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UPDATE 1-Auckland house prices slow in June, NZ prices stabilize -REINZ
July 12, 2017 / 10:21 PM / 5 months ago

UPDATE 1-Auckland house prices slow in June, NZ prices stabilize -REINZ

 (Recasts with context, details and background)
    WELLINGTON, July 13 (Reuters) - House price growth in New
Zealand's largest city of Auckland slowed in June, a development
only likely to reinforce the central bank's determination to
keep interest rates steady at record lows.
    House prices in Auckland grew 2.1 percent on the year, in a
seasonally adjusted basis -- half the 4.4 percent annual pace
seen in May. On the month, house prices in Auckland, grew 1.0
percent.
    The central bank is closely watching house price inflation
amid concerns that a sharp downturn in the housing market could
pose a financial stability risk. 
    It recently said any resurgence in house prices would be a
worry, as it mulls adding debt-to-income ratio restrictions to
its macroprudential toolkit.
    In New Zealand as a whole, seasonally adjusted house prices
fell 0.2 percent on the month and were up 6.3 percent on the
year, little changed from May's annual pace.

 (Reporting by Ana Nicolaci da Costa; Editing by Chris Reese and
Sandra Maler)
  

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