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RBNZ Increases OCR By Record-breaking 75 Basis Points
On 23 November 2022, the Reserve Bank of New Zealand announced a further increase to the Official Cash Rate (OCR) by a record-breaking 75 basis points — to 4.25%. This is the Reserve Bank’s ninth consecutive increase to tighten monetary conditions to bring down inflation.
Jen Baird, Chief Executive at REINZ says: “The Reserve Bank’s announcement today of another increase to the OCR will continue to impact buyers’ confidence to enter the market. Buyers now understand that the cost of borrowing will continue to increase which means securing finance and debt servicing remain a barrier to purchasing ability.
“Our October sales data shows dampened sales activity and properties spending a longer length of time on the market. This is largely due to rising interest rates causing buyers to act with hesitancy — now weighing up what they will be able to afford in the medium-term.”
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