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With a great number of construction related businesses going into liquidation every week, negatives dominate in the house building sector and buyers need to apply extra caution as they contemplate getting a house built.

In both January and February this year the number of residential properties sold around New Zealand was the lowest since records started in 1992.

I recall mentioning last year there was a good chance that the housing market would bottom out around the end of 2022 then stage a small recovery over 2023 with prices maybe rising by 5%. But then the inflation numbers came in.

Every now and then it is a good idea to sit back and remind ourselves of the big picture and how we got to where we are at the moment. For the NZ housing market, the story is this.

It's pretty scary out there right now - but despite appearances, the foundations are already being laid for the housing market's recovery.

With the Reserve Bank's predictions of a recession, an unemployment rate of 5.7% and high inflation, businesses and consumers alike have had to sharply rein in their spending plans on everything but groceries, including housing. But will the fear pass with time, or simply worsen?

Over the past year or so we have seen a decline in the number of properties sold from 100,000 down to about 68,000. The OCR has just jumped up, and things are about to get worse.

We're fast headed towards the last OCR announcement of the year, and it's going to be a big one. In his latest market update, JB shares his expectations on where interest rates could get to, and a bit of an update on the housing market more broadly.

My monthly survey has shown a decrease in the net proportion of these investors thinking about buying another property from 10% down to only 2%.

There's not much cause for optimism out there among global economy headlines at the moment - but the outlook for New Zealand isn't all bad.

We can unequivocally say that house prices are going down, but the pace of decline in house prices is slowing. When will house prices bottom out?

While there may be a shift underway in the minds of first home buyers, will the turning of the cycle be as swift going back as it was going back down?