mattwnz: With what is going on in Greece at the moment, and the run on banks, it is a bit of wake up call, as these things can have knock on affects. I think many NZer, especially in Auckland , owe uncomfortably high amounts to banks for their over priced shacks. Banks are your fair weather friends.
As strange as it sounds, if NZ interest rates do fall further, it's indicative that we're in very deep crap indeed.
This will be an interesting week, not just what happens in Greece, but also the Chinese equity markets are not looking good (a couple of trillion $$ became toilet paper over the past few days - despite their overlords' attempts to prop it up). If some contagion eventuates, then US/Europe can't do anything much at all to fix things. It only took a few shonky mortgages falling over to trigger the GFC, and it won't take much for the Greater Fool Auckland real estate market to run out of fools.