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Mortgages

Mortgage Rates Daily Commentary
Friday 1 November 2024  Add your comment
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]

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Housing market remains positive

If the housing market was a person, it might want to borrow Mark Twain’s famous quote: the reports of my demise are greatly exaggerated.

Wednesday, August 18th 2004, 6:31AM

by Jenny Ruth

The latest figures show the national median house price reached yet another record in July while the number of days it took to sell a house shrank.

The one statistic in the latest Real Estate Institute figures in keeping with the notion that the housing market is cooling was the number of houses sold. They shrank from 8,367 in June to 7,802 in July, a 23% drop from the 10,138 sold in July last year and only a handful more than the 7,795were sold in July last year.

The national median house price jumped from $243,000 in June to $249,000 in July. That exceeded the previous record of $248,000 set in May. The July price is 17.9% higher than the $211,250 recorded in July last year.

That suggests a re-acceleration of house price inflation since June’s price was 15.7% higher than in June last year.

The number of days it takes to sell a house nudged down to 30 days in July from 31 in June.

Institute president Graeme Woodley says it’s significant that most of the reduction in sales occurred in the under $400,000 properties where sales fell from 6,860 in June to 6,337 in July. Sales of houses above $600,000 actually rose slightly from 514 to 519.

"This tends to indicate that recent interest rates increases appear to be having more impact among thos buying cheaper houses than those buying more expensive homes," Woodley says.

"The Reserve Bank’s determination to dampen demand by increasing the official cash rate in recent months has done relatively little to half the residential property market overall, but has impacted most on those who can probably least afford for their mortgage rates to rise."

Deutsche Bank chief economist Ulf Schoefisch also concentrates on the sales figures, noting they’re down 8.7% in July from June in seasonally adjusted terms and 33% below the peak in September. Sales are also at their lowest level in any month since December 2001 in seasonally adjusted terms, he says.

« BNZ says survey nothing to do with SuperbankQV says house prices up 1.9% in quarter »

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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 8.90 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 8.50 ▼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 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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