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The outlook for the New Zealand housing market has weakened as renewed inflationary pressures influence economic forecasts. While some indicators have suggested potential stability, rising global inflation has prompted renewed discussions regarding the possibility of further Official Cash Rate (OCR) hikes.
BNZ Chief Economist Mike Jones noted that while there have been encouraging signs within the broader economy, the shift in inflation expectations has altered the trajectory for interest rates. The prospect of higher borrowing costs is expected to place continued pressure on house prices and sales activity across the country.
Article source: newsroom.co.nz | Image credit: newsroom.co.nz
