The Reserve Bank hikes rates again to 2.75%, signaling a cautious approach as inflation remains stubborn and the economy shows early signs of recovery. Housing market activity stays flat, with buyers and sellers holding off amid rising mortgage costs. Property values dip slightly nationwide, especially in Auckland and Wellington, while affordability improves but big price jumps are unlikely ahead of election uncertainty and investor caution. New home consents keep climbing — up 10% year-on-year in July — but builder cost pressures may slow future growth. Borrowers are increasingly choosing shorter fixed-term mortgages, chasing better rates even if it means future refinancing risk. And first-home buyers are dominating sales, hitting a record 29% share in July — a trend likely to continue as they push the market forward.
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