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Financial News: RBNZ Wheeler Sees Risk Of Housing Market Resurgence

RBNZ Wheeler Sees Risk Of Housing Market Resurgence If LVRs Removed

08/30/2017 - 02:37:00 (RTTNews)

(RTTNews) - Rising debt-to-income ratios and underlying drivers of housing demand remaining strong amid demand outstripping supply, there is a risk of a housing market resurgence if Loan to Value ratios were removed at this time, Reserve Bank of New Zealand Governor Graeme Wheeler said Wednesday.

"LVRs are not expected to be a permanent measure, but their removal would require a degree of confidence that financial stability risks won't deteriorate again," he said.

In the absence of major unanticipated shocks, prospects look promising for continued robust economic growth in New Zealand over the next two years, the banker noted.

Wheeler observed that the greatest risk at this stage relates to the inflated global asset prices and the continuing build up in global debt.

Further, he said there is greater room for monetary policy manoeuvre than central banks in many advanced economies. With a budget surplus and low net debt relative to GDP, there's also flexibility on the fiscal policy side, Wheeler added.

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