LVR restrictions have been in force for just over a month. They are beginning to bite.
Mortgage approvals rose between the announcement and implementation dates, but have fallen sharply since then.
Mortgages approvals are closely correlated with house sales. Which in turn lead house prices. The LVR restrictions appear to be having the desired impact.
The question for the RBNZ is, is it temporary or is it a harbinger of a bigger change in borrowing and housing market movements? IMO its still too early to tell.