“Governor Graeme Wheeler is using loan restrictions to curb the housing market in Auckland, home to a third of New Zealand’s 4.5 million people, after last month ruling out interest-rate increases as inflation slows to near zero. Auckland house prices rose 16.9 per cent in March from a year earlier, compared to 3.2 per cent in the rest of the country, the RBNZ said today. Investors will be required to have a deposit of at least 30 per cent for any bank loan to buy residential property in the Auckland Council area, the Reserve Bank of New Zealand said in its semi-annual Financial Stability Report in Wellington Wednesday. The proposed new policy would come into force from October 1.”
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