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After cutting rates at its last two meetings the RBNZ decided to again reduce interest rates by another 0.25 basis points to 2.75%.
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After cutting rates last month the RBNZ, decided to reduce interest rates by another 0.25 basis points to 3.00%. Ongoing concerns over falling dairy prices, global economic volatility and an overvalued dollar have all combined to ensure a second consecutive rate cut.
What happened in July?
The Reserve Bank cut the Official Cash Rate from 3.25 to 3 per cent.
After holding the cash rate steady for the past six meetings the RBNZ, decided to cut rates by 0.25% to 3.25% in June. With steps being taken to reduce the strong price growth in Auckland’s property market and inflation close to zero, the RBNZ felt the time is right to begin its rate cutting cycle.
Less competition, more leverage
PROPERTY prices are likely to be further fuelled by the Reserve Bank of New Zealand’s decision today to cut interest rates despite concerns over the Auckland market, according to real estate network LJ Hooker.