Two years ago, house prices in New Zealand were roughly 43% less than they are now, OneRoof reports. Economists say it is highly unlikely prices will plummet to pre-Covid levels, and that this would indicate a huge global problem.”You don’t really want to think of a scenario where house prices would fall 43% because that would be catastrophic and so there’s likely to be bigger fish to fry than buying a cheap house potentially,” says Mike Jones, senior economist with the ASB.