NZ mortgage growth softens as macro-prudential bites

Wednesday 5 April 2017

The RBNZ released its monthly credit data, which showed New Zealand household borrowing continuing to retrace from December’s cyclical high, recording annual growth of 8.5% in February:

Most of New Zealand’s household debt is driven by mortgages, which has also retraced to 8.8% in the year to February 2017, down from a peak of 9.1%:

Separate data from the RBNZ showed that Auckland investors’ share of mortgages by value were 38% in February – a significant moderation from the 48% peak:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.