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New Zealand house prices finally fall from dizzying heights

A new residential construction is under way at Long Bay, suburban Auckland, New Zealand, on May 6, 2021. A Thursday, Aug. 11, 2022, report shows that New Zealand house prices fell for the first annual decline in more than a decade as rising interest rates finally halted a boom which only accelerated after the coronavirus pandemic hit. (Michael Craig/New Zealand Herald via AP) Men work on a new residential building at Long Bay, suburban Auckland, New Zealand, on May 6, 2021. A Thursday, Aug. 11, 2022, report shows that New Zealand house prices fell for the first annual decline in more than a decade as rising interest rates finally halted a boom which only accelerated after the coronavirus pandemic hit. (Michael Craig/New Zealand Herald via AP) A man cycles past houses in Devonport, suburban Auckland, New Zealand, on June 30, 2022. A Thursday, Aug. 11, 2022, report shows that New Zealand house prices fell for the first annual decline in more than a decade as rising interest rates finally halted a boom which only accelerated after the coronavirus pandemic hit. (Michael Craig/New Zealand Herald via AP)