ANZ economists predict early RBNZ rate cuts but weak housing market for 2024

Summarised by Centrist

ANZ economists now forecast a 1% decline in house prices for 2024, revising their previous expectation of a 1% increase. Despite anticipating the Reserve Bank of New Zealand to cut the Official Cash Rate earlier, possibly by November, they warn that economic weaknesses will continue to suppress house prices. Factors such as job security and subdued household incomes are expected to limit any near-term recovery in the housing market.

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