With the half-way point for 2026 in the rear-view, we’ve had a closer look at house price forecasts for 2027. Included in report:Photo/SuppliedImpact of macro drivers on our house price viewThe table below summarises the various drivers of house price inflation and their directional impact on our view. Last week’s release of June REINZ data allow us to tally the performance of the housing market over the first half. Technically, June’s read on the REINZ House Price Index (HPI) was 0.1% lower than December 2025. We haven’t changed our broad expectation that NZ house prices will end 2026 close to where they started.