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Reserve Bank Of New Zealand Increases OCR To 3.5%
Jen Baird, Chief Executive at REINZ says: “The Reserve
Bank’s announcement today of a 50 basis points increase to
the OCR is the eighth increase in a row, taking the OCR to
3.5%.
“With unemployment still low
and inflation high, an increase to the OCR is expected. With
this comes challenges as increased borrowing costs make
securing finance and debt servicing difficult for some
prospective buyers. As well as this, loan-to-value ratio
rules remain a hurdle, and pre-approvals for low-deposit
loans are still difficult to
obtain.
“Our August sales data shows that the national median price decreased by 5.9% annually to $800,000, and sales counts across the country declined by 18.3% — largely due to rising interest rates, inflation, and tighter lending criteria creating hesitancy amongst buyers,” Baird concludes.
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