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Mortgage Rates Daily Commentary
Friday 1 November 2024
Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels Mortgage arrears continue to rise but are still low by historical levels. [READ ON]
The Reserve Bank says house prices remain near the top of its estimate of sustainable levels and remain “a stretch” for many would-be buyers. [See here]
Housing market falters in September
Both the number of housing sales and the median house price dipped significantly in September but the Real Estate Institute believes this is temporary.
Friday, October 19th 2001, 5:48PM
by Jenny Ruth
"There
are a number of factors that influenced the market during September,
not least of which was the school holidays and public concern
regarding the events of 11 September," says vice-president
Graeme Woodley.
"But none of this will have any long-term
effect on the home-buying public," he says.
The housing market declines were despite
the Reserve Bank cutting its official cash rate from 5.75% to
5.25% on 19 September.
The institute’s figures show floating
rate mortgages have fallen from between 6.84% and 7.7% a month
ago to between 6.34% and 7.2% currently.
Woodley says these interest rates are "extremely
low by New Zealand standards" and should help stimulate the
housing market. "As we come into summer, traditionally a
busy season for real estate, we anticipate market activity will
increase," he says.
The institute figures show the national
median house price fell to $173,000 in September, the same level
it was at in September last year, from $176,000 in August.
They show that the number of houses sold
nationally fell from 6,976 worth $1.45 billion in August to 5,604
worth $1.17 billion in September but was higher than the 5,071
houses sold in September last year. Woodley says the year-on-year
measure is often more important than the monthly comparisons.
On a regional basis, six of the 11 regions
saw the September median price rise from August while it fell
in the other five. Compared with September last year, the median
price was higher in all but three of the 11 regions.
Compared with August, activity fell in all
regions except Southland where the 217 houses sold in September
just eclipsed the 216 sold in August. Compared with September
last year, activity was higher in all 11 regions.
- REINZ PROPERTY MARKET REPORT
- TOTAL DWELLINGS MEDIAN PRICE COMPARISONS
FOR SEPTEMBER 2000-2001
REGION |
SEPT
00 |
AUG
01 |
SEPT
01 |
Northland |
140,000 |
147,500 |
135,000 |
Auckland |
242,000 |
240,000 |
249,000 |
Waikato/BOP/Gisborne |
154,000 |
161,000 |
158,000 |
Hawkes Bay |
130,000 |
123,861 |
132,500 |
Manawatu/Wanganui |
94,500 |
103,000 |
107,000 |
Taranaki |
94,000 |
95,000 |
105,000 |
Wellington |
190,500 |
200,000 |
185,000 |
Nelson/Marlborough |
140,750 |
147,750 |
150,000 |
Canterbury/Westland |
135,000 |
136,000 |
142,000 |
Otago |
105,000 |
101,000 |
92,500 |
Southland |
73,500 |
95,000 |
83,000 |
NZ Total |
$173,000 |
176,000 |
173,000 |
Commenting is closed
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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 |
▲8.15 |
▲6.79 |
▲6.45 |
▲6.29 |
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 |
8.90 |
7.00 |
6.50 |
- |
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 |
6.39 |
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 |
6.79 |
6.49 |
6.49 |
TSB Special |
7.89 |
5.99 |
5.69 |
5.69 |
Unity |
▼7.64 |
5.99 |
5.69 |
- |
Unity First Home Buyer special |
- |
5.49 |
- |
- |
Wairarapa Building Society |
▼8.10 |
▼6.19 |
▼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 |
6.24 |
6.09 |
5.69 |
Last updated: 1 November 2024 2:24pm Previous News
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