The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5%.

Auckland house price rises continued to climb above the nationwide average in March, up 5% against a 1% nationwide rise, according to the latest Crockers Auckland sales price table.

Auctions accounted for 50% or more of sales across 13 Auckland suburbs last month as going under the hammer becomes the preferred method of selling in many parts of the city.

Auckland rent rises continued to far outstrip the rest of the country in March, according to the latest Crockers Auckland rental price table.

Christchurch Mayor Bob Parker has rejected claims by Earthquake Recovery Minister Gerry Brownlee that the city's rental shortage is not at crisis level.

Nationwide and Auckland house prices both high new record median highs last month at $370,000 and $495,200 respectively, according to the latest Real Estate Institute of New Zealand (REINZ) data.

Auckland sales up almost 40%, Wellington sees second lowest sales increase, Northland retains longest days to sell in country and sales volumes more than double in Canterbury.

Nationwide property values eased slightly in March but are still up 0.5% over the past three months and 3% up over the past year, according to the latest QV report.

The Productivity Commission's Housing Affordability report findings around the tax treatment of property have been welcomed by the New Zealand Property Investors Federation (NZPIF).

The Productivity Commission has rejected calls for the introduction of a capital gains tax and called for a review of the legislation and regulations around rental accommodation.

The average asking rent in Christchurch has risen 15% on last year as property shortages begin to bite.

Strong buyer interest saw Barfoot & Thompson experience its busiest March trading for five years.

Housing consents fell 6.7% in February after an 8.1% rise the month before, but Statistics New Zealand said the overall consents trend remains upward.

Auckland has retained its position as the least affordable location to buy a house in New Zealand, according to the latest Massey University Home Affordability Report.

Difficulties securing finance, council red tape and the imminent depreciation changes are acting as disincentives to rental property development at the same time as shortages are driving up rents.

House prices will rise 5% this year before higher interest rates put the brakes on, and the rapid price rises in Auckland and Christchurch will not be repeated elsewhere.