Here are the key things you need to know before you leave work today.
RENTS FIRM
Rents for 3 bedroom houses in Auckland were up to $550/week in March, a level reached on two previous, earlier months. Demand was up by 25% compared with March a year ago. Wellington demand for 3 bedroom house rental was up 7%, but the really big increase in demand was in Christchurch where demand was up 44% in a year.
COFFEE BEAN PRICES RISE
Over the past 20 years there have been four peaks in coffee bean prices - and it looks like another one is developing now. The price of Arabica beans has risen very sharply since January, although as our chart shows they are still quite away below some previous peaks.
AMBITIOUS TARGET SET
Nick Smith says has told Government to target housing affordability at four times income. That is a tough goal for Auckland where it is seven times income now.
WHOLESALE RATES FLATTER
Swap rates fell back today again following further New York bond yield declines late last week. Two to four year terms were down 3 bps, and 5 to 10 yr were down another 4 bps. The one year was unchanged. The 90 day bank bill rates continued their upward climb, settling at 3.24% today, up another 2 bps and now a full quarter of a percent above the previous OCR hike level.
OUR CURRENCY
The NZ dollar has been little changed today and is now at 86.8 USc. We are at 92.5 AUc, and the TWI is just under 80.5.
2 Comments
"Rents for 3 bedroom houses in Auckland were up to $550/week in March, a level reached on two previous, earlier months. Demand was up by 25% compared with March a year ago."
Twin statistics which can only mean that Auckand rentst are on ghe rise-as previously predicted by Olly.
Hang onto your hats, it could get bumpy,
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