BNZ 'sticks a fork' in housing, expects interest rate cut

Bank says floating rates need to "do their work" on inflation. (Image: BNZ)

Thu, 08 Jun 2023

Bank of New Zealand is the latest major bank to call time on free-falling house prices and now expects asking prices to progressively ramp up by about 1.5% per quarter from the remainder of this year.The bank’s chief economist, Mike Jones, said he’s now “sticking a fork” in a correction that has seen national prices dip by 16% over the past 18 months, post the market peak in November 2021. However, Jones does expect the turnaround to be slow on the back of continued economic headwinds. “We see annual hous...

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