Property

Buoyant housing sector pushes CPI up in March quarter

The Consumer Price Index (CPI) increased 0.4 per cent in the March quarter, driven by the buoyant housing market and hikes in construction costs, Statistics New Zealand said today.

Sunday, April 18th 2004

The rise was less than the 0.6 per cent increase forecast by the Reserve Bank and the 0.5 per cent increase picked by economists.

It comes after a rise of 0.7 per cent in the December quarter and 0.5 per cent in the September quarter.

The last quarterly decrease in the CPI was in the March 2001 quarter.

Year on year, the rise was 1.5 per cent, which was below economists' predictions of 1.7 per cent.

Of the nine groups which make up the CPI, five recorded price increases in the three months to March 31.

Statistics NZ said the most significant increase in the CPI components for the March quarter was in the housing group.

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[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Heartland Bank - Online	6.69
TSB Special	6.74
SBS FirstHome Combo	6.74
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.45
TSB Special	6.49
Westpac Special	6.75
China Construction Bank	6.75
ASB Bank	6.75
ICBC	6.75
AIA - Go Home Loans	6.75
Kiwibank Special	6.79
Co-operative Bank - Owner Occ	6.79
ANZ Special	6.79

TSB Special	6.29
ASB Bank	6.39
Westpac Special	6.39
AIA - Go Home Loans	6.39
China Construction Bank	6.40
ICBC	6.49
SBS Bank Special	6.55
BNZ - Classic	6.55
Kiwibank Special	6.55
Co-operative Bank - Owner Occ	6.55
Kainga Ora	6.99

SBS FirstHome Combo	6.19
AIA - Back My Build	6.19
ANZ Blueprint to Build	7.39
Credit Union Auckland	7.70
ICBC	7.85
Heartland Bank - Online	7.99
Pepper Money Essential	8.29
Co-operative Bank - Owner Occ	8.40
Co-operative Bank - Standard	8.40
First Credit Union Standard	8.50
Kiwibank	8.50