Making it 3 in a row the Reserve Bank cut the Official Cash Rate (OCR) today by 25 basis points to 2.75 percent.
Auckland houses prices got their regular mention with “”House prices in Auckland continue to increase rapidly and are becoming more unsustainable””.
Despite that statement a strong bias towards further cuts was provided. “At this stage, some further easing in the OCR seems likely. This will depend on the emerging flow of economic data.””
Fixed interest rates continue to tumble with ASB out earlier in the week with 6 months fixed thru to 4 years fixed all under 5%.