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Housing market screeching to halt

Sunday, February 10th 2008, 8:07AM

by Philip Macalister

Two items of data in the past few days show the housing market is slowing quite rapidly.
Today we have the QV data which shows slowing in house price growth continues. What’s attention grabbing is that QV are now saying we could see flat or negative house price inflation in some parts of the country this year.

On Friday Auckland’s biggest real estate firm reported its January figures and they show house sales had crashed 41.5% in the 12 month period.


Meanwhile average prices were down 7.5% on a month-on-month basis, but were still up 8.9% over the year.

Added into this equation is that there is a rising stock of unsold houses. This suggests low migration and high mortgage rates are biting.

We expect the Real Estate Institute will put out its figures this week. We will be watching what spin they include to try and tell everyone the market is still chugging along just fine.

The evidence is firmly mounting showing there is a slowdown well underway.
« Financing property deals getting harderGovt plans to pump up housing market »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.44 - - -
AIA - Go Home Loans 6.89 5.25 4.99 5.35
ANZ 6.89 5.89 5.59 5.89
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.29 4.99 5.29
ASB Bank 6.89 5.25 4.99 5.35
ASB Better Homes Top Up - - - 1.00
Avanti Finance 7.40 - - -
Basecorp Finance 7.85 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.04 - - -
BNZ - Rapid Repay 7.04 - - -
BNZ - Std 6.94 5.55 5.29 5.59
BNZ - TotalMoney 7.04 - - -
CFML 321 Loans ▼5.25 - - -
CFML Home Loans ▲6.95 - - -
CFML Prime Loans ▼7.45 - - -
CFML Standard Loans ▼8.25 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.09 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.45 ▼5.19 5.19 5.49
Co-operative Bank - Standard 6.45 ▼5.69 5.69 5.99
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.49 5.39 -
First Credit Union Standard 7.19 5.99 5.69 -
Heartland Bank - Online 6.49 5.25 5.19 5.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.15 6.35 6.00 -
ICBC 6.95 5.29 4.99 5.39
Kainga Ora 6.89 5.29 4.99 5.35
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.75 6.09 6.09 6.39
Kiwibank - Offset 6.75 - - -
Kiwibank Special 6.75 5.19 5.19 5.59
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.44 5.24 5.24 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 6.99 6.29 6.09 6.19
SBS Bank Special - 5.39 5.29 5.35
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.44 4.39 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.39 - - -
TSB Bank 7.69 5.99 5.79 6.19
TSB Special 6.89 5.19 4.99 5.39
Unity 6.89 5.29 4.99 -
Unity First Home Buyer special - 4.69 - -
Wairarapa Building Society 7.20 5.49 5.29 -
Westpac 6.99 6.09 5.89 5.99
Westpac Choices Everyday 7.09 - - -
Westpac Offset 6.99 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.49 5.29 5.39
Median 6.99 5.44 5.29 5.49

Last updated: 14 March 2025 5:56pm

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