New Zealand house prices fall 7.5% y/y

One of the world's hottest property markets is quickly cooling. REINZ reports that New Zealand house prices rose 0.7% (seasonally adjusted) in October but are down 7.5% y/y.

"Several compounding factors have created uncertainty and hesitancy in the market where there was confidence and urgency last year," said REINZ in the release.

I don't see any rush to buy homes soon.