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UPDATE 1-Auckland house prices slow in June, NZ prices stabilize -REINZ
July 12, 2017 / 10:19 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
    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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