Housing cycles / NZL

New Zealand

Real residential property prices, BIS index, 1962 to 2025-Q4. The index is rebased to 2010 = 100 for New Zealand alone, so its level says nothing next to another country’s. Growth and drawdown are comparable across countries; the level is not.

-4.2%

Real prices, year on year

2025-Q4; nominal -1.3%

-27.2%

Off its own real peak

peak 2021-Q4

-38.2%

Deepest real drawdown

trough 1980-Q4, within the observed sample

1962

Index starts

255 quarters to 2025-Q4

Real house price index, annual

Annual means of the quarterly real index. A year is plotted only if all four of its quarters are present, so a partial year is dropped rather than averaged over whatever is present.

Source: BIS residential property prices (selected series) Latest real quarter 2025-Q4 = 157.5; highest observed real quarter 2021-Q4 = 216.3. Methodology

Banking crises

Laeven-Valencia records no systemic banking crisis for New Zealand. There is no event study on this page, and this country enters none of the cross-country medians on the index. Its deepest observed real drawdown is -38.2%, into 1980-Q4. Absence from the chronology is the chronology’s judgement, not proof that no crisis happened.

Limits of this page. The drawdown figures are conditional on the sample: New Zealand’s index begins in 1962, so a peak before then is invisible and the deepest drawdown is the deepest observedone. The crisis dating is Laeven-Valencia’s, not this repo’s. Nothing here is a causal claim. See the methodology for the full list.