auckland, New Zealand decided to get creative when it came to a spacious five-bedroom house that wouldn’t budge.The ad for the house at 22 Dungloe Ave in Auckland on the company’s... Facing the biggest house price declines in 30 years, a real-estate agent in Auckland, New Zealand decided to get creative when it came to a spacious five-bedroom house that wouldn’t budge.
“The market in Auckland dropped by nearly 10% or more over last year, so we came up with the idea to…do something different,” and try to “stand out.” Barfoot & Thompson agent Prince Kapoor, told MarketWatch in a telephone interview on Friday. Like many countries, the island nation is enduring rising mortgage rates that are scaring home buyers away, said Kapoor. Home prices in New Zealand fell 10.9% in October, the biggest fall since the 1990s, after climbing 40% over the pandemic.
Home sales activity in the country fell 34.7% in October annually, with the average home price down 7.5% to $825,000 from $892,000, according to data from the Real Estate Institute of New Zealand.
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