This week was all about holding the line. The Reserve Bank stayed put, the big banks largely stuck to their positions, and the wider market feels steady rather than surging. No big swings, just a clear signal that for now, stability is the theme.

OCR announcement

• The Reserve Bank held the OCR at 2.25% this week. No change, and a steady as you go tone.
• Forecasts indicate the next OCR move will be a rise early next year
• The next OCR announcement is 8 April.

👉 Read the RNZ article

Government housing supply announcement

• The Government has “softened” Auckland’s big intensification target.
• This gives the council flexibility and likely less blanket intensification, but also a real risk of stop-start planning and delayed decisions for developers while the rules get rewritten.

👉 Read the full article

House sales data

• The Real Estate Institute of New Zealand reported the national median price rose 0.4% y/y to $753,106, while sales fell 5.4% y/y to 3,837; new listings were up 1.3% y/y to 9,019 and median days to sell was 54 days.

Big picture

• OCR on hold at 2.25%, with markets expecting the next move to be up, not down.
• Banks are competitive on short-term rates, but cautious on longer fixes.
• Housing policy shifts add flexibility, but also short-term planning uncertainty.
• Prices are flat, sales are softer, and the market feels steady rather than surging.

That’s the TLDR.

For now, everyone’s holding the line. The Reserve Bank isn’t blinking, the banks aren’t breaking ranks, and the market isn’t rushing the front gate. It’s less charge ahead, more steady as she goes. In a cycle like this, timing matters, pricing matters, and the right structure can make all the difference.