Statement on the OCR rate hold

Statement on the OCR rate hold by Carmen Vicelich managing director of property information service Valocity

“The holding of the OCR will continue to fuel the housing market. Dropped talk of future rate hikes will also fuel the property market, particularly in Auckland where we are seeing significant pockets of soaring house prices.

“However, When we look across NZ we can see the recovery post GFC has not been consistent. Auckland and surrounding areas are certainly reaching record highs and even surpassing previous peak values. Contrastingly though and somewhat alarmingly, some areas of New Zealand have not yet recovered since 2007 and continue to be in decline. The holding of interest rates should help these areas recover.”

ENDS

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