-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessHousing Market Soft As Affordability Very Low
Data released in NZ today showed a soft housing sector with Q1 residential construction down 4.8% q/q and CoreLogic house prices for May falling 0.2% m/m, the second straight monthly drop but they are 1% higher than a year ago. As a result, the RBNZ is unlikely to be concerned that the sector is adding to inflationary pressures.
- With the working age population rising 3.1% y/y in Q1 demand for housing has been strong reflected in rents rising 4.7% y/y and house sales up sharply.
- Strong population growth and weak residential construction has resulted in strong price rises in Australia since early 2023, but in NZ CoreLogic prices are still 10.7% below the March 2022 peak and only 2.9% above the September 2023 trough. Australian prices in May were 13.8% above their trough.
- CoreLogic notes that there has been a shift with policy changes impacting the market. The first home buyers grant has been abolished and a debt-to-income cap has been introduced but the LVR rules have been eased which should be supportive.
- The RBNZ has made it clear that rates are on hold for now and so with mortgage rates unlikely to ease this year and housing affordability at its worst since 2008 (HAI is 36.5% below trend), the housing market is likely to remain soft and rental growth high.
- Housing has been undervalued in NZ for the last year and that increased slightly in Q1 to 4.8% from 4.6%.
Source: MNI - Market News/Bloomberg/Refinitiv
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.