Steaming NZ property market cools as home loan restrictions, rising mortgage rates bite

Wed, 12 Mar 2014

By Paul McBeth March 13 (BusinessDesk) - New Zealand’s property market has cooled a little as restrictions on the level of low-equity home loans and rising mortgage rates have tempered demand in recent months, the Reserve Bank says. Annual house price inflation slowed to 8.8 percent in January from a pace of 9.7 percent in October, with the moderation influenced by the Reserve Bank’s limits on the level of high loan-to-value ratio mortgages, the bank said. The prospect of a higher official cash rate has fed into increased mortgage rates o...

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