A fall in the number of first-home buyers is plaguing Australia too - evidence, the Finance Minister says, that it's not the Reserve Bank's mortgage restrictions.

Fed chair nominee Janet Yellen says the US economy has gained ground, but still needs support as unemployment is still too high.

The Reserve Bank says it's too early to draw conclusions on the impact of its restrictions on low equity home loans - although it may have 'tweaked' behaviour.

NZ's median house price rose 1.9 per cent to a record in October, although sale volumes were dented as Reserve Bank lending restrictions began to bite.

John Key has admitted he had to be persuaded to back off his bid to press the Reserve Bank into exempting first-home buyers from the banks' new loan rules.

Auckland house prices hit an all-time high, Barfoot & Thompson data just out showed, despite Reserve Bank lending restrictions.

Westpac chief executive Peter Clare says the bank's rivals have been left with a "hangover" after pushing forward with mortgage pre-approvals.

The Reserve Bank's restrictions on low-deposit mortgage lending have yet to dent expectations that house prices will rise.