Households will need to keep spending tight for another year yet

The economy's being hit harder than anticipated - with the Infometrics data finding the annual GDP will dip briefly into the negatives mid-this year.

Chief Forecaster Gareth Kiernan says with the 7 percent mortgage rates last year and no sign of relief anytime soon - the struggle's showing in the market.

He reports there are more properties being listed with no buyers out there - adding to the pressure.