What are they smoking….

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https://www.interest.co.nz/property/...near-term-skew

'While there are risks on both sides of our house price forecast, we think the near-term skew is to the upside'

29th Aug 23, 2:50pm

‘ANZ economists are sticking with their view that house prices will rise 3% in the second half of the year but now say that "risks appear skewed to the upside".
In ANZ's latest Property Focus, ANZ chief economist Sharon Zollner, senior economist Miles Workman and senior strategist David Croy said housing data for July provided further confirmation that the house price cycle has turned.
"In July, the REINZ House Price Index (HPI) was 1.4% above April’s cycle low (after seasonal adjustment), with 0.6% m/m increases seen in both June and July," they said.
Annual house price inflation has "turned a corner", at -8.9% year-on-year on a 3-month moving average basis as against -10.6% in June and a low of -14% in February, the economists said.’