Central bank Governor Graeme Wheeler has faced criticism from economists after delivering an interest-rate cut that took most of them by surprise.
Auckland’s spreading property bonanza is one of the reasons Reserve Bank Governor Graeme Wheeler may tread carefully as he considers cutting interest rates to a fresh record low on Thursday.
“When the number of buyers exceed the number of sellers, prices will continue to rise. It’s that simple,” says real estate group CEO.
New Zealand’s central bank said it may need to cut interest rates further as falling oil prices and a weaker global growth outlook prolong a period of low inflation.
Economists have made their predictions about the Reserve Bank's upcoming announcement on the official cash rate review tomorrow.
The number of people expecting price gains in the property market has fallen further, according to the latest ASB housing confidence survey.
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