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Reserve Bank Announces Double Rate Increase To OCR
Jen Baird, Chief Executive at REINZ says: “It was inevitable that the OCR would be increased again — however, the lift by 50 basis points from 1% to 1.5% this afternoon may have caught some off guard.
“We’re coming out of an extended period of very low interest rates. The increase in interest rates over the past few months has already impacted the property market; further increases will continue to do so. Higher mortgage rates, combined with affordability pressures, tightened lending criteria, and LVRs are reducing the pool of people who are willing and able to buy,” adds Baird.
“Credit availability and affordability is set to be a theme for the months ahead. Further amendments to the CCCFA to undo some of the more stringent requirements implemented on 1 December 2021 will not be in place until June and we are likely to see further OCR increases this year. So, while there is now far more choice for buyers, these interventions may see demand for property soften,” concludes Baird.
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