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Last Article Uploaded: Wednesday, October 20th, 6:13PM

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No new moves on housing market: Minister

The Government has disclosed there are no new measures under consideration to cool the housing market.

Tuesday, October 12th 2021, 3:33PM

Instead, the Government will rely mainly on policies that are already in place. 

The comments came from the Minister of Finance Grant Robertson. He was answering questions while unveiling the Government financial accounts for the year to June 30 2021.

Those accounts showed a strong rebound from forecasts as recently as those of the Budget in May.

There was a deficit of  $4.6 billion, far better than the $10.6 billion deficit predicted in the Budget.

Net debt was relatively restrained as well, at 30% of GDP, compared with a forecast 34%.

During questioning, Robertson faced stiff challenges about the housing market as well as the Government accounts. 

That market rose 26.3% in a year, according to the most recent figures from QV, and was the least affordable it has even been, according to CoreLogic.

Robertson responded by saying those figures had to be looked at carefully.

He said data from the major banks, the Reserve Bank and Treasury agreed the monthly rate of increase in house prices was beginning to ease off. 

“Everybody is continuing to accept that the impact of both the Government's policies and the Reserve Bank's policies will have that effect.”

The Government earlier this year tried to cool the housing market by removing tax deductability from rental properties except for new builds, and by assisting with the cost of developing infrastructure around housing developments. 

Robertson said the impact of those changes were only now starting to come into effect, and this process would continue.

But he said there had already been a rise in building consents to what he said were record levels.

But these reforms were definitely the end of the matter for now. 

“At this point we are not proposing any major changes in the tax area or anything like that.

“We will continue to monitor the situation …...  but the changes that we made in March are really it for now.”

Tags: Grant Robertson house prices housing market

« Property vulnerability revealed in new CoreLogic dataConfidence remains high in property market »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▲2.99 ▲3.45 ▲3.69
ANZ 4.59 3.39 3.85 4.09
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.79 3.25 3.49
ASB Back My Build 2.04 - - -
ASB Bank 4.45 ▲2.99 ▲3.45 ▲3.69
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.99 ▲3.45 ▲3.69
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.70 ▲3.59 ▲4.05 ▲4.29
BNZ - TotalMoney 4.70 - - -
CFML Loans 5.15 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.45 2.85 3.15
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank ▲4.00 3.80 ▲4.15 ▲4.50
Kiwibank - Offset ▲4.00 - - -
Kiwibank Special 3.75 2.95 ▲3.30 ▲3.65
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 3.05 3.45 3.75
SBS Bank Special - 2.55 2.95 3.25
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.65 - -
The Co-operative Bank - Owner Occ ▲4.55 2.79 3.25 3.49
The Co-operative Bank - Standard ▲4.55 3.59 4.05 4.29
TSB Bank 5.34 ▲3.54 ▲4.00 ▲4.24
TSB Special 4.54 ▲2.74 ▲3.20 ▲3.44
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.84 ▲3.59 ▲4.05 ▲4.29
Westpac - Offset 4.84 - - -
Westpac Special - ▲2.99 ▲3.45 ▲3.69
Median 4.57 2.99 3.45 3.65

Last updated: 18 October 2021 9:15am

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