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Housing market still gluggy

House sales have picked up slightly from their record lows, but the national median sales price has stuck at the same level for the past three months.

Tuesday, September 19th 2000, 1:58PM

by Paul McBeth

House sales have picked up slightly from their record lows, but the national median sales price has stuck at the same level for the past three months.

 

August figures from the Real Estate Institute of New Zealand show:

  • The national median sales price for residential real estate is still $170,000. That's the same as July and June and a mere $1,000 above the median price for August 1999.
  • The number of sales for the month, at 5,489, was higher than July's 5,168 but still well down on last August's 6,243 sales.
  • Median prices improved month-on-month in eight of the eleven regions measured. Prices eased in Nelson/Marlborough, Taranaki and Manawatu/Wanganui.

 

REINZ National President Rex Hadley said that easing mortgage rates and the traditional spring increase in house-hunting had combined to stimulate the residential market.

"But, given the continued lack of faith in the economy, there was never any expectation that the sales volume would return to the level of last August".

 

 

Total dwellings: median price comparisons

Figures supplied by the REINZ. All figures in New Zealand dollars.

AUG96

AUG97

AUG98

AUG99

JULY00

AUG00

Northland

112,000

135,000

155,000

140,500

130,000

137,500

Auckland

220,000

233,000

225,000

230,000

231,000

235,000

Waikato/BOP/Gisborne

135,000

150,000

148,000

155,000

155,000

155,500

Hawkes Bay

122,000

119,500

115,000

115,250

116,000

135,000

Manawatu/Wanganui

106,500

95,000

95,750

101,500

110,000

95,000

Taranaki

105,000

95,500

92,550

93,500

96,000

93,000

Wellington

134,250

152,000

160,000

170,000

183,000

188,500

Nelson/Marlborough

130,000

143,500

131,000

141,500

147,000

136,875

Canterbury/Westland

130,000

144,000

140,000

145,000

140,000

143,000

Otago

97,775

87,000

92,000

104,500

94,500

99,500

Southland

85,000

83,000

75,000

77,750

72,500

73,000

New Zealand total

$147,000

$165,000

$164,000

$169,000

$170,000

$170,000

 

Total dwellings: number of sales

Figures supplied by the REINZ

AUG96

AUG97

AUG98

AUG99

JULY00

AUG00

Value of sales

AUG 2000

Northland

187

214

134

136

132

148

$23,823,750

Auckland

2,045

2,212

1,964

2,188

1,711

1,797

$498,571,620

Waikato/BOP/Gisborne

1,045

1,178

802

904

717

763

$126,894,552

Hawkes Bay

208

239

215

242

160

202

$28,768,747

Manawatu/Wanganui

290

299

278

334

329

284

$30,143,711

Taranaki

163

138

147

170

134

142

$15,573,328

Wellington

788

800

767

917

791

803

$169,182,045

Nelson/Marlborough

212

214

182

222

174

202

$31,941,672

Canterbury/Westland

1,117

1,000

825

683

651

704

$112,990,871

Otago

277

236

230

260

236

249

$30,099,454

Southland

169

150

137

187

133

195

$20,666,750

NZ Total

6,501

6,680

5,681

6,243

5,168

5,489

$1,088,656,500

 

Paul is a staff writer for Good Returns based in Wellington.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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