It won't stay a buyers market forever says Cotality's Kelvin Davidson The “Crash” Framing Is Misleading Media headlines proclaiming a “full-blown crash” in the New Zealand housing market since 2022 sound alarming. However, what we’re witnessing is a cyclical correction from the unsustainable Covid-stimulus peak, not a structural collapse. While house prices have dropped between 13-20% nationally, this sits within normal market cycles historically observed in New Zealand’s pr