New Zealand Economy

The Reserve Bank of New Zealand (RBNZ) today hiked the official cash rate (OCR) by another 0.5% – the third consecutive double rate hike.

A week ago, the Bank of New Zealand (BNZ) forecast the economy would enter a recession next year that could be deeper than anticipated.

The Real Estate Institute of New Zealand (REINZ) has released its July survey of licensed real estate agents, which is wall-to-wall bearish and points to further heavy price falls for the nation’s housing market.

The latest batch of consumer confidence reports for New Zealand shows that Kiwis remain extremely depressed on the back of soaring inflation and interest rates.

The Reserve Bank of New Zealand’s latest mortgage data shows that buyer demand continues to plummet following aggressive interest rate hikes that have pushed key mortgage rates to between 5% and 6.5%: The value of mortgage commitments fell 29% in the year to May 2022, according to the RBNZ.

Bloomberg Economics has released its list of the world’s riskiest housing markets that are most vulnerable to a house price crash.

This week’s Westpac McDermott Miller Consumer Confidence Survey recorded the lowest New Zealand consumer confidence reading in records dating back to the late 1980s.

Economist Tony Alexander has released a new survey of mortgage advisers, which finds that both first home buyers and investors continue to pull back from New Zealand’s housing market: A net 12% of our respondents this month have reported that they are seeing fewer first home buyers looking for finance.

As we know, the Reserve Bank of New Zealand’s (RBNZ) has aggressively hiked the official cash rate (OCR) from 0.25% in August 2021 to 2.0% currently.

The Reserve Bank of New Zealand’s (RBNZ) aggressive monetary tightening has seen the official cash rate (OCR) soar from its record low 0.25% in August 2021 to 2.0% currently.

On Wednesday, the Real Estate Institute of New Zealand (REINZ) released its May price results, which reported that median prices nationally tanked by 4.0%, taking cumulative losses since November 2021 to 9.2%.

I reported earlier this week how New Zealand voters continue to turn their back on Jacinda Ardern’s Labour Government.

After enjoying record support over the pandemic, New Zealand voters are turning against Jacinda Ardern’s Labour Government.

The Real Estate Institute of New Zealand (REINZ) has released its June survey of licensed real estate agents.

A collapse in buyer interest has seen the number of homes listed on Realestate.co.nz swell by 77% in May compared with a year earlier: The chart below shows the number of homes available for sale in all regions at the end of May compared to the end of May last year.