ASB on the REINZ data earlier showing no let up in very strong house price growth in New Zealand

  • House price index rose 14.2% y/y in the latest data
  • 'Days to sell' (median) is at its lowest since 2007
  • ASB make the point (not surpisingly) that the june result does not ease the pressure on the central bank to hold rates steady in order to restrain house prices

(not that its doing much good so far)

Nevertheless, despite this data adding to the risk of a deferral of any cut, ASB are still forecasting a cut in August from the RBNZ