ANZ gauges find demand is making property a sellers’ market

Of the eight indicators, three are neutral for house value prices, while two are neutral with a positive bias and the last three are negative.

Migration, affordability, and interest rates were the indicators deemed unlikely to impact on the direction of house prices.

Migration was found to be rising as immigration increased to a five-year last month as a net 2,160 migrants arrived in April, the highest since January 2004 and up from 1,730 in March, according to Statistics New Zealand.

"A surge in migrants has caused demand to swell," the bank said. "Coinciding with this is a reduction in supply of houses, as the construction of new houses remains in the doldrums."