On 6 October 2021 , the Reserve Bank of New Zealand held their monetary policy committee meeting and agreed to increase the Official Cash Rate 0.5 per cent . This was consistent with their assessment at the time of the August statement , however , given the changes in Alert Levels , this announcement was held over until the latest meeting .
The committee looked at the rising pressures on inflation . They commented that employment is expected to remain at maximum sustainable levels . Although there was comment around rising interest rates constraining house prices , there was also a risk that there would be continued near term price growth for houses given the demand within the market .
This is the first upward change in the official cash interest rate since July 2014 the official cash interest rate was at 3.5 per cent . Today the official cash interest rate is 0.5 per cent . The graph shows housing price data together with the value of housing stock . Today housing represents around half of the assets of all New Zealand households .
In the current conditions it is difficult to make any reasonable prediction other than what we can see on a daily basis . The amount of enquiry we are receiving on property is at an extraordinary level .
Source : rbnz . govt . nz / statistics / key-graphs
There is a good level of listings coming to the market on a daily basis . While trading remains restrictive , we are able to conduct appraisals , property viewings and auctions in a safe environment across the country with respect to the various Alert Levels in place currently .
Your Ray White agent is highly skilled in being able to facilitate property transactions in the current environment . Our systems and procedures are dynamically linked and our ability to connect buyers and sellers across all marketplaces has never been greater with our online strategies enhanced by local print and signage marketing .
Of great importance for the success of your property is our real-time database which is one of the most active and successful in New Zealand .
Ray White Now is produced in conjunction with real-time data from our 189 offices across New Zealand . On an annual basis , Ray White completes $ 20.18 billion worth of property transactions and currently manages a portfolio of 20,045 properties through our property management division .
Carey Smith Ray White New Zealand Chief Executive