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- Price of houses will drop, says Reserve Bank head
Tuesday June 27, 2006
By Matthew BrockettReserve Bank Governor Alan Bollard expects house prices to start falling by the end of the year as higher interest rates begin to bite.
“We are seeing the rate of increase slowing a lot,” Dr Bollard said in Basel, Switzerland, where he is attending a meeting of central bankers.
By the end of the year the bank expected house prices to “go negative”.
“Monetary policy is now having an effect and we feel more comfortable as a result of that.”New Zealanders were wrong to think they could “overwhelmingly save through housing”.http://www.nzherald.co.nz/section/story.cfm?c_id=1&ObjectID=10388515
So the governor of the reserve bank seems not only happy to see across the board falls in NZ house prices, but happy to claim the credit as well. Well I never!F.[cowboy2]
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