NZ property prices continue to rise

House prices in New Zealand rose 1.7% in November, according to the Real Estate Institute of New Zealand (REINZ), with the national median price hitting $300,000, compared to $295,000 in October. Average property prices are now 15.4% higher than the same time last year.

REINZ president Howard Morley said the figures showed the property market was steadying, but remained strong.

ECB Ups Rates

For the first time in five years, the European Central Bank has opted to raise the eurozone’s key interest rate by 25bps, to 2.25%. The decision was made following recent comments from ECB governor Jean-Claude Trichet that the bank was ready to moderately augment interest rates.