Recent rises in long-term fixed mortgage rates may start to dampen optimism in the property sector after record low rates, rising net migration and an under-supply of houses underpinned the sector over the past few months.

"A belief that the worst of the economic crisis is now behind us, combined with relatively attractive borrowing rates, has spurred the housing market into action," the bank's economist said in their report.

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

Serviceability, liquidity and globalisation were all negative, and would require more time before they turned around.

Interest rates were neutral with a negative bias with another round of fixed rate rises contrasted a further easing in floating rates.

Affordability was neutral with higher mortgage rates taking the gloss of the cheap money of the past year.

Supply-demand balance and consents and sales remained neutral with a positive bias, with the summer months likely to see an increase in the number of available listings.

Migration remained positive for house prices, as the number of people entering New Zealand continues to outstrip the number of those leaving.

ANZ concluded that the outlook is still unclear, though it will be looking for a "stunner" in the warmer months of the year.