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REINZ reports spring surge

New record median prices were reported in Auckland and Canterbury/Westland last month, as the national median returned to its March high of $400,000, the latest Real Estate Institute figures show.

Monday, October 14th 2013, 12:00AM

by The Landlord

It said there were 6720 sales in September, up 18.9% on the same time last year and up 2.6% compared to August.  The national median price increased $10,000 compared to August to return to March's record high. It was up $29,000 on September 2012.

Chief executive Helen O’Sullivan said: “Real estate sales volumes have been strong in the lead-up to the introduction of LVR restrictions by the Reserve Bank, with sales up over 19% compared to September last year.“  

She said the sales volumes were higher than would normally be expected in September, and strong growth was happening in the regions. “Northland is experiencing a very strong uplift in its sales volume trend, with Taranaki and Nelson/Marlborough also showing positive trends in sales volume and price, although these three regions remain some way behind Auckland and Canterbury/Westland in terms of pure price movements.  Waikato/Bay of Plenty is also seeing a noticeable uplift in sales volumes.”

But she said price rises were not evenly distributed across the country.  “Auckland’s median price has increased by $120,000 (+26.7%) since the end of the previous price cycle in November 2007, and Canterbury/Westland’s median price has increased $61,000 (19.4%).  However, for the rest of New Zealand combined, the median price has actually fallen $3000 (-1.1%) over the same time period.”

All but two regions recorded increases in sales volume compared to September last year, with Taranaki recording an increase of 50.8%, followed by Northland with 28.0% and Southland with 23.9%.  Seven regions recorded an increase in sales volume in September compared to August, with Taranaki recording an increase of 15.3%, followed by Nelson/Marlborough with an increase of 10.8% and Southland with an increase of 10.7%.

The REINZ Stratified Housing Price Index, which adjusts for some of the variations in the mix that can impact on the median price, reached a new high in September and is 9.8% higher than September 2012.  The Auckland Index has risen 17.5% compared to September 2012, with the Christchurch Index up 11.4% and the Wellington Index up 0.6%.

Houses took three days fewer to sell in September compared to August, improving from 34 days in August to 31 days in September; the shortest number of days to sell in September since 2006.

« It could take months to see LVR impact: AgencyLVR restrictions blunt turnover »

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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

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