OCR unchanged at 2.5 percent in December

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.

Wary of a rather cloudy outlook he said “Given the current unusual degree of uncertainty around global conditions and the moderate pace of domestic demand, it remains prudent for now to keep the OCR on hold at 2.5 percent.”

So far there have been no changes to home loan floating interest rates.

Over the pond the Australian Reserve Bank cut their benchmark rate on Tuesday by 0.25% which, at the time of writing, had not been passed on to customers by the big 4 Banks. Update 9/12/2011 The rate cut has now been passed on.

Statistic’s out from Barfoot and Thompson today show residential sales by them have clawed ahead from the year previously.

12 months to November 2011 = 9,156 properties

12 months to November 2010 = 8,111 properties