New Zealand Property Investors' Federation, (NZPIF) is the umbrella body for 20 local Property Investors' Associations throughout New Zealand.
Phone: (03) 357 9243
Statement by Reserve Bank Governor Graeme Wheeler:
Carmen Vicelich is the managing director of Vicelich
Pressures in the New Zealand housing market are easing gradually but risks remain, the Deputy Governor of the Reserve Bank, Grant Spencer, said in a speech today.
The Official Cash Rate (OCR) was raised twice recently, the first change since early 2009. Floating mortgage interest rates for most banks moved up by the same amount almost immediately. But what exactly is the OCR and how does it affect the mortgage interest rates we pay?
Statement issued by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today increased the OCR by 25 basis points to 3 percent.
Statement by the Governor of the Reserve Bank today
Statement issued by Reserve Bank Governor Graeme Wheeler
Economists aren’t expecting an increase in the official cash rate this week but it’s not can impossibility, a new survey has shown. The latest CPI data, which showed much stronger inflation than expected, had prompted some to question whether the Reserve Bank might move sooner rather than later on the rate.
ANZ’s economist shave questioned the durability of the housing market’s price increases, considering how stretched values seem to be judging by affordability and debt metrics.
The decision this morning to leave the official cash rate (OCR) unchanged at 2.5% hasn’t surprised anyone – but the hint of optimism included with the Reserve Bank governor’s statement has.
BNZ chief economist Tony Alexander says central banks around the world are pursuing a “hair of the dog that bit you” solution to the global financial crisis, by flooding the market with cash.
Economists are watching house prices with extra interest since it was announced that the Reserve Bank will now have to take asset prices into account in setting the Official Cash Rate.
The new Reserve Bank Governor must increase the OCR if house prices rise rapidly, even if inflation is on target. Finance Minister Bill English and RBNZ Governor-Designate Graeme Wheeler signed a new Policy Targets Agreement (PTA) yesterday. The Reserve Bank Act states that the Governor is accountable for maintaining price stability.
The Reserve Bank has kept its official cash rate at 2.50% and says little has changed since its previous Monetary Policy Statement in June. “New Zealand’s trading partner outlook remains weak,” Reserve Bank governor Alan Bollard said. “Several euro-area economies are in recession and Chinese growth has slowed. The risk of significant deterioration in the euro area persists.”
Westpac says that if the Official Cash Rate doesn’t rise by July 2013, the country’s housing market could go from warm to “positively frothy”.
This morning's announcement that the OCR will remain at 2.5% has prompted minimal reaction. Westpac said the Reserve Bank decision to leave the Official Cash Rate at 2.5% hadn’t affected its prediction that the first increase would be in July 2012.
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5%.
The chances of floating mortgage rates rising this year remain remote and they might even fall if the New Zealand dollar remains so strong.
Reserve Bank governor Alan Bollard spooked financial markets slightly into thinking he may raise interest rates sooner than they had anticipated although, as expected, he's left rates unchanged for now.
Reserve Bank governor Alan Bollard took a bob-each-way approach to reviewing interest rates which has left economists and financial markets scratching their heads.
Home-owners can be confident floating mortgage rates won't be rising for some time following Reserve Bank governor Alan Bollard's expected decision to keep interest rates on hold.
Reserve Bank governor Alan Bollard kept the official cash rate unchanged at 2.5%, as expected, and reiterated a mid-year start to rate hikes, saying the subdued pace of recovery will restrain inflation.
Reserve Bank Governor Alan Bollard held the official cash rate at 2.50% as expected and said while economic activity showing signs of stabilising, the high New Zealand dollar was helping to keep the economy "weak." The Kiwi tumbled after his statement.
The Reserve Bank has slashed official interest rates an unprecendented 1 percentage point to 6.5 points, opening the way for cuts to mortgage rates but also highlighting the grim outlook facing the global economy
Given that the Reserve Bank held the Official Cash Rate (OCR) at 8.25% following its final rate review of the year last week, it is not surprising that there have been few movements in home loan rates since then.
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