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MNI BRIEF: New Zealand House Price Index Down 14.2% In Feb

MNI (PERTH)
(MNI) Perth

New Zealand house prices continue to feel the pain of sharply higher interest rates, while Cyclone Gabrielle meant lower listings and sales in affected areas in the North Island.

The Real Estate Institute of New Zealand's House Price Index fell 14.2% y/y in February, or 12.3% y/y excluding Auckland. The HPI fell at a 13.9% y/y pace in January.

The Reserve Bank of New Zealand raised the Official Cash Rate by 50bp to 4.75% on February 22, bringing the cumulative tightening of policy to 450bp since October 2021. The Bank has telegraphed the likelihood of additional hikes, but market pricing of additional tightening at the next meeting has fallen. Overnight indexed swaps have not fully priced in a 25bp hike at the April 5 meeting, with 4.89% priced in, while a full 25bp has been priced in for the May 24 meeting.


Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsCentral Bank NewsRBNZAPACNew ZealandBriefStoryRegion

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