WHAT’S DRIVING HOUSE PRICES?
Jul 02, 2020
4 minutes
REINZ HOUSE SALES: DOWN
In May, sales were down by 46.6% year-on-year nationwide and by 44.5% year-on-year in Auckland. But there was a strong monthly uplift in sales both nationwide (up 191%) and in Auckland (up 98.8%).
INTEREST RATES: DOWN
March’s OCR cut continues to be passed on by the banks. There’s now an ongoing mortgage rates war, with rates at unprecedented lows and the situation unlikely to change in the near future.
OCR: DOWN
The Reserve Bank held the OCR at its Covid-19 prompted record low of 0.25% in June – and it appears to still be open to the prospect of a negative OCR in future if necessary.
IMMIGRATION: DOWN
In a bid to contain Covid-19, the Government closed New Zealand’s borders
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