Property market has aura of vulnerability

ANZ monitors a series of eight “property gauges”, in its monthly Property Focus commentary, to help it determine the state of the market.

It says that the gauges are portraying a market that remains brisk, but that contains an aura of vulnerability.
Of the eight gauges only one is supportive of rising prices and that is one of the less influential; namely global comparisons.

It says that New Zealand property is “still cheap on a global basis” and it notes that the market is becoming more integrated with Australia.

Two of the indicators that are neutral for prices are the supply/demand balance and migration.