Migration keeps property market chugging along

Of the eight indicators, three were negative for house prices, one was neutral with a negative bias, two were neutral with a positive bias, and one was positive.

Migration underpinned support for property prices, with net migration more than double the level a year ago.

"If sustained, this level of net migration will provide a welcome boost to domestic demand and the housing market, although the economic impetus will be less than if it had been driven solely by more arrivals," the bank said.

Supply-demand balance and consents continued to be neutral with a positive bias, with the latter reporting a modest improvement, but still lagging behind migration inflows.