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  • NZ Property Investor

    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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