The fundamental problems with the NZ housing market are coming home to roost, writes Bernard Hickey.

A "do-nothing" sentiment is gripping the property market and the number of house sales is down a third from a year ago, says the valuation agency QV.

Kiwibank, which led its rivals in cutting two-year fixed home loan rates last week, has now followed them by reducing its three, four and five year rates.

House prices fell 1.4 per cent across New Zealand in May, according to the latest REINZ Monthly Housing Price Index, released this morning.

Uncertainty over next week's Budget with its potential for tax increases for landlords is being blamed for a sluggish property market.

Auckland's largest real estate company says average sale prices for February were up by 3.2 per cent.

New Zealand home affordability improved slightly in January after a fall in median house prices more than offset a small increase in fixed mortgage rates.

Housing confidence is on the rise in Auckland, while a new survey is showing growing uncertainty about tax changes and rising interest rates.

The dream of first home ownership will be made easier by Prime Minister John Key's likely tax reforms, economists said today.

Hidden details about the interest charged on partly-paid or overdue credit card balances is unfairly costing customers.

Auckland is fast catching Queenstown again as the least affordable region in New Zealand.