Its doubtful many will have been surprised by the Reserve Banks announcement to leave the OCR unchanged at 2.5 percent this morning.
The Reserve Bank Governor is keeping a close watch on what is occurring overseas with the following.
“If recent global developments have only a mild impact on the New Zealand economy, it is likely that the OCR will need to increase. For now, given the recent intensification in global economic and financial risks, it is prudent to continue to hold the OCR at 2.5 percent.”
Its possible to envisage a lack of action occurring in the property market in the near term. What with the wonderful distraction of the Rugby World Cup (we recommend you use your feet to journey about rather than anything that, at one time, made a Choo Choo sound) followed by the distraction of an election, which then pretty much rolls us into Christmas, where we traditionally womble off to the beach for a month, it may well be steady as she goes through to February.
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