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Mortgage Rates Daily Commentary
Wednesday 28 September 2016  Add your comment
New numbers on real estate activity

A report out this morning says that nearly half a million New Zealanders (484,000) are planning to purchase, sell the property they live in, or sell another property (e.g. investment/holiday home) within the next 12 months.

Almost all the people are buyers (95%), with a high proportion of this group (38%) being first time home buyers (up from 34% in 2015). Over three quarters of market buyers are looking to purchase their primary residence (77%). Seventeen percent are buying for investment purposes –down from 19% in 2015. 

Buyers expect to pay an average of $524,671 for a property; the expected price has increased by 3% compared to last year.

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Big bikkies for beach baches

Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.

Wednesday, February 28th 2001, 2:08PM

by Paul McBeth

Many Kiwis now see coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices

Many Kiwis are now seeing coastal land as a first-class investment, while "absolute beachfront" properties in particular are fetching some colossal prices.

The latest bulletin from Bayleys Research lists some recent sales for beachfront properties near Auckland, including:

  • A basic bach with a long drop on 945 sq m at Beach Parade, Oneroa, Waiheke Island: this sold for $700,000.
  • A fibrolite bach on 1,179m at Kuaotunu near Whitianga: $614,000.
  • A house at Omaha (an easy drive from Auckland) on 1,018 sq m sold for $1.2 million. Bayleys says that Omaha properties that are on the beach and have good views are selling for well over $1 million, while houses one row back - even those with beach access - are selling for $500,000 to $600,000.

Bayleys Research says that more and more New Zealanders are realising that their beachfront house is not just a holiday home but that it's fast becoming the family nest egg. It says that the value of prime beachfront sections can now be worth two or three times more than a section one back from the beach.

"In essence, a two-tier market has evolved as a result of limited supply and excess demand for prime beachfront properties.

"While this demand is strong around out-of-Auckland beaches, similar markets have evolved around Wellington and Christchurch."

 

 

 

Paul is a staff writer for Good Returns based in Wellington.

« Modest pick-up predictedNo hurry for house prices »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.59 4.75 4.79 4.99
ANZ Special - 4.25 4.29 -
ASB Bank 5.55 4.69 4.75 4.89
ASB Bank Special - 4.25 4.29 4.34
BankDirect 5.55 4.69 4.75 4.89
BankDirect Special - 4.25 4.29 4.34
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.29 4.29 4.49
BNZ - Std, FlyBuys 5.64 4.85 4.89 4.99
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.75 4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - 3.79 -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.25 4.70 4.75 4.29
Kiwibank - Capped - - - -
Kiwibank - Offset 5.25 - - -
Kiwibank Special - 4.19 4.19 -
Liberty 5.69 - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.45 4.69 4.75 4.75
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 4.19 4.29
Perpetual Trust 7.70 - - -
Resimac 5.19 4.94 4.90 4.91
SBS Bank 5.54 4.75 4.89 4.99
SBS Bank Special - 4.25 4.15 4.55
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 4.29 4.34
The Co-operative Bank 5.45 4.25 4.35 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.65 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.65 4.69 4.75 4.89

Last updated: 26 September 2016 9:58am

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