OCR steals the show but long-term rates do the heavy lifting

NZ remains housing-centric. (Image: Getty)

Mon, 28 Jul 2025

If you want validation that New Zealand remains housing-centric, look no further than the commentary we always see after every official cash rate change (or lack thereof).What does the latest tweak mean for households and homeowners?We seldom see commentary on long-term interest rates.Yet, long-term interest rates are those that matter for the real investment side of the economy, such as commercial cap rates.You match a long-term investment, such as an infrastructure asset, with a longer-term borrowing anchor.Long-term interest rates, as proxie...

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