ANZ adjusts house price downgrade to 22%

One-year mortgage rates are at the highest levels in a decade. (Image: BusinessDesk)

Wed, 30 Nov 2022

ANZ Bank expects house prices to bottom out at 22%, down on last November's peak, which is based on the 'shock value' of accelerated interest rate hikes on the market. The bank, the country's largest mortgage lender, expected the official cash rate (OCR) would now peak at 5.75%, up from its forecast high of 5%, as the Reserve Bank of New Zealand (RBNZ) grappled with rampant inflation.That had seen fixed mortgage rates ratchet up again this month, with five-year rates at their highest levels in more than seven years and one...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Cannasouth delisting keeps Petterson in charge

Cannasouth major shareholders pushed to end voluntary administration they had called in.

Garth Bray 10:30am

Media

Australia plans tech-platform charge to shore up news media

Govt to levy platforms that do not have agreements with local news publishers.

The Wall Street Journal 9:30am

Australia plans tech-platform charge to shore up news media

The Quiz Free

QuiznessDesk: Friday, Dec 13

Can you answer all ten questions correctly?

The Quizmaster 9:15am

Sponsored

Why Kiwis are embracing Bitcoin ETFs

The once hard-to-access investment option is becoming mainstream.

Smart

Sponsored

Boost worker health, boost results

Research shows flexible workspaces improve health and productivity

Regus

More Property

Property

Company behind 120-unit QT development faces liquidation

The debt collector says the company "don't pay their bills".

Gregor Thompson 5:00am

Property

Beachlands South development appeals settled

Appeals challenging the approval of a plan change for the Beachlands South development have been settled, paving the way for the multi-billion dollar project to proceed.“The success of negotiating a sensible outcome means that the development process can now move forward with the...

Staff reporters 11 Dec 2024