Wave of mortgage inquiry for advisers
A surge in business for mortgage advisers in the first month of this year has come off the back of nearly 9,000 new property listings, the highest since January 2015.
Tuesday, February 4th 2025, 6:00AM
by Sally Lindsay
A surge in business for mortgage advisers in the first month of this year has come off the back of nearly 9,000 new property listings, the highest since January 2015.
Campbell Hastie of Hastie Mortgages says from the company’s first day back at work on 14 January there has been a rush of inquiry from people thinking about buying.
“I’m not too sure if it is all interest rate driven, although there is definitely a bit of that in people’s thinking.”
Interest.co.nz showed that after a record low of new listings for any December month, sellers piled back into the market and 32.419 properties were advertised on the site.
January’s national average asking price at $868,969, down 1.3% year-on-year.
Hastie says when the Christmas holidays come around, people have a chance to relax, sit on the beach and ponder the future. “For some that includes the purchase of a house or an upgrade from their existing property.
“Those decisions often have no bearing or are not related to interest rate changes, because if your family's growing, your family's growing and you need more space, it doesn't matter what the economics are doing, that imperative doesn't change.”
Does all the inquiry translate into deals? “Mostly but not necessarily straight away,” Hastie says.
“A lot of the conversations I have resulted in ‘you can't do anything now, but if you change A, B, C, then come back in six to nine months’ time and maybe your picture will have changed then. There is a lot of planning for most people to go through.”
He says for those refixing their mortgage this year, many at a lower rate, if they take their mortgage adviser’s advice, if it is offered, and keep their repayments at the same level, they will, with no effort, be able to reduce their mortgage far quicker. “Many will be able to slice years off their repayments.”
Of the 9,000 new listings that came onto the market last month, up 21.2% year-on-year, the biggest increases were the West Coast, up 100% to 70 listings, Otago, up 52.4% to 352 listings, and Gisborne, up 45.7% to 51 new listings.
Realestate.co.nz chief executive Sarah Wood says Auckland had the highest stock level since January 2012, with 11,465 properties available for sale. Wood says the city hasn’t seen this level of housing stock for Auckland for more than a decade.
“Lots of choice, combined with relative price stability, offers certainty for both buyers and sellers. And as interest rates decline, the market may become more appealing for those on the sidelines,” she says.
| « Luxon sacks FEC chair Stuart Smith without explanation | TSB demands much wider and braver changes to banking rules » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
