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6 Comments
Just to pre-empt: just looked at Auckland sales rate (12m rate) in July to October and compared to rest of NZ, excluding Auckland.
Auckland sales up 18.6% on 12m running series, in that 4m period
Rest of NZ sales DOWN 2.3%
Price rises make no odds in Auckland because a large proportion are made on leverage and existing asset.
Rest of NZ is considerably less packed with high worth individuals and hence they have to borrow, so when prices rocket outside Auckland, it does reduce sales. Funny how no one bothers to look at segments of NZ
The offer was dripping with irony (a 1 1/2 page letter)...and Orr was very clear they wouldnt be doing anything different (unless circumstances change) and was very pointed in his statement around parameters for the Feb meeting.
As far as the RBNZ are concerned they are doing their job (and well) ...and will enjoy the opportunity to show the gov how to do theirs.
Any happiness from Orr that you perceived was likely in the opportunity to hand Robertson his ass
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