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UPDATE 1-Auckland house prices back on the rise in January
February 13, 2017 / 8:56 PM / 10 months ago

UPDATE 1-Auckland house prices back on the rise in January

 (Adds details)
    WELLINGTON, Feb 14 (Reuters) - House prices in New Zealand's
largest city of Auckland recovered in January, data released on
Monday showed, a move the central bank will be watching closely
for signs the red-hot market's moderation was only temporary.
    Prices in Auckland rose 2.4 percent on the month after a 1.4
percent dip in December, the Real Estate Institute of New
Zealand (REINZ) said on Tuesday. 
    The rise would add more fuel to the central bank's efforts
to get debt-to-income (DTI) tools included in its options to
combat the risks of an overheated property market.
    The data came less than a week after the Reserve Bank of New
Zealand said it would conduct an analysis of DTI limits as it
lobbied the government to add the tools to the bank's
macroprudential arsenal.             
    New Zealand's central bank governor Graeme Wheeler 
reiterated on Thursday that even if available, the bank would
not use the tools unless house prices in Auckland picked up
again after slowing in recent months.
    Nationally seasonally adjusted median house prices rose 0.2
percent in January compared to the previous month and were up
9.9 percent on a year ago.

 (Reporting by Charlotte Greenfield; edited by Clive McKeef)

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