I worry that the banks are trying to unleash those animal spirits in the housing markets again.

The Australian share market closed steady yesterday after regaining early losses as investors bought into stocks weakened by concerns about European sovereign debt and tensions on the Korean peninsula.

More Kiwis left to live permanently overseas in October than in any month since January 2009.

Kiwibank has cut its 2 year fixed mortgage rate to 6.59pc, to try and spice up housing demand.