Westpac's runaway millionaires are a step closer to keeping the cash after the bank bungled an attempt to recover it.

Perceived cost and inconvenience are the main reasons people hold back from switching banks.

New Zealand house values rose 1 per cent in the 12 months ended November 30, up from a 0.20 per cent gain in the period through October, says QV Valuations.

In a move that reverses changes during the 1990s, Westpac is opening 10 new community branches in Auckland.

Official interest rates are likely to stay on hold next week, says Deutsche Bank economist Darren Gibbs.

Australia's central bank has raised its benchmark interest rate by a quarter percentage point for an unprecedented third straight month.

Shares on Wall Street have edged lower as US consumers held back on purchases at the start of the holiday shopping season.