Rabbit
18th February 2006, 01:48 AM
New Zealand house sales support case for a rate cut
By Tracy Withers Bloomberg News
THURSDAY, FEBRUARY 16, 2006
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
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I assume once they (NZ) start cutting interest rates (within six months?), the NZ Dollar will decline?
The UK Pound is likely to drop further with a potential cut in interest rates due to slow retail sales.
The US Dollar seems to be rising nicely, with two future rate rises on the cards, so good news for Americans moving to NZ.
http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/16/default.stm
By Tracy Withers Bloomberg News
THURSDAY, FEBRUARY 16, 2006
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
WELLINGTON New Zealand house sales slumped to a four-year low in January, raising expectations that the central bank would cut interest rates from a record this year, a report showed Thursday.
Sales fell 10 percent from a year earlier to 6,360, the lowest since December 2001, the Real Estate Institute of New Zealand said. There were 6,906 house sales in December.
Weaker house sales add to signs that economic growth is slowing, and suggest that the Reserve Bank governor, Alan Bollard, will be able to cut interest rates this year, said Darren Gibbs, chief economist at Deutsche Bank in Auckland.
Fourth-quarter retail sales volumes fell for the first time in five years while companies shed workers for the first time in three years.
Bollard last month left the benchmark rate at 7.25 percent and said that there was no prospect of a rate cut until he saw "hard evidence of a sustained slowdown in domestic demand."
The median price paid for a house rose to 300,000 New Zealand dollars, or $202,170, from 295,000 dollars in December, matching a record reached in November, the institute said. From a year earlier, the prices rose 13 percent.
It took 38 days to sell a house, compared with 39 in January last year, the institute said. It took 27 days to sell a house in December.
================================================== =====
I assume once they (NZ) start cutting interest rates (within six months?), the NZ Dollar will decline?
The UK Pound is likely to drop further with a potential cut in interest rates due to slow retail sales.
The US Dollar seems to be rising nicely, with two future rate rises on the cards, so good news for Americans moving to NZ.
http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/11/16/default.stm