Mired housing market going nowhere fast

Sharon Zollner

The bank says there have been various indicators published recently suggesting the economic recovery is running out of steam and house prices are not just stagnant, but are actually falling, causing buyer caution.

ANZ chief economist Sharon Zollner says the bank judges the underlying trend to be “ever so slightly upwards”.

Sales volumes have been sitting about their historical average since late last year. They are well up from their low point in 2023 when interest rates were at their cycle peak.

But housing demand has not strengthened enough yet in this cycle to put sales volumes above their historical average, Zollner says.