As inflation cools down, homeowners are starting to hold out for cuts to the OCR.  

The CoreLogic April Housing report shows 56% of new loans taken out in February were on one-year fixed terms compared to 36% in December.  

Chief Property Economist Kelvin Davidson says that's a pretty strong indication people don't want to lock in for too long in case rates fall.  

He says the report also contains a prediction of general cooling of the previously hot property market.

Davidson's expecting prices to be fairly subdued for the next couple of years, which will be good news for those struggling with affordability. 

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