Migration continues to be big plus for housing market
Of the eight indicators, three were negative for house prices, one was neutral with a negative bias, one was neutral, two were neutral with a positive bias, and one was positive.
Migration continued to boost the series as some 14,500 more people entered New Zealand in the 12 months ended July 31 than left, and stoked demand for housing.
"Migration is a positive for the economy and will provide support to both the housing market and spending," the bank said in its commentary. "However, some uncertainty remains whether the recent size of these migration gains can be maintained."
Supply-demand balance and consents and house sales continued to remain neutral with a positive bias as the flood of migrants continued to prop up demand for property.
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