New Zealand’s Official Cash Rate reduced to 1.75%

The Reserve Bank of New Zealand today reduced the Official Cash Rate (OCR) by 25 basis points to 1.75 percent. In relation to the effects on the property sector, Reserve Bank Governor Graeme Wheeler said in his announcement, “House price inflation remains excessive and is posing concerns for financial stability.  Although house price inflation has moderated […]

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Latest National Dwelling Construction Costs

According to Statistics New Zealand media release: – “Over the year to August 2016, the average expected cost to build a home was $346,000, at $1,906 a square metre. This information comes from building consents issued. However, in practice, the actual cost is usually at least 10 percent higher. Regionally, the highest average costs were […]

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We’re building bigger 40 years on

According to Statistics New Zealand media release: – “Fewer homes are being built now than in the 1970s, but they are much bigger. ” The number of homes we’re building is lower than in the mid-1970s, but we’re building more in terms of total floor area,” business indicators senior manager Neil Kelly said. “This is […]

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Auckland Council’s Unity Plan Passed

Auckland Council’s Unity Plan has been approved by Councillors today. According to Auckland Councils the Unity Plan is the key tool for implementing the Auckland Plan over the next 30 years and is the combination of years of planning and consultation and provides a long term planning framework for managing the natural and physical resources […]

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Reserve Bank of New Zealand delays LVR Restriction Launch Date

The Reserve Bank today has deferred the start date of the proposed changes to investor loan loan-to-value restrictions (LVRs) nationwide from 1 September to 1 October 2016, based on feedback from the banking industry from its recent consultation on the proposals. Deputy Governor, Grant Spencer, said:  “Banks have indicated through their submissions that more time […]

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