As interest rates fall, more Kiwis will engage with the housing market. This will help end the market downturn and nudge house prices upwards.
But the OCR was only half of yesterday's data downpour.
More people are moving to New Zealand
Yesterday, Stats NZ also released their net migration numbers.
Over the last 12 months, 77,810 more people moved to New Zealand than those who left.
About 181,000 moved to New Zealand, while 103,000 people left.
That's how we get to the 78,000-ish net migration number.