ANZ thinks house prices will fall further than expected this year

The bank's latest housing report predicts a seven percent decline in prices in 2022.

That's more than double its previous outlook -- of a three percent drop.

The report says inflation pressures, higher mortgage rates, and housing policy changes will be the main drivers.

It also says supply is building a headwind, because of the closed border and "gangbusters" construction activity.

It estimates the housing shortage.. is being reduced by about six-thousand new builds every three months.