Migration underpins lift in property, outlook still unclear
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 was the major boost for the series as 9,176 more people come to New Zealand on an annual basis than left, more than twice the level a year earlier.
"If sustained, this level of net migration will provide a welcome boost to domestic demand and the housing market," the bank said. The increase "looks poised to provide some support" for the sector, it said.
Supply-demand balance and consents and house sales were both neutral with a positive bias as sales outstripped permits for new construction.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
