Jen Baird, Chief Executive at REINZ says: “The Reserve Bank’s announcement today of another increase to the OCR will impact both buyers’ and sellers' decisions to enter the market. Rising interest rates directly impact affordability and we have seen slower buyer activity in the property market for some time. This increase is likely to continue that trend as securing finance and debt servicing remain a barrier to purchasing ability.

“Our January sales data shows low levels of sales activity, though growth in seasonally adjusted terms. This is largely due to rising interest rates, and economic conditions more generally, causing buyers to act with hesitancy."

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