"It's not just house prices that were on the weaker side this month," the report says. "We have revised down our 2023 house price forecast and now expect house prices to fall 0.4% in 2023, versus a 0.2% rise previously. The report also notes that new residential listings are above year ago levels for the first time this year. "This lift in listings is on top of an already large stock of inventories, which needs to decline before meaningful rises in house prices are likely. On the interest rate front ANZ says a weaker than expected labour market has prompted the bank's economists to soften their expectations around the Official Cash Rate (OCR).

Source: Stuff November 28, 2023 13:03 UTC