Auckland housing affordability has fallen 10.2pc in the quarter - and 25 per cent over the previous 12 months.

World stockmarkets have moved only slightly overnight, as the news from Greece changes minute by minute.

World shares have slumped on concern Greece is headed for default and exit from the euro zone.

The kiwi dollar has fallen gain, as the Greece debt crisis pushes investors into 'safe havens".

Traders in the local currency are sensitive to suggestions that the Reserve Bank may intervene in the market to lower its value.

Wall St moved lower overnight with European equities as the posturing between Greece and its international creditors continued.

The New Zealand dollar rose from a five-year low as investors weighed up the outlook for the US economy and interest rate increases.

Global shares traded in a narrow range overnight as investors assessed data pointing to a brighter outlook and awaited Greek bailout news.

The New Zealand dollar hit a fresh five-year low as traders firm up expectations for more interest rate cuts.

Wall Street rose overnight, pushing the Nasdaq to a record, amid optimism Greece and its international lenders are finally nearing a deal.

Yellen has long been categorised as what Fed watchers call a "dove," someone who favours looser monetary policy.

The United States will still have more than double China's per capita income by 2061 even as Chinese income levels grow.

The dollar was little changed, holding below 70 US cents, after a relatively small decline in dairy prices.

The NZ dollar has slipped against the euro as breakdown in Greek debt negotiations stoke fears it will leave the Euro.

Wall St moved lower overnight amid concern about the hardening of stances in talks between Greece and its international creditors as this month's deadline looms large.

The NZ dollar touched 69.41 US cents ahead of the New York close, the lowest level since July 2010.

The New Zealand dollar could fall as low as US60c against the greenback this year following today's official cash rate cut, a market strategist says.

A cruise industry leader says the falling Kiwi dollar against the United States currency could be an impediment to growth in cruising by New Zealanders.

Banks have slashed mortgage rates this morning in reaction to the Reserve Bank cutting the Official Cash Rate to 3.25 per cent.