NZ Under which party did house prices peak?
House prices peaked under Labour, then fell about 27% after adjusting for inflation.
Updated
The series maximum was 173.0 (Dec 2021 qtr; 2015 = 100).
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| Period | New Zealand (index) |
|---|---|
| Mar 2026 qtr | 127.1 |
| Dec 2025 qtr | 127.8 |
| Sep 2025 qtr | 129.7 |
| Jun 2025 qtr | 131.0 |
| Mar 2025 qtr | 131.3 |
| Dec 2024 qtr | 132.6 |
| Sep 2024 qtr | 133.7 |
| Jun 2024 qtr | 136.0 |
| Mar 2024 qtr | 137.7 |
| Dec 2023 qtr | 138.1 |
| Sep 2023 qtr | 138.1 |
| Jun 2023 qtr | 138.3 |
| Mar 2023 qtr | 138.9 |
| Dec 2022 qtr | 144.3 |
| Sep 2022 qtr | 151.7 |
| Jun 2022 qtr | 160.9 |
| Mar 2022 qtr | 167.5 |
| Dec 2021 qtr | 173.0 |
| Sep 2021 qtr | 167.7 |
| Jun 2021 qtr | 162.1 |
Government bands: Government term · Government term · Labour under Clark · National under Key and English · Labour under Ardern and Hipkins · National under Luxon
Interest rates were at record lows.
Record-low interest rates and a global house price boom contributed during COVID-19.
Prices are adjusted for general inflation. This index measures price levels, not affordability for buyers.
Source: OECD.
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