New Zealand Economy

Independent economist Tony Alexander has released a report explaining how “the recent round of mortgage interest rate rises” has seen New Zealand first home buyers “hit the pause button” and investors “run right back into the hills”.

Trade Me has released its October housing report, which reported that the number of homes listed for sale across New Zealand jumped by 43% year-on-year, marking the highest annual number of listings for an October on record.

Throughout the year, thinks were looking grim for New Zealand Prime Minister Jacinda Ardern.

The Real Estate Institute of New Zealand (REINZ) has released its October results, which showed that only 4892 residential sales were recorded throughout the nation in October, which was down 35% compared to October last year and down 31% compared to October 2019 before the Covid pandemic disrupted the market.

Below is an edited extract of Westpac’s latest weekly economic commentary, which tips another 1.50% of rate hikes from the Reserve Bank in order to tame stubbornly high inflation.

ANZ Bank has released research tipping that the Reserve Bank of New Zealand (RBNZ) will have to lift the official cash rate (OCR) another 1.5% to a peak of 5%.

Following CoreLogic’s reported 4.5% house price decline over the October quarter, Quotable Value (QV) has reported a 3.9% price decline over the quarter.

Independent economist Tony Alexander’s has released his monthly Spending Plans Survey, which shows that more Kiwis intend to cut back on spending in response to soaring mortgage rates and cost of living pressures.

Independent economist Tony Alexander has released his monthly survey of New Zealand real estate agents, which shows that the nascent recovery in sentiment flagged the month prior has been squashed by the Reserve Bank of New Zealand’s (RBNZ) aggressive interest rate hikes.

Independent economist Tony Alexander believes this week’s strong employment and wage data will inevitably prompt the Reserve Bank of New Zealand (RBNZ) to hike the official cash rate (OCR) by at least 0.5% and possibly by 0.75% at this month’s monetary meeting.

New Zealand and Australia’s headline inflation rates are almost the same, at 7.2% and 7.3% respectively in the year to September.

Yesterday, I reported that mortgage demand has plummeted in New Zealand in response to the Reserve Bank of New Zealand’s (RBNZ) aggressive interest rate hikes.

The Reserve Bank of New Zealand (RBNZ) has released data on new mortgage commitments, which shows that mortgage demand continues to plummet in response to the RBNZ’s aggressive interest rate hikes.

The latest sets of house price results showed that New Zealand house prices and sales have fallen heavily in response to the Reserve Bank of New Zealand’s (RBNZ) aggressive monetary tightening.

Quotable Value’s (QV) house price index reported that New Zealand house prices fell 5.4% nationally over the September quarter to be down 9.2% this calendar year.