RBNZ wary of pick-up in housing market

Wed, 05 Dec 2012

By Paul McBeth Dec. 6 (BusinessDesk) - The Reserve Bank is keeping a watchful eye on the country's property market, which has started heating up as low mortgage rates and easier lending criteria encourage first-home buyers. RBNZ governor Graeme Wheeler, who held the official cash rate at 2.5 percent today, said the housing market, particularly Auckland, is starting to strengthen with cheaper bank funding costs leading to increased competition and lower mortgage rates. The bank sees house prices as still elevated relative to income and rents...

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