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![\"NZ](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/02\/NZ-house-price-index.png\")
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The REINZ HPI is now down 16.2% from its previous market peak in early 2022. And when adjusted for CPI inflation, New Zealand home values have crashed by more than 30% back to 2019 levels:<\/p>\n
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The REINZ also reported a sharp reduction in the number of property sales. There were only 3837 residential sales across the nation in January 2026, down 5.4% from January last year.<\/p>\n
At the same time, the stock of properties listed for sale increased by 2.3% from January 2025 to 33,149.<\/p>\n
A sharp slowing in population growth is behind the weaker housing market conditions, despite improving mortgage affordability.<\/p>\n
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New Zealand\u2019s net migration fell to its lowest level in more than a decade, excluding the COVID-19 pandemic, as arrivals slowed and Kiwis sought better opportunities in Australia.<\/p>\n
In 2025, New Zealand registered a net migration gain of only 14,200, down 9,600 from the previous year.<\/p>\n
This was a stark contrast to a record net gain of 135,500 in the year ended October 2023 and less than half the yearly average of 30,600 during the previous 25 years.<\/p>\n
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![\"NZ](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/02\/NZ-net-migration.png\")
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As a result, New Zealand\u2019s population growth is tracking well below new dwelling supply, contributing to a surplus of homes that is placing downward pressure on prices and rents.<\/p>\n
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Median rents in newly lodged rental bonds have outright declined across New Zealand:<\/p>\n
The stock of rents, as measured by the CPI rents, has also experienced a sharp slowing of growth:<\/p>\n
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The upshot is that housing affordability in New Zealand is rapidly improving courtesy of falling immigration, house prices, rents, and mortgage rates.<\/p>\n
Regrettably, the same things cannot be said for Australia, where home prices, rents, and mortgage rates are all on the rise and immigration remains historically strong.<\/p>\n
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