Official Cash Rate Unchanged

The Reserve Bank left the Official Cash Rate unchanged today for the 3rd time in as many meetings.

Providing some good news for those with home loans the Reserve Bank Governor Alan Bollard said: “Interest rates are now projected to rise to a more limited extent over the next two years than signalled in the September Statement.”

But he also added a wee warning..”Household spending also remains weak, with household credit still flat and housing market activity slowing further. House prices may decline a little further in the near term.”

In keeping with a feeling of subdued activity we see Barfoot & Thompson released their house sales figures for November.  Sales for November 2010 were 668 properties against 862 properties in November 2009.

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