NZ house price data for July, median +2.4% m/m and +25.1% y/y

Real Estate Institute of New Zealand (REINZ) data

The New Zealand government has ordered the Reserve Bank of New Zealand to take house prices into account in policy setting. Macro-pru tightening is on the way:

• RBNZ will soon be tightening mortgage lending standards

Ahead of that is a rate hike next week, August 18. Widespread expectations are for 3 hikes ahead of the end of this year, one in August, October and December.