New Zealand house prices continue to feel the pain of sharply higher interest rates, while Cyclone Gabrielle meant lower listings and sales in affected areas in the North Island.

The Real Estate Institute of New Zealand's House Price Index fell 14.2% y/y in February, or 12.3% y/y excluding Auckland. The HPI fell at a 13.9% y/y pace in January.

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New Zealand house prices continue to feel the pain of sharply higher interest rates, while Cyclone Gabrielle meant lower listings and sales in affected areas in the North Island.

The Real Estate Institute of New Zealand's House Price Index fell 14.2% y/y in February, or 12.3% y/y excluding Auckland. The HPI fell at a 13.9% y/y pace in January.

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MNI BRIEF: New Zealand House Price Index Down 14.2% In Feb