tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, November 26th, 6:38PM

Mortgages

Mortgage Rates Daily Commentary
Tuesday 26 November 2024  Add your comment
It's getting to the point where a complaint does need to be made

There have been calls for mortgage advisers to make a complaint to the FMA about banks’ stringing out their processing times for home loans. [READ ON]

rss
Latest Headlines

Gloom merchants will be disappointed with numbers

Real Estate Institute president Graeme Woodley says the latest latest house sale figures will disappoint "a body of commentators and those anxious to promote real estate books and investment seminars, who had been predicting a collapse in the residential property market."

Friday, June 18th 2004, 7:07AM

by Jenny Ruth

The housing market continues to demonstrate an underlying strength and while it may plateau over winter, particularly with mortgage interest rates rising, "come spring we suspect the market will be in good shape again," Woodley says.

The Reserve Bank’s decision earlier this month to raise interest rates for the third time this year was "a blow" to homeowners and those paying off mortgages as a form of personal saving, he says.

The central bank raised its official cash rate from 5.5% to 5.75% and is expected to raise rates further later this year.

"Many people struggle with the concept that New Zealand has to have some of the world’s highest mortgage rates in the name of controlling inflation to below 3%, especially when the price of this is to sacrifice economic growth," Woodley says.

The latest Real Estate Institute figures show the national median house price rose from $242,000 in April to $248,000 in May. That was up 18.1% on the $210,000 national median price recorded in May last year.

Annual price increases range from the whopping 51% increase in Otago from $120,500 in May last year to $182,000 in May this year to the 10.7% increase in Waikato/Bay of Plenty/Gisborne from $178,000 to $197,000.

Nationally, the number of sales fell from 9,594 in April to 9,416 in May which was well down on the 11,158 houses sold in May last year. The number of days it took to sell a house rose from 27 in March and 29 in April to 30 in May. The latest Real Estate Institute figures show the national median house price rose from $242,000 in April to $248,000 in May. That was up 18.1% on the $210,000 national median price recorded in May last year.

For the record annual price increases range from the whopping 51% increase in Otago from $120,500 in May last year to $182,000 in May this year to the 10.7% increase in Waikato/Bay of Plenty/Gisborne from $178,000 to $197,000.

Nationally, the number of sales fell from 9,594 in April to 9,416 in May which was well down on the 11,158 houses sold in May last year. The number of days it took to sell a house rose from 27 in March and 29 in April to 30 in May.

« Superbank about to roll out home loansBrokers having some influence on market share »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
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

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com