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New Zealand House Prices Rise To Record, Card Spending Gains

New Zealand House Prices Rise To Record, Card Spending Gains - New Zealand - house price

New Zealand house prices rose for a second month to a record in June while spending on debit, credit and store cards gained for a fourth month, adding to signs of a recovery in domestic demand.

Prices gained 0.3 percent from May, when they increased 1.7 percent, according to an index published by the Real Estate Institute of New Zealand today. The value of transactions on electronic cards rose 0.4 percent from May, when it increased a revised 1 percent, Statistics New Zealand said in Wellington.

Rising house prices and consumer spending last month indicate modest economic growth at the end of the second quarter after gross domestic product jumped 1.1 percent in the three months through March. Reserve Bank of New Zealand Governor Alan Bollard last month left the official cash rateunchanged at a record-low 2.5 percent and signaled interest rates may not change until next year, citing tame inflation and a weakened global outlook.


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