Prospect of rate cuts unlikely to trigger immediate housing demand

The housing market continues to slow. (Image: NZME)

Mon, 15 Jul 2024

House prices remained weak in June, and economists agree that the Reserve Bank of New Zealand’s more dovish outlook will have little impact yet.The Reserve Bank of NZ (RBNZ) surprised markets last week with a more dovish-than-expected statement, and markets moved to price in rate cuts as early as August.Data from the Real Estate Institute of NZ (REINZ) showed the total number of properties sold in NZ fell 32.6% in June compared to May 2024, from 6,461 to 4,356.ANZ Bank economists Miles Workman and Henry Russell said ANZ Bank recently...

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