New Zealand house prices rose in February, edging back toward the record high set in December and highlighting the heating property market that’s likely to be concerning the central bank. The national median house price rose 7.6 percent in February to $382,000, still below the record $389,000 set in December, according to the Real Estate Institute. The median price for Canterbury/Westland rose 3.2 percent to a record $355,000.
The Reserve Bank is seeking feedback on proposals to introduce macro-prudential tools such as limits on loan-to-value ratios that would allow it to target pockets of heat without stifling the whole economy. Economists say governor Graeme Wheeler may give more detail of his thoughts and single out the housing market in his monetary policy statement on Thursday. (Press Release)