A predicted post-Budget pick-up in activity in the housing market has so far failed to eventuate.
Uncertainty about property taxes in the lead-up to the Budget was blamed for several months of subdued house sales.
Tax changes announced on 20 May prompted the Property Institute to forecast a 10% fall in prices as investors dumped houses.
However, Radio New Zealand's economics correspondent says the Government's failure to introduce more radical tax changes led others to forecast a pickup in investor demand.
Reserve Bank figures show the number of home loans approved by banks since the Budget is largely unchanged.
