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OCR stays at 2.5 pc - hikes coming soon
A rise in the official cash rate in March is nearly certain - barring some meltdown in the global economy - after the Reserve Bank left it on hold at 2.5 per cent yesterday but its accompanying statement displayed all the talons, beak and plumage of a hawk. "There is a need to return interest rates to more normal levels," governor Graeme Wheeler said. "The bank expects to start this adjustment soon. NZ Herald, January 30th, 2014. Read more.
House values up 3pc in quarter - QV
QV has just released its latest data showing residential values continuing to rocket ahead and Auckland and Christchurch are leading the charge. Values are up 3 per cent in the past three months, up 10 per cent annually and are now 12.5 per cent above the previous market peak of late 2007. NZ Herald, Jan 14th, 2014 Read more.
Migration to New Zealand hit a 10-year high in September, as fewer Kiwis left for Australia and more new migrants arrived, adding more support for the housing market. New Zealand saw a net gain of 2700 people in September as more people arrived than left, Statistics New Zealand said. That was the highest monthly net gain since the middle of 2003 and stronger than economists had expected. Stuff, October 21st, 2013. Read More.
Big Four increase mortgage rates
All four of the big Australian-owned banks have increased long-term mortgage rates, with local lending minnows now offering the sharpest prices in the home-loan market. The latest stampede started just over a week ago, when the BNZ raised all its fixed mortgage rates by about a third of a percentage point. ANZ and ASB quickly followed, and Westpac has since signalled big increases across the board to come into effect on Friday. The bank will raise its two-year term 30 basis points to 5.95 per cent, its three-year rate by 46 basis points to 6.5 per cent, its four-year rate by 60 basis points to 6.9 per cent, and its five-year rate by 50 basis points to 7.1 per cent. Stuff, September 2nd, 2013. Read more
New Zealand's property boom has at least another three years to go, and there is little the Government can do to stop it, experts say. While the Government is also promising to boost supply to ease pressure, market watchers say New Zealand does not have the building capacity to meet the demand, with the construction industry out of sync with the peaks and troughs of property cycles.NZ Herlad, August 21st, 2013. Read more.