The RBNZ increased the OCR by the expected 50 basis points last week but along with it opined the option of going even harder with a 75 basis point lift. What makes the call even more intriguing was that the Reserve Bank over the ditch (RBA) dialled back their tightening with only a 25 basis point increase.
Nick and Kelvin ponder the potential reasons for the different approaches, including consideration of the RBNZ making a mistake, though it seems it's a mistake they're willing to make considering the fallout may not be too dramatic (and potentially a better outcome than inflation continuing to run rampant).
Meanwhile our House Price Index for September showed values continue to fall, the CoreLogic Buyer Classification series shows first home buyers remain active but investors not-so and a closer look at values by property type, courtesy of Stuff.co.nz.
There's also a quick local election round up, with a view to what it could mean for the General Election next year and a special thanks to Pankaj for the feedback.
Check out all our regular CoreLogic research insights at https://www.corelogic.co.nz/research-news and get in touch on LinkedIn, twitter @NickGoodall_CL or @KDavidson_CL or send us an email on nick.goodall@corelogic.co.nz or kelvin.davidson@corelogic.co.nz
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