The third quarter of 2024 is shaping up to be one of the most important periods for New Zealand’s commercial and industrial sectors since late 2021.
Insight
03 October 2024
New Zealand’s OCR reduction boosts market confidence
The third quarter of 2024 is a crucial period following the Reserve Bank of New Zealand's decision to cut the Official Cash Rate (OCR) ahead of schedule. This move signals a shift towards economic support rather than restriction. Factors such as weak business and consumer confidence, slowing net migration, rising unemployment, and inflation outside the target band contributed to this decision. As OCR cuts continue to stimulate economic activity, the property market is expected to gain momentum.
Figure 1: RBNZ OCR Announcements
