New data shows that house prices have dropped for the fourth consecutive month in June.

The Real Estate Institute of NZ shows that across the entire country, the HPI declined by 0.8 percent in June compared to May.

Property commentator Ashley Church says the cause of this downturn goes all the way back to 2021, when Covid impacted interest rates.

"The Reserve Bank, as a result of that, recognized what it had done, reversed course and increased the OCR, which had the effect of increasing mortgage interest rates over the following two years. So the result of that is basically what we're dealing with."

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