In this week's ANZ/National Bank Market Focus report, it says that while it is tempting to "jump on the bandwagon" and back an RBNZ interest rate hike in March, it sees a host of reasons not to.

"The majority centres on an economy- that in our minds - continues to de-leverage," it says.

This de-leveraging is reflected by "subdued" retail sales volumes in September; "soft" Electronic Card Transaction figures in October; while the figures for property volumes and average days to sell recorded in recent months signify a stabilising market rather than one being driven to excess. It also believes the improved dairy payout is likely to go towards debt repayment.

"Let's not forget that the income boost from the higher payout is $1.2 billion, but dairy debt rose by close to $4 billion over the year!" it says.

It sees tightening up of tax rules around property as inevitable.

The Westpac Weekly Commentary suggests one reason for the RBNZ to remain "circumspect" about OCR hikes, is the fact that its new prudential liquidity policy for banks is adding substantial upward pressure to borrowing rates.

"Indeed, total funding is more expensive now that it was at the height of the crisis in October, 2008," it says.

The ASB Business Weekly suggests the conflict between promoting overall economic recovery after prolonged recession, but unhappiness with a household, rather than export-led recovery, will challenge the RBNZ's view of keeping the OCR on hold until the second half of 2010. Regulatory changes aimed at the housing market are also unlikely to instigate change soon enough for the RBNZ, it says.

"We see the risks being the RBNZ gets uncomfortable with a low OCR before mid-2010," it says.

Meanwhile, the BNZ Capital Markets Outlook backs the RBNZ when it comes to housing market price pressure, stating it is not convinced the current pressure can last.

"We side with the RBNZ on this, in seeing starting valuations as already pushing the envelope, and with impending supply and eventual interest rate responses also something to bear in mind. Then there are the proposed tax changes for the sector," it says.