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17 Oct 2021 10:32
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  •   Home > News > Business

    The Reserve Bank's confident its moves to lasso galloping house prices will work

    The Reserve Bank's confident its moves to lasso galloping house prices will work


    The central bank has kept the Official Cash Rate at 0.25 percent because of the nationwide lockdown.

    However, Governor Adrian Orr says it aims to increase it to two percent over the next year, equivalent to a five percent, two-year fixed mortgage rate.

    He says there's also low immigration, and house building's at levels not seen since the 60s.

    Orr says supply and demand indicates prices should fall because interest rates are rising, which means it's more expensive to buy.

    He says house prices are unsustainable at these levels.

    © 2021 Newstalk ZB, NZCity

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