Property stocks hit records

The S&P/NZX 50 Index rose 29.03 points, or 0.2%, to 16,683.63. Turnover was $220 million.

Argosy Property led the market higher, gaining 4.5% to $1.63, followed by Stride Property which climbed 2.9% to $2.46. Both stocks are at record highs today after several days of gains.

Westpac’s acting chief economist, Michael Gordon kicked off the week by upgrading the bank’s house price forecasts on Monday.

A stronger than expected economy and a review of mortgage rate modelling means that Westpac now doesn’t expect property prices to decline until late 2022, Gordon said.