OCR unchanged at 3.5 percent

The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The Governor noted..”it is prudent to undertake a period of monitoring and assessment before considering further policy adjustment. Nevertheless, we expect some further policy tightening will be necessary to keep future average inflation near the 2┬ápercent target mid-point and ensure that the economic expansion can be sustained.”

Indicating that they may well be on hold for a while yet but with a bias to the upside depending on how the data falls.

At Auction yesterday a tussle between 3 bidders over a 5 bedroom home @ 4 Pamela Place, New Lynn saw it sold under the hammer @ $816,000.